Nassau developer Baha Mar Resorts Ltd. in partnership with Harrahs Entertainment Inc., and Starwood Hotels and Resorts Worldwide Inc., is planning to build a luxury casino resort in Bahamas worth 1.6 billion dollars. The resort will include near 4,000 hotel rooms, a golf course, a Harrahs casino, five star spas, and a shopping area, all spread over 1,000 acres. The construction of an eco-water park, restaurants and other areas for entertainment is scheduled to begin in 2007 and to open to the public in 2010.
The Resort Hotel operated by Harrahs Entertainment, Inc., will include a 1,000 room hotel and a casino at Baha Mar. Starwood Hotel and Resorts Worldwide Inc., will offer different units of its best brands: a 700-room Sheraton, a 700-room Westin, a 300-room St. Regis, and a 300-room W. This added to the existing 550-room Wyndham Nassau Resort units, which will be renovated, will make up 3,550 rooms. MHA Studio Inc., based in L.A., will be in charge of design and architecture.
The casino resort is expected to increase even more Bahamas tourist rates. The CEO of Miamis Price WaterhouseCoopers, said that due to its dimensions, it is a destination itself. He mentioned the Atlantis, developed by Kerzner International Ltd., as an example. The Atlantis has over 2,000 hotel rooms and its success has only attracted more investors, like Baha Mar, that believe in the Caribbean casino venture. Nonetheless he doubts this boost will affect South Florida gambling establishments. An analyst for Ernst and Young Miami Branch, does not agree with the former, and said that Bahamas casino and resorts are going to be a fierce rival for South Florida establishments, attracting not only gamblers but also beach tourists. The Bahamas have increased its popularity as a tourist destination. Hotels increased its occupancy to over 70 percent and rooms rate raised 23 percent. An Atlantis resort average room rate is 294 dollars, almost 20 dollars more than last year.
