Chinese take over Bahamas resort project
Chinese state-owned companies will finance and build a US$2.5 billion, 404.6-hectare beachfront resort and casino in the Bahamas that was originally planned by Las Vegas-based casino giant Harrah’s Entertainment.
China State Construction and Engineering Corp. will develop the Baha Mar Resort in Nassau, which is planned to include 3,000 hotel rooms, a 9,290-square-meter casino and a golf course, according to a Bloomberg report citing Baha Mar Resorts Inc.
Beijing-based CSCE, together with China’s Export-Import Bank of China and Baha Mar Resorts signed the development agreement March 30 in Miami, the company said.
“In addition to sharing in the vision for the resort, Baha Mar’s Chinese partners expect the project will help to establish their presence in the North American and Caribbean markets,” the company said.
China’s state-run construction and mining companies are expanding throughout the world, building ports, mines, power plants and railroads in Africa, Asia and South America with financing from government-owned lenders.
Harrah’s pulled out of the Bahamas project in 2008.