The ghosts of Baha Mar: How a $3.5 billion paradise went bust

(From Bloomberg)

    • Construction delays jeopardize Bahamas’s credit rating
    • Chinese investors once seen as a boon has the resort in limbo

By John Lippert, Dawn McCarthy

Beyond the tropical waters, across palm-fringed sands and behind locked gates, looms Baha Mar — the largest and, at $3.5 billion, priciest resort in the Caribbean.

Baha Mar resort

Baha Mar resort

Here, no one frolics pool-side, pina colada in hand, or hits irons on the Jack Nicklaus golf course. No slot machines jingle-jangle in the casino. The Flamingo Bar, the Brasserie des Arts and the Cartier boutique lie dark. On this bright October morning in the Bahamas, all 2,200 guest rooms are empty.

The quiet is almost spooky here on the outskirts of Nassau, where the waterscape frills of nearby Paradise Island give way to the vast ghost-resort that is Baha Mar.

Just how the place ended up like this — in a bankruptcy so colossal that it’s jeopardizing the Bahamas’s credit rating — is the biggest business story to hit this Caribbean nation for as long as anyone here can remember. It stretches far beyond the white beaches and across time zones, to none other than the State Council of China. Read more



Categories: Asia Unhedged, China

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