News

Bahamian PM: I Will Protect Atlantis Jobs

By: Caribbean Journal Staff - January 21, 2012

Above: Bahamian Prime Minister Hubert Ingraham (BIS Photo)

By the Caribbean Journal staff

With Nassau’s Atlantis resort in limbo after investment firm Brookfield Asset Management canceled its decision to take control of the resort in November, Prime Minister Hubert Ingraham pledged to monitor the situation and protect the huge number of Bahamians employed at the resort.

“We continue to monitor events and assist where appropriate and helpful,” Ingraham said. “Our overriding responsibility is for the protection of Bahamian jobs and the long-term viability of Atlantis.”

Ingraham, who was speaking at the political headquarters of Environment Minister Earl Deveaux, said it was a time for restraint, reminding that when the Atlantis was first proposed, it faced vehement opposition in some quarters of the country.

He also said that in the late 1980s and early 1990s, before the hotel was built, the Bahamian government, which then owned 20 percent of the hotels on the island, was struggling to make money.

“The government of the Bahamas owned 20 percent of all the hotels in the Bahamas and was losing money every day,” he said. “We worked very hard to transform Paradise Island with Sol Kerzner. He’s been good for us and good for the Bahamas.”

Choosing to put up Atlantis and its Paradise Island properties as security for loans used for investments outside the country was a “bad decision,” however, Ingraham said.

“While Atlantis/Paradise Island could support and pay for all of the monies borrowed for it, it cannot pay for what’s happening in Dubai, Mexico and elsewhere,” he said.

According to the Prime Minister, the Atlantis loan was a short-term loan with “outrageous terms” of paying off $2.5 billion in five years, which he said was not possible for Atlantis to meet.

“So, it makes good sense for [the lenders] not to fire people at Atlantis, but instead to keep up with them and try to make as much money as they can at Atlantis,” he said. “That is exactly what they are seeking to do.”

Popular Posts cape santa maria

The Best Caribbean Beach Resort You’ve Never Heard of 

There’s a boat just offshore called “Escape.”  It’s bobbing in some of the most brilliant, dynamic turquoise water I’ve ever seen, a few meters from a stretch of sand so bright and so white you have to squint to look […]


Marriott Is Opening Its New St Regis Resort In Aruba 

aruba st regis inside the restaurant with chairs

It was more than a decade ago that Marriott opened its first-ever Ritz-Carlton resort in the Dutch Caribbean: the Ritz-Carlton, Aruba, which at the time was the island’s first true five-star resort.  Fast forward to 2024, and Marriott is set […]


From All-Inclusive Resorts to Beaches, Travelers Are Falling in Love With Antigua and Barbuda

antigua barbuda frontier airlines the peninsula with sand

The plunge-pool villas at Hammock Cove. The historic streets of Nelson’s Dockyard. Pool days at Sheer Rocks. Unforgettable honeymoons. Vibrant meals of pepperpot and fungee. Beach bar hopping on the south coast. Endless serenity in Barbuda.  Travelers keep flocking to […]


Related Posts nassau beach

New Luxury Real Estate Project Breaks Ground in Nassau 

A new beachfront luxury real estate project has broken ground in Nassau, Caribbean Journal Invest has learned.  The new Vilara Villas has launched construction in the Love Beach area of Nassau.  The project consists of a collection of six luxury […]


$25 Million Home Sells in Harbour Island, The Bahamas 

home harbour island

A $25 million listing in Harbour Island has been sold, Caribbean Journal Invest has learned.  The beachfront “Tickled Pink” home was sold in a deal handled by Corcoran’s Gavin Christie.  The home, perched above and with direct access to Pink […]


Nassau Penthouse Hits the Market for $29 Million 

penthouse in nassau

A five-bedroom penthouse in The Bahamas has hit the market for $29 million, Caribbean Journal Invest has learned.  Orchid 4, set at the ultra-exclusive Albany community in New Providence, has five bedrooms, six bathrooms, two half-bathrooms and a total of […]


SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You