Casino
Companies Eyeing Bahama Resort
As reported by the Bahamas Journal:
"Minister of Tourism Obie Wilchcombe told
The Bahama Journal recently that the government
is doing all that it can to prevent the Isle
of Capri casino at the Our Lucaya Resort from
going under, but he said that there are investors
interested in stepping in should that happen.
"Isle
of Capri General Manager Eddie Llambias reported
earlier this year that the company would have
to pull out of Grand Bahama if the government
does not agree to certain concessions by the
end of 2005.
"The
company has been facing financial challenges
throughout the year and has asked the government
for a change in the country's casino taxation
structure; and also wants marketing and promotional
dollars from the government.
"Isle
of Capri is operating in a tough economic environment
as Grand Bahama's economy continues to face
struggles with tourism arrivals down and unemployment
up.
"Minister
Wilchcombe said Isle of Capri is likely to soon
get some of the concessions it has asked for
although he did not give specifics in that regard.
"…The
government is trying to keep the casino operational
given the unemployment challenges already faced
in Grand Bahama.."
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