business@tribunemedia.net
THURSDAY, SEPTEMBER 18, 2025
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British Colonial seeks supplier ‘flexibility’ on prices, payments t "T 4FQUFNCFS 0DUPCFS PDDVQBODJFT ATJHOJmDBOUMZ CFMPX GPSFDBTU t %JTDPVOUT FYUFOEFE UFSNT UP IFMQ LFFQ TUBGG AHBJOGVMMZ FNQMPZFE t 4MPX TFBTPO ATMJHIUMZ CFIJOE CVU XJOUFS CPPLJOHT ATUSPOH
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE British Colonial has asked vendors to provide it with “temporary” pricing discounts and extended repayment terms due to September and October occupancies falling “significantly below forecast”. Kristin Whylly, the downtown Nassau resort’s general manager, in response to Tribune Business inquiries confirmed that it has requested “flexibility” from some suppliers to help the 288-room property remain open and keep staff “gainfully employed” during “the softest months in the hospitality calendar”. Asserting that the request is “not unusual” for the Bahamian hotel industry during this time, he added that Bay Street’s ‘anchor property’ “remains on solid footing” and forward bookings for the upcoming winter season
which requested that they provide price discounts and “extended invoice terms” temporarily to allow the resort to “navigate fluctuating business levels”. Other Bahamian resort and tourism operators also confirmed that September is slower than the same month for 2024.
A BAHAMIAN insurer yesterday predicted the industry is unlikely to receive more than $4m in combined claims from property owners who suffered damage in last Friday’s eastern New Providence storm. Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that total claims exceeding this sum would “be a lot” as he asserted that the severe weather - said to have been caused by a microburst, which is a sudden downward
rush of wind from a thunderstorm - will not “be any game changer” for the industry. Confirming that his property insurance underwriter has already received some claims, he reiterated that the aggregate payout by all carriers will not be “significant” overall although the industry was anticipating “one or two” major submissions. Mr Saunders said he knew that the $110m Legendary Blue Water Cay Marina project at the southern end of Fox Hill Road had been impacted. Still, the RoyalStar chief said “most” affected properties with in-force, valid insurance policies were likely
Gov’t turned down $1bn in UK export financing By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE PRIME Minister’s Office yesterday confirmed that the Government elected not to “pursue” up to $1bn in financing offered by a UK government agency that included $200m for Grand Bahama’s airport. No explanation was given for why the Davis administration decided not to proceed with the 2023
package offered by UK Export Finance, although Tribune Business reported at the time that the British government’s export credit arm wanted The Bahamas to provide a sovereign guarantee to underwrite repayment of the funding. It was understood that the Government was reluctant to provide such a guarantee, or letter of comfort to reassure that any debt would be paid, because CONDITIONS - See Page B10
AG says Gov’t to develop ‘comprehensive’ AI policy By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net ATTORNEY General Ryan Pinder has announced the government is developing a comprehensive national policy on artificial intelligence, with a focus on managing both the opportunities and risks of AI in the financial services sector. Speaking at the Nassau Conference yesterday, Mr Pinder highlighted the transformative potential of AI in fintech, citing its ability to enhance innovation, operational efficiency, and customer service. However, he also acknowledged the serious challenges the technology poses,
RYAN PINDER including risks of fraud, data breaches, misinformation, and potential job displacement. “We recognise these risks and opportunities. The government of The Bahamas is in the process of seating
PLAN - See Page B7
to be covered by their terms, although this may depend on how they and their insurer’s reinsurance treaties define ‘catastrophic events’. Given that the winds exceeded 100 miles per hour, he forecast that most insurance policies will treat Friday night as a catastrophic event. “I’m sure there will be some claims coming the industry’s way,” Mr Saunders told this newspaper. “We have already had a couple of claims from our side. An event like that, which covered the eastern area where most of the population lives, is going to have some claims.
Worker benefits secure in Morton Salt’s acquisition t (# HSPVQ JO EFBM GPS *OBHVB T MBSHFTU FNQMPZFS t #VZFS UJFE UP 4PVUI 3JEJOH 1PJOU UFSNJOBM PXOFS t A.PSUPO ESPQQFE GPS TUBOEBMPOF A4BMU #BIBNBT By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
“Significant? I doubt it, but there are going to be some claims. You’d probably have those pockets of one or two significant claims, but overall it’s not going to be any game changer. It’s going to be typical wind damage; your roof, windows, some motor vehicles that got turned over or hit by trees and debris.... “You always have one-off things that you never know about. But if that [event] is more than $4m, it’s a lot. We might have two big risks that claim. I know they [Legendary Marina] got some damage. It depends on what
DAMAGE - See Page B6
ACQUISITION - See Page B7
“As you may be aware, the hospitality industry continues to navigate fluctuating business levels and, at present, our occupancy projections for September and October are significantly below forecast,” Mr Whylly told British Colonial suppliers. “Considering these circumstances, and as
VENDORS - See Page B6
Storm no ‘game changer’ as insurers forecast $4m claims By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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MORTON Salt’s 100-plus Bahamian employees were yesterday said to have “mixed emotions” over the operation’s potential purchase by a Grand Bahama-based energy and natural resources group. Jennifer Brown, general secretary of the Bahamas Industrial Manufacturers & Allied Workers Union (BIMAWU), which represents the Inagua-based company’s line staff, told Tribune Business workers were unlikely to be “shocked” by the proposed sale to Lusca Group and its subsidiary, Grand Bahama Salt Company, given the frequency with which ownership has changed in the past two decades. However, she added that this will be the first time that the name ‘Morton’ is to be dropped, with Lusca Group set to rebrand Inagua and the southern Bahamas’ largest employer as Salt Bahamas if the deal closes and all relevant government approvals are received. Ms Brown, also the union’s former president, told this newspaper her main concern is that Morton Salt is only divesting its Bahamas operation. A rebranded Salt Bahamas will thus be a standalone operation that has to stand on its own feet, although Lusca Group said it “will enter” into a long-term agreement to supply the salt produced to its former owner, Morton USA. The BIMAWU general secretary, who confirmed that Morton Bahamas management first informed the union and all workers of the impending sale on Tuesday this week, one day before it was formally announced, said executives confirmed that Lusca Group is linked to the Liwathon Group, which has acquired and restarted operations at Grand Bahama’s former South Riding Point oil storage terminal. Tribune Business research found that both Lusca Group and Liwathon’s Bahamas operation share the same phone number and Grand Bahama address, at 100 Grand Bahama Highway, East End, on their respective websites.
BRITISH COLONIAL RESORT - starting in November and going into 2026 - are showing “a strong outlook” due to a combination of group business, leisure travellers and special events. Mr Whylly spoke out after Tribune Business obtained a September 9, 2025, letter sent to the British Colonial’s vendors and bearing his name,
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