May 16, 2025 4 min read

After years of setbacks, Grand Bahama’s tourism future just got a lot brighter. Concord Wilshire Capital (CWC) has officially purchased the iconic Grand Lucayan Resort from the Bahamian government for $120 million.

This deal kicks off an ambitious $827 million redevelopment project that will transform the property into a world-class destination.

Fresh Start for an Island Paradise

The deal closed during a signing ceremony on May 16, 2025, including both the 56-acre beachfront resort and the adjacent 160-acre Reef Golf Course. But it isn’t a regular property sale – it actually represents hope for Grand Bahama’s economic revival after Hurricane Matthew’s devastation and the COVID-19 pandemic.

“What we’re building at the Grand Lucayan is part of a wider, more connected vision for Grand Bahama,” said Prime Minister Philip Davis at the ceremony. Demolition of the dilapidated resort began immediately afterward, symbolizing a fresh start.

Many Bahamians are excited about the return of traditional casino gambling to the island, though offshore casinos have remained popular even during the property’s dormant years. These sites operate abroad, so they provide gamblers with a restrictionless gambling experience.

An $827 Million Vision Takes Shape

CWC plans to create an integrated resort village featuring a 36-acre cruise ship destination that can host 10,000 passengers daily, a 25,000-square-foot casino, a 350-room branded hotel with convention space.

Also, 120 residential units, a redesigned Greg Norman golf course, an 18-slip marina for mega-yachts, a water park, and many retail and entertainment venues.

The project will connect with the nearby Port Lucaya Marina, Grand Bahama Yacht Club, and the Port Lucaya Marketplace with its 120,000 square feet of local shops. CWC aims to create a cohesive destination experience rather than an isolated resort.

Jobs and Growth for Locals

The redevelopment will create about 3,000 jobs – 1,320 during construction and 1,750 permanent positions once operational. The hotel alone will employ 450 people, with more jobs coming from the casino and other facilities.

The agreement requires at least 80% of the workforce to be Bahamian, addressing concerns about foreign labor. The project will also keep all current Lucayan Resort employees during the transition.

“We’re not just creating a destination – we’re reigniting tourism, generating local jobs, and fueling the economy,” said Nate Sirang, President of CWC.

Why Grand Bahama Seems to Be the Perfect Spot for It

Grand Bahama sits just 55 miles off Florida’s coast, making it easily accessible by plane, cruise ship, or ferry from the US. This proximity has always linked Grand Bahama’s economy to America.

The island has stunning white sand beaches, crystal clear waters, and natural wonders such as the Lucayan National Park with one of the world’s longest underwater cave systems. Tourism numbers support the investment potential – The Bahamas welcomed over 11 million international visitors in 2024.

Overcoming Past Failures

Such a successful deal follows several failed attempts to revive the Grand Lucayan. The property struggled since Hurricane Matthew damaged it in 2016, prompting the government to buy it for $65 million in 2018 to prevent closure.

Previous deals with Royal Caribbean and ITM Group were canceled in 2021, and a later agreement with Electra America Hospitality fell through in 2022.

Officials now express confidence in CWC’s ability to deliver, citing their track record and financial strength. Construction will begin within three months of receiving final approvals, with the entire project spanning several years.

A New Chapter for Grand Bahama

This redevelopment represents more than a single resort – it signals a potential renaissance for Grand Bahama’s entire tourism industry. The island has seen dramatic ups and downs, from boom periods during Prohibition and the 1960s casino era to downturns following hurricanes.

The tourism infrastructure first developed significantly in the 1960s after Cuba closed to American travelers. Freeport and Lucaya became tourism centers when Wallace Groves established the Grand Bahama Port Authority in the 1950s, with the first casino opening at the Lucayan Beach Hotel in 1963.

This new investment helps The Bahamas diversify beyond Nassau and Paradise Island. With its beaches, nature attractions, duty-free shopping, and soon a world-class resort, Grand Bahama is trying to reclaim its status as a leading Caribbean destination.

Connecting with Local Culture

CWC plans to integrate the resort with local culture rather than creating an isolated enclave. The development will connect with the Port Lucaya area, encouraging visitors to explore beyond the resort.

The project will provide training for Bahamian employees and incorporate local cuisine, entertainment, and cultural elements while offering modern luxury amenities.

Final Thoughts

As demolition begins and construction prepares to start, this transformation marks a defining moment for Grand Bahama’s future.

For an island that has faced numerous setbacks, this investment means a real hope for sustainable tourism recovery and long-term prosperity.