FREEPORT, Grand Bahama ﾖ Critics are expressing apprehension about a proposed $4.5 billion resort and real estate development, despite the colossal benefits that could accrue to the Bahamas should the MOON project materialize.
The Grand Bahama project would consist of five man-made islands that would house the worldﾒs largest casino and hotel with 12,000 suites, and would also include a 20,000 condominium development and a ten-ship cruise terminal.
Michael Henderson, chairman of RJH Holdings and the creator of the MOON project, told the Bahama Journal that the development, once complete would provide 25,000 jobs and generate revenue in excess of $33 billion.
But there are doubts about the projectﾒs feasibility, like those expressed by economist Zhivargo Laing, a former Minister of Economic Development.
ﾓI think it is far fetched. I think that the manner in which it was announced suggests to me that the government and the Grand Bahama Port Authority have no comfort with the project.
Caption: Moon Bahamas plans to construct five man made islands off Grand Bahama as illustrated. (additional images and information about the project can be accessed at moonbahamas.com)
“I look for example on the Internet site that they have and under business planﾅit says build it and they will come andﾅ..I certainly donﾒt believe that anyone who is serious would have that as a business plan for something as significant as this,ﾔ he said.
However, Tourism Minister Obie Wilchcombe insisted on Sunday that it is still too early for doubts or criticisms about the proposal because, at this stage, strategic talks are going on.
In fact, Minister Wilchcombe, the Member of Parliament for West End and Bimini and other Grand Bahama representatives were slated to hold talks with Mr. Henderson on Monday.
ﾓIt reminds me of when Sol Kerzner first came to town and there was talk of what he was proposing and it sounded outrageous and he went and proved the naysayers wrong and, in fact, [created] one of the dreams of the world,ﾔ said Mr. Wilchcombe.
ﾓThis may be another dream that we are seeing developed,ﾔ he added.
He said that negotiations could quite possibly even lead to the multi-billion dollar proposal being scaled back.
The tourism minister pointed out that the government has not endorsed the plan and meetings are still needed with the developer.
ﾓI think it is still in the talking stage and beyond that we donﾒt know what is going to happen so I think it would be advisable to wait until we hear all the facts, hear what is being proposed, see how they propose to pursue it and then we will be able to say whether it will happen or not.
ﾓBut I think itﾒs a bit too early to say that because they have not come with any real proposal to the government yet, they have just come with an idea so we have to see what happens,ﾔ Minister Wilchcombe said.
RJH Holdings recently released a statement saying it had signed a memorandum of understanding with the Grand Bahama Port Authority to construct a celestial-themed vacation development just North of Grand Bahama.
Mr. Henderson said, ﾓThis will be a tremendous boost for the Bahamian working public. It will be the largest project thatﾒs ever happened in the Bahamas.
ﾓWe intend to use every Bahamian construction worker that wants to work on the project. I cannot envisage, when we open, that there will be one person out of work on Grand Bahama unless they donﾒt want to work.ﾔ
Mr. Henderson said RJH Holdings developed the MOON concept five years ago, and has spent over $5 million to draft the project and acquire the expertise needed to construct and oversee it.
RJH, however, has no other tourism or real estate-based interests in the world, and according to Mr. Henderson, MOON is the companyﾒs ﾓstandalone project.ﾔ
The multibillion-dollar project was originally pegged for the Middle Eastern city of Dubai, according to a MOON release issued last December.
The release indicated that Thailand and the Caribbean were the remaining frontrunners for the projectﾒs location.
Grand Bahama Port Authority Co-chairman Edward St. George was quoted as saying in a recent press statement that the MOON project is both bold and unique, and that the GBPA believes that Grand Bahama is the ideal location for a project of MOONﾒs magnitude.
Sharon Williams, The Bahama Journal
