Tuesday, August 22, 2006

As reported by the Freeport News: "Former workers at the Crowne Plaza Golf
Resort and Casino at the Royal Oasis will get first pick at employment when
the property reopens and government is expected to make an official
announcement of the long-awaited sale this week. "The resort property is
inclusive of a Towers, Country Club and Casino amounting to 965 rooms and 98
timeshare units which shut down in September 2004 after Hurricane Frances,
forcing the lay offs of some 1,300 employees. "World Investments Holdings
(WIH) signed a contract with Lehman Brothers, the financiers of the resort,
on Monday for the purchase and a subsequent contract - the foundation of the
sale - was concluded on Tuesday. ".A second bidder, Harcourt Developments, a
property construction and management company based in Dublin, Ireland, was
also vying for the property. ".In May 2005, government paid out an
unprecedented $5 million of the $6.12 million to 900 displaced workers owed
by the resort, the second largest in Grand Bahama. ".It is expected that the
towers and the casino will reopen first and, government wants that to happen
as quickly as possible."