Bahamian Baha Mar Casino Purchased by Project's Primary Lender

This story was published more than 3 years ago.

The troubled billion dollar Baha Mar Casino Resort in Nassau, Bahamas has been sold to Perfect Luck Holdings, Ltd, which is a subsidiary of the group's property lender.

The revelation comes after the Baha Mar property stalled out, with the project's owners going bankrupt and provincial liquidators were given charge of the project. The property is currently 97% complete, and previous bids for the property in an auction didn't result in a deal, as there wasn't any bids that came close to matching the capital that had been put forth by project investors.

When the deal is completed, Perfect Luck will be free to sell the casino to whoever they want, and will likely see the resort sold to a Chinese investor.

Currently, the Baha Mar is slated to have four hotels with 2,200 rooms, 284 condo style houses, a 100,000 square foot casino, a 30,000 square foot spa, and a full 18 hole golf course.

Hopefully the casino will be completed soon, with operations likely to commence shortly thereafter, providing a significant boost to New Providence Island.

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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bgsharpe
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14 November 2016 - 11:37pm
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I'm curious at what price this casino had been sold, from the picture it looks like a miracle place...so it's have to be quite expensive too I guess.