Construction work has begun on the Chinese-led $3.4bn Baha Mar gaming and entertainment resort in the Bahamas.
The 1,000-acre complex is the largest single-phase resort development in the history of the Caribbean and is scheduled to open in 2014. Financing for the project comes from the Export Import Bank of China and the China State Construction Engineering Corporation.
Speaking at the official groundbreaking ceremony on Monday, Baha Mar’s chairman and CEO, Sarkis Izmirlian, said: "This is a historic day not only for Baha Mar, but for the Bahamas, our partners and, just as significantly, for the global tourism industry.
"Baha Mar represents an unprecedented alliance of powerhouses in the hospitality, financial and construction industries and signals a shifting of the sands for the travel industry. Baha Mar also represents the birth of a new generation of destination resorts that will compete on a world scale."
Among the resort’s many facilities will be a 100,000sq.ft casino, which will be the largest of its kind in the Caribbean, and hotels developed by Rosewood Hotels, Morgans and Hyatt.
According to the developer’s projections, Baha Mar will contribute almost $1bn to the local economy in its first year of operation. The property’s long-term benefits to the Bahamas are also anticipated to include $4.7bn in tax revenue and a GDP contribution of $11.2bn over a 20-year period.
