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Friday, May 1, 2026
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‘Beggars belief’: Resorts World pays off 0.1% of $600m liability BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net RESORTS World Bimini’s majority owner says it “beggars belief” that its minority partner can accuse it of treating the resort as a “financial wasteland” for hundreds of millions in liabilities incurred elsewhere in its global empire when it stands to be most harmed by such conduct. Genting Americas, in its latest bid to kill-off the $600m-plus damages demanded by Gerardo Capo and his family, asserted that its 22 percent minority partner has never injected any cash into supporting the 310room Bahamian resort and casino to leave it and its affiliates to provide some $600m in loans and accrued interest - only 0.1 percent of which have been repaid. The Malaysian resort and gaming conglomerate,
Genting: We’d be hurt most if Capo claims true Bimini hotel ‘worst performer’ and cost $432m Says partner wants ‘scapegoat’; put in no cash in urging the south Florida federal court not to give Mr Capo’s family and their RAV Bahamas vehicle “a third bite at the cherry” by dismissing their latest revised lawsuit, reiterated that Resorts World Bimini - of which it owns 78 percent - is “a financial failure” and its “poorest performing” property. It added that the property was “too
expensive” to construct, costing $432m, and has been unable to attract sufficient guests to make it financially viable. This, according to Genting Americas, has forced itself and its affiliates to prop up Bimini’s ‘anchor property’, and the hundreds of Bahamian jobs it supports, via loans, subsidies and other
RESORTS WORLD BIMINI
financing injections which, at year-end 2022, left $890m in unpaid liabilities on the balance sheet of its immediate parent company, Bahamas-domiciled BB Entertainment. And, while Mr Capo and RAV Bahamas have
UNION leaders representing Morton Salt line staff are set to return to Inagua today to present members with the outcome of two meetings with Prime Minister Philip Davis KC as they battle to prevent the company terminating 75 percent of the workforce by June 5. Richard Ingraham, the Bahamas Industrial, Manufacturing and Allied Workers Union (BIMAWU) president, declined to discuss what had been agreed between the union and the Government
on the way forward for preserving both Bahamian jobs and the Inagua operation’s future as he first wanted to “gather everyone together” and present it to his members. However, Obie Ferguson KC, president of the Trades Union Congress (TUC), of which the BIMAWU is a member, told this newspaper that “I have to assume” the outcome of talks with the Government was positive given that Mr Ingraham and his executives/officers plan to present this to the workers for their feedback and approval. “I understand that they had various meetings with the Prime Minister over two days,
OBIE FERGUSON KC Tuesday and Wednesday,” he added. “The officers of the union went to him and there was an agreement reached. I don’t have a copy of it. He [Mr Ingraham] indicated to
Jitney drivers warn over post-election fare action BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net BUS drivers yesterday renewed hints of possible strike action if they do not receive relief from mounting fuel prices and rising maintenance costs through further fare increases that keep pace with inflation and living costs. Samuel Taylor, the Bahamas Unified Bus Drivers Union’s (BUDU) vice-president, declined to confirm whether industrial action is imminent but indicated that it could follow the upcoming May 12 general election. “At this point, I would not say yes and I would not say no,” he said. “But I'll
advise you to monitor the situation. May 12 is election. May 13, we give you a grace period. You should be sworn in by the end of May or in the middle of May. After that, we give you seven good days.” The BUDU has been fighting for increased bus fares, which must be approved by the Government, for some years. In 2024, drivers received just a 25 cent increase, bringing bus fares for adults to $1.50. It had previously hinted at strike related action in an April 1, 2026, notice, saying: “We don't want to inconvenience the public, our most loyal customers. However, if the prices
EXPENSE - See Page B8
Smaller food stores feeling overlooked by Golden Yolk BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net SMALLER food stores yesterday said they they feel overlooked by the Government with eggs from its Golden Yolk initiative seemingly only distributed to their larger rivals. Grocers added that they are willing and interested in selling eggs produced by the Golden Yolk Programme, but said they have not received any direct communication from the Ministry
of Agriculture and Marine Resources about doing so. “I haven’t seen or heard from anybody. I only see it on the news or in the newspaper. No one has contacted me or reached out to me about it,” Horace Miller-Major, proprietor of Centreville Food Market, said. He added that he would welcome the opportunity to carry the product, saying: “It’s Bahamian produced, and so therefore we try to support where we can, but it’s up to them to get out,
SALE - See Page B5
GOWON BOWE
PHILIP DAVIS KC
Bahamas told not to ‘overcelebrate’ Moody’s upgrade Nation still in ‘junk’ despite one-notch improvement Banker: Bahamas Grid, corporate tax issues to solve Rating agency cites 4% primary surpluses in action By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
me something was agreed, but he wanted to discuss it with his members before making a public statement. “Apparently there’s some agreement reached between them [union and the Government]. If he’s taking it back to his members I have to assume it must be something positive that he and the executives accept. The thing now is to bring it to their members, and the members can make an informed decision. I assume they are satisfied. I can only assume that. “I haven’t seen the specifics, but if he’s going back to
A SENIOR banker yesterday warned against “over celebrating or exaggerating” the impact from Moody’s providing the Government with a timely pre-election boost by upgrading The Bahamas’ sovereign creditworthiness one notch to ‘Ba3’. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that - while “not trying to be a wet blanket” - the international credit rating agency’s action was merely following and affirming the similar moves by its two counterparts, Standard & Poor’s (S&P) and Fitch, while still leaving The Bahamas in so-called ‘junk’ status some three levels below reclaiming ‘investment’ grade standing. He spoke out after Moody’s yesterday upgraded The Bahamas’ long-term issuer and senior unsecured ratings by one notch from ‘B1’ to ‘Ba3’ - a move that takes this nation’s debt from being viewed as “speculative and a high credit risk” to where it is perceived as having only “speculative elements and a significant credit risk”. In other words, investing in and holding Bahamian government debt
PRESENT - See Page B5
CREDITWORTHY - See Page B7
STRUGGLES - See Page B4
‘All hands on deck’: Morton union to meet after PM talks BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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