Gaming in the Bahamas took a turn for the better last month when financing was announced for a huge new project and the possible lifting of the ban that keeps Bahamians from gambling was discussed.

The ill-fated Baha Mar casino resort development in the Bahamas announced that the Beijing-based China State Construction and the Export-Import Bank of China (the same bank Revel in Atlantic City named as a possible financier) inked a deal that will provide $2.5 billion to finance the 3,000-room, 1,000-acre beach resort and casino in the Bahamas. The project was originally slated to include a Caesars Palace hotel and casino, but the withdrawal of Harrah's Entertainment two years ago effectively stalled the project.

The funding from the Chinese companies means that the project, which also includes a 100,000-square-foot casino and a Jack Nicklaus signature golf course, can proceed with the planning and permitting process.

Meanwhile, a committee formed to examine gaming laws in the Bahamas is said to be looking at allowing some residents to enter casinos and gamble.

Officials at Bahamian casinos have urged the government to make this change in order to create more business for their properties in a bad economic time. Even the head of the Atlantis on Paradise Island in Nassau has requested the change because of massive expansion of gaming on the East Coast of the United States, the property's main market.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.