A Chinese bank has agreed to back financing to revive stalled construction of a mega-resort in the Bahamas. The Baha Mar project, which has been on hold for two years after Harrah’s Entertainment withdrew its backing, is back on track, according to developer Baha Mar Resorts Ltd.
The developer announced last month that China’s economic planning agency gave its final approval to develop the 1,000-acre resort along Nassau’s Cable Beach. The Chinese Export Import Bank has arranged $2.5 billion in financing, and the nation’s state-owned construction company has signed on to build the project.
Baha Mar is planned to include 3,500 room in six hotels, plus condominiums, a convention center, a golf course, retail shops and what the developer says will be the largest casino in the Caribbean.
The project is expected to result in 11,000 jobs for Bahamian residents, including 6,000 permanent positions.