the next 12 months some 63 positions will
be added. The hotel, which currently employs 657 employees, will add another 63
positions in 2017 and expects to achieve
average hotel occupancy of 70%-80% over
the next 12 months.
GRAND BAHAMA
GRAND LUCAYAN RESORT
The Hutchison Group of Companies and
primarily their land holding company CK
Holdings, has initiated a bid process for the
Grand Lucayan Resort on Grand Bahama
Island and I shall speak to this more succinctly on these developments in my remarks on the Hawksbill Creek Agreement.
MEMORIES
Memories enjoyed a near 90% occupancy in 2014 and 2015, prior to feeling the
impact of a much weakened Canadian
economy compounded by its dollar being
sharply devalued against the US dollar and
by extension Bahamian dollar. This development dealt Memories a 30% decline
in this past winter, i.e., December 2015
through April 2016. Sunwing Group’s
strong focus on the US markets, through
its Vacation Express subsidiary beginning
late May, is already resulting in business
rebounding to last year’s level and projected to exceed summer/fall of 2015. The
Group expects to regain and maintain its
500 direct employees along with further
indirect employment stimulation estimated as a further 100 jobs.
Sunwing Vacations and Vacation Express is
projected to generate some 350,000 visitor nights and some 150,000 room nights,
with a significant share to other resorts on
Grand Bahama Island.
The company remains keen on expanding
its operations in Grand Bahama in the very
near term, which if plans are realized, will
result in the expansion of its already strong
air service network into Grand Bahama to
include new USA, Canadian and mostly
likely European gateways in 2017, along
with increased direct and indirect employment their expansion would bring about.
ABACO
BAKER’S BAY GOLF & OCEAN CLUB
Passerine at Abaco Holdings Limited, owners of the Baker’s Bay Golf and Ocean
Club, recently completed its Phase I development of 28 employee housing units.
Construction of the medical clinic, community centre and beach park is slated for
completion in July 2016. Other amenities,
including a new Club house and restaurant,
are scheduled for completion in November 2016. Construction projects in excess
of $250 million are currently underway
on development of 51 new home sites,
bringing the total home inventory to 130.
Following a dramatic surge in construction of custom homes in 2014/5, Starfish
Construction Limited retained almost 850
construction employees from 75 different
sub-contractor companies, ninety-eight
percent (98%) of which are Bahamian
owned and operated.
Starfish Specialties, an affiliate of Starfish
Construction Company, has implemented
an apprenticeship programme for 30-40
employees across all divisions by end of
this year which will greatly enhance the
education and training of local Bahamian
entrepreneurs and produce at least 50
qualified mechanical, electrical and plumbing contractors.
Over 1200 persons are now employed
at Baker’s Bay with hotel operations supported by some 415 full-time employees
and an additional 50 new hires coming
on stream later in the year. The company
is projecting construction of another 45
homes next year.
Other projects on Abaco include the refurbishment of the Dolphin Beach Properties to provide for Baker’s Bay Resort employee housing and home rentals. Work
steadily continues on the Abaco Club at
Winding Bay, which is investing $225 million in phased home construction and infrastructure expansion and is expected to
employ over 1300 construction employees over a 10 year period.
ELEUTHERA
FOUR SEASONS RESORT
The Cotton Bay Holdings, developers
of a $180 million resort at Cotton Bay,
Eleuthera, successfully negotiated acquisition of lots in the Bayridge Subdivision
of South Eleuthera and are now working closely with Four Seasons Hotels and
Resorts on completion and execution of
sixteen (16) agreements which will govern
management and operation of the Hotel,
Private Residences and the Golf Course.
The planned development includes a 115room, 5-star boutique hotel, 40 private
residences and renovation of the existing
18-hole Robert Trent Jones Golf Course,
luxury spa and other amenities.
Cotton Bay Holdings has now indicated
that they will be ready to proceed with
breaking ground on the development at
the end of 2016 and will provide 200 jobs
during construction and 300 permanent
jobs when the hotel is completed. The
company is in the final round selection
process for professional developers and
the design and the permitting process is
expected to take 12 months, with opening
of the resort expected in the summer of
2019. Cotton Bay Holdings is estimating a
7,000 increase in the number of visitors to
Eleuthera annually.
[23]
2016/2017
DRAFT
ESTIMATES
OF REVENUE &
EXPENDITURE