NASSAU, Bahamas – Prime Minister Hubert Ingraham says the alarming power failure of extensive comfort resort poses a “tremendous challenge” to the tourism-dependent economy of Exuma, a central Bahamian region made up of scores of little islands.
The Atlantic archipelago’s Cabinet Office informed last week that the Four Seasons Resort Great Exuma at Emerald Bay, which opened in 2003, will shut down on May 26. Most of its 500-strong labor power will be dismissed in the next days.
Last Monday, Huber Ingraham told legislators the conclusion that the presents a marvelous test for the financial system of Exuma and that the management is serving recognized the best investor group to get hold of and revive the hotel, golf course and marina.
The islands’ financial system is reeling from a complete turn down in guests from the United States, and other big Bahamas resorts have freshly announced layoffs or abridged workers’ hours as the globe financial crisis slashes tourism.
The Four Seasons alternative is part of a 500-acre (202-hectare) progress that includes a marina and Greg Norman-designed golf course. In June 2007, the proprietor of the master expansion, EBR Holdings Ltd., was not capable to convene its arrears obligations and it was positioned into receivership.
Receivers have notified the administration that meeting with a range of investors that up to that time signaled an importance in captivating over the expansion that were under way, but far from absolute. Toronto-based Four Seasons has said it has decided to an arranged conclusion and “it is improbable that the hotel will revive as a Four Seasons.” Hubert Ingraham stated that the administration would present the made redundant workers with therapy, job training and job planning.