China’s Fosun Group isn’t buyer of $3.5b Baha Mar, say receivers

Construction on the unfinished $3.5b Baha Mar resort casino will resume early next month, according to the Bahamas deputy prime minister.

On Thursday, Deputy PM Philip Davis announced that Baha Mar’s primary contractor, China Construction America (CCA), would resume work on the Baha Mar property within the next two weeks. The property was said to be 97% complete when its original developer filed for bankruptcy protection in June 2015.

In other good news, last week brought word that two major hoteliers had recommitted to the Baha Mar project. Ministry of Tourism director general Joy Jibrilu happily announced that Hyatt and SBE Entertainment Group were once again on board with running Baha Mar’s Grand Hyatt and SLS hotels, respectively.

Jibrilu also said talks were ongoing with Rosewood Hotels and Resorts International, which backed out of its Baha Mar commitments in August 2015, saying its brand was being “diminished and tarnished each day as a result of its association with Baha Mar.”