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WEDNESDAY, FEBRUARY 8, 2017
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âReady to pull triggerâ despite Memories loss By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Norwegian receives approval to sail to Cuba.
Cruise line drops Nassau, Freeport in favour of Cuba By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A major cruise line yesterday announced it was swapping regular calls on Nassau and Freeport for an overnight stay in Havana, a move that underscores the increased competitive threat to Bahamian tourism from warmer US-Cuba relations. Norwegian Cruise Line, in a statement issued to the media, said 25 four and fiveday cruises during the 2017 second half will now enjoy âan overnight stay in Cubaâs historical and culturallyrich capital of Havanaâ. However, Tribune Business has obtained additional information showing that all-day calls on Nassau and Freeport have been dropped to make way for
25 NCL cruises to feature âHavana overnightâ Only private island call in Bahamas remains Move underscores Cubaâs competitive threat Havana, dealing a major blow to all Bahamian industries that depend on cruise passengers. Those sectors that will be impacted by the potential loss of customers, revenues and profits include Bay Streetâs retail and See pg b6
Brewery unveils $2m warehouse expansion The Bahamian Brewery and Beverage Company yesterday unveiled its latest $2 million expansion through the addition of a new warehouse, a move likely to create around 30 jobs. James âJimmyâ Sands, the companyâs president and founder, unveiled its third phase expansion as the Brewery celebrates a 10th anniversary in business. The warehouse, which is being constructed in the industrial park area, is required to meet increased demand for the Bahamian
Move to add 30 jobs, take staffing to 130 in 10 years Brewery and Beverage Companyâs products, and its securing of the nationwide distribution contract for all Anheuser Busch brands. âWhen I chose Grand Bahama for my brewery, I did so for its geographical location and for the benefits,â said Mr Sands. See pg b4
Port Lucaya in fifth month of rent discounts By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Port Lucaya Marketplace has entered the fifth month of a ârent discountâ initiative to ease a postHurricane Matthew burden for tenants that has now been exacerbated by Memoriesâ pull-out. While âupbeatâ about the Marketplaceâs longerterm prospects (see other article on Page 1B), its principal, Peter Hunt, said the loss of Memories and its 500 rooms, along with 600 hotel jobs, represented bleak news for Grand Bahama. âIt is a worrying time, Iâll be honest with you,â Mr Hunt told Tribune Business
Cuts ranged from 33-50% through January Marketplace supports tenants âin difficult timesâ Owner concedes âworrying timeâ in short-term in relation to Memoriesâ departure. âWe opened the Marketplace three weeks after the storm hit us. We were back up and running, but the resorts stayed See pg b4
Port Lucaya Marketplaceâs principal yesterday said he âhasnât run awayâ as a result of Memories pull-out, and remains willing to invest âmany tens of millionsâ in developing an âAtlantis-styleâ water park destination in Freeport. Acknowledging that Memoriesâ withdrawal was nothing but âbad newsâ for the Marketplace and its tenants in the short-term, Peter Hunt told Tribune Business
Port Lucaya chief unveils âAtlantisstyleâ growth plan Deal agreed with GBPA for resort, in talks on marina Wants to work with Wynn, Sunwing on revival But Hutchison exit remains âkey to treasure chestâ
that he was looking beyond âthe doom and gloomâ. Mr Hunt confirmed that he had spoken to both Memoriesâ immediate parent, Sunwing, and the Canadian-based real estate developer, Wynn Group, about partnering for an Atlantis-type development should the latter be successful in its bid to acquire the Grand Lucayan property. He conceded, though, that âthe sticking pointâ to plans that could âtransform Freeport overnightâ remained the Grand Lucayanâs owner, Hutchison Whampoa, and whether it
would be willing to sell the cityâs largest resort property on acceptable terms. Mr Hunt urged Hutchison to âpull the triggerâ and allow Wynn, Sunwing and himself to move forward with their potential alliance, which he pledged would make Freeport and its tourism product âbetter than it was beforeâ. âWe havenât run away. Weâre still prepared to pull the trigger if the resort [Memories] is closed,â Mr Hunt told Tribune Business, confirming that planning work continued on his See pg b5
VAT speech joke âbeyond the paleâ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A well-known fiscal hawk yesterday said it was âbeyond the paleâ for the Bahamian political and business elite to brush off the Governmentâs financial woes as a joke. Rick Lowe, an executive with the Nassau Institute think-tank, said attempts to portray the controversial âWhere the VAT money goneâ speech by Michael Halkitis as mere entertainment for PLP supporters âmakes a mockeryâ of how serious the situation is.
Fiscal hawk: âMockeryâ to suggest entertainment Asks: âWhen will we grab the bull by the hornsâ âTime for the Govt to get a handle on fiscal mattersâ He added that this was âbound to cause concernâ among the credit rating agencies that have down-
graded the Bahamasâ creditworthiness to âjunkâ status, as well as this nationâs external creditors and potential investors. âItâs time for some levelheaded discussion,â Mr Lowe told Tribune Business. âTo continue to make a mockery of it all... Bahamian taxpayers didnât ask to be in this mess. âItâs disappointing when people so far above my pay grade say weâre just joking about this. Itâs beyond the pale. When do we grab this bull by the horns and say enough is enough?â Mr Lowe did not state who he was referring to, but his
remarks were likely aimed at Sir Franklyn Wilson, after the businessman on Monday told Tribune Business that Mr Halkitisâs VAT address should be treated like all other convention speeches - as âentertainmentâ, rather than a serious discussion of national affairs. âI donât listen to convention speeches to try and understand what is going on,â Sir Franklyn told Tribune Business. âI go to a convention to be entertained, not to get information about what is really happening. You get all the dancing, music and See pg b6