business@tribunemedia.net
MONDAY, AUGUST 21, 2023
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‘Full steam ahead’ for Royal Caribbean on PI By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ROYAL Caribbean’s Bahamas chief has hailed as “a critical milestone” the environmental goahead for its Paradise Island beach club “that could benefit hundreds of businesses and tens of thousands of Bahamians”. Philip Simon, the Royal Beach Club’s president and general manager for the cruise line’s Bahamas operations, told Tribune Business there “has never been any confusion” as to how important approval of its Environmental Impact Assessment (EIA) and related issues were to the $100m project’s ability to move forward. He spoke after Dr Rhianna Nelly-Murphy, the Department of Environmental Planning and
International has substantively addressed the environmental concerns associated with the development of the Royal Beach Club at Paradise Island,” Dr Neely-Murphy wrote. “The DEPP is also satisfied that Royal Caribbean has demonstrated a high degree of of representation throughout the public consultation process and ensured that all key players were involved. “In our review of the processes undertaken,
THE BAHAMIAN entrepreneur seeking to restore Paradise Island’s lighthouse yesterday voiced hope the Government will now approve his project - now in its 12th year of asking - with the same “swiftness” it has afforded Royal Caribbean. Toby Smith, the Paradise Island Lighthouse and Beach Club principal who was previously battling the cruise line for the same two Crown Land acres, told Tribune Business that the go-head granted to Royal
TOBY SMITH Caribbean “is not a recipe for success for the revitalisation” of Bay Street given the extra competition that the 17-acre Royal Beach Club will provide.
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Royal Caribbean: Can’t blame us for Bay St ‘decline’ reports By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ROYAL Caribbean says Bay Street merchants have reported “a decline” in business volumes amid assertions it has “not sufficiently analysed” the economic impact from its $100m Paradise Island beach club project. The cruise line disclosed the revelations about reduced business for downtown Nassau retailers and others in responding to a question raised by Eric Carey, the former Bahamas National Trust (BNT) executive director, during the public consultation on the Environmental Impact Assessment (EIA)
for its Royal Beach Club investment. Mr Carey, who was hired by Atlantis to assess the EIA on its behalf, suggested that Bahamians should “be able to review a professional third-party analysis of the economic impact your project will have on your neighbours already struggling to operate their businesses and earn their livings across the harbour from your beach club”. Clearly referring to downtown Nassau, he queried if such a study will be included in the yet-to-be released Environmental Management Plan (EMP). “We will continue to work with the Government of The Bahamas,
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VAT to undershoot full-year $1.4bn goal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
PHILIP SIMON in correlation with the final report, Royal Caribbean provided access to information, transparency, confidentiality of information and dedicated resources to achieve the goal of facilitating the public consultation requirements as ascribed by law.”
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PI entrepreneur: ‘Could I have swift approval too?’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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THE Ministry of Finance’s top official yesterday conceded that VAT revenues were likely to under-shoot their 20222023 target but voiced confidence that tougher enforcement will keep them on track in the current fiscal year. Simon Wilson, the financial secretary, told Tribune Business that the Government’s tax and revenue agencies are targeting the Family Islands, marine industry, tourism and services sector with more stringent compliance measures to ensure VAT hits its $1.591bn target for the 2023-2024 fiscal year.
SIMON WILSON That goal, though, could be tough to reach given that VAT collections are on pace to fall short of their 2022-2023 full-year target. The Government’s monthly fiscal snapshot for April 2023, released last week, reveals that VAT revenues for the first ten months of the fiscal year at $1.063bn
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