Mega-Resort Baha Mar Files for Bankruptcy with 97% of Construction Completed
Whispers of the Baha Mar mega-resort in the Bahamas have been making the rounds since the project's first plans in 2009. It's starting to look like no one will get to enjoy the resort's amenities—a casino, golf complex, and more all nestled on its own private island—considering Baha Mar Ltd. filed for bankruptcy earlier this week. The kicker: the construction is currently 97 percent completed.
The development company behind the $3.5 billion resort will continue to be funded by developer Sarkis Izmilian, who is contributing up to $80 million in financing to continue construction. The complex has been paying trained employees for months, but the location hasn't technically opened up for guests yet. Baha Mar took initial room reservations and was first set to open in November, and then April. This delay allegedly comes from the continually missed construction deadlines from China Construction, resulting in the resort having to refund $6 million in reservations days before the planned opening. That's only the beginning of the costs: According to a write-up from the Wall Street Journal, more than 2,000 resort employees cost the company $4 million a month—whether they're servicing guests or not.
There is currently no new opening date announced for the Baha Mar.
Erika Owen is the Audience Engagement Editor at Travel + Leisure. Follow her on Twitter and Instagram at @erikaraeowen.