Concord Wilshire Capital (CWC), a U.S.-based developer, has wrapped up a $120 million deal to acquire the Grand Lucayan Resort and the nearby Reef Golf Course in Grand Bahama. The acquisition covers 56 acres of beachfront land and a 160-acre golf course and marks the start of an $827 million redevelopment.
Good to know
- New cruise port planned for 10,000 daily passengers.
- 80% of jobs during and after construction must go to Bahamians.
- Redevelopment includes hotel, casino, golf course, and marina.
CWC plans to turn the area into a multi-use resort village featuring a 36-acre cruise ship port, a Greg Norman-designed golf course, a 25,000-square-foot casino, and a branded hotel with 350 rooms. The project also includes 120 residential and timeshare units and an 18-slip marina.
Demolition of current structures is scheduled to begin immediately, followed by construction. The cruise destination will be open to all cruise lines and include themed zones with dining, beach clubs, and family-friendly attractions.
Speaking during the signing ceremony on May 15, Bahamian Prime Minister Philip Davis said the agreement marks a major shift for Grand Bahama. “It’s time to turn the page on hardship, to leave heartbreak behind,” he said. Davis added that 80% of the over 3,000 total jobs created by the project must go to local workers. “That’s not just a condition — it’s a conviction.”
Cruise Hub, Jobs, and Local Integration
The project will also incorporate existing attractions such as the Port Lucaya Marina, Grand Bahama Yacht Club, and Port Lucaya Marketplace. CWC board member Thomas Dean called the plan “an adventure and experience like no other.”
CWC President Nate Sirang emphasized the wider impact: “By reimagining and redeveloping this entire resort, we’re not just creating a destination, but we’re reigniting tourism, generating local jobs, fueling the local economy and crafting a legacy.”
The financing will follow a modular structure. Each resort feature will be independently funded and paired with its own brand partner. CWC’s Richard Bosworth said this approach aims to support sustainability and long-term success.
Cruise Ship Resorts executive Adam Petrillo confirmed that all current resort employees will be retained during the transition. He also pointed out that the redevelopment will provide both direct employment and support for related industries.
Peter Hunt of Port Lucaya Marketplace welcomed the project’s focus on local culture. “We are excited to be a part of the rebirth and transformation of the Grand Lucayan Resort into a vibrant village resort with a sense of place,” he said.
Prime Minister Davis concluded that the redevelopment fits into a broader recovery effort for Grand Bahama. “Jobs, infrastructure, healthcare, opportunity, and most of all – dignity. That’s what matters. That’s what lasts,” he said.
The post CWC Starts $827M Overhaul of Grand Lucayan After $120M Deal appeared first on iGaming.org.