A senior government official estimates that the Resorts World Bimini Bay casino should grow the tiny island's economic output by 25 percent in the first year.

The 10,000-square-foot facility will be the first large-scale gaming center in the Family Islands, according to Obie Wilchcombe, the minister of tourism. He cited Bimini's location 50 miles off the coast of the U.S. positions as the key to project’s potential for success.

"Bimini economy is now producing around $49 million in output for the year," he told theNassau Guardian. "We are thinking in the first year, that should rise to at least $75 million, and that's for the short term. I anticipate it will grow tremendously beyond that."

The joint venture between Genting Malaysia and RAV Bahamas was formalized in late June at the Office of The Prime Minister.

“This is an important venture not only for RAV Bahamas and Genting Malaysia but also for the island of Bimini,” Prime Minister Perry Christie said in a statement. “It provides further stability for the local economy in a destination that already enjoys a 79 percent repeat visitor return.”

The minister said Genting will take over an existing structure built more than five years ago, when the project was first conceived. Officials are expecting it to open by December, with more than $20 million to be invested in the interior and gaming space.