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.."