Efforts to revitalize the Cable Beach hotel strip demonstrate the government’s realization that the balanced development of tourism is the way ahead, Senator Michelle Pindling-Sands said Thursday.
Balanced tourism involved Paradise Island versus Cable Beach and land tourism versus cruise tourism, Mrs. Pindling-Sands said in her contribution to the 2003/2004 Budget Debate in the Senate.
Cable Beach had been forgotten for some time, she said, and applauded Prime Minister Perry Christie’s vision in focusing on its restoration in view of the announcement of Atlantis Phase III.
“The need for new and visionary investment from the private sector investors of Cable Beach along with public sector concessions are a must for this area’s revitalization,” she said.
The Senator noted however that investors would be drawn to the Cable Beach area if a level playing field existed and outlined three areas where the government could focus its attention.
The first she said would be a review of the gaming taxes.
She alluded to Atlantis, stating that as a result of its investor commitment, the rate of gaming taxes due on casino winnings was slashed, “which in turn enables it to be more profitable and thereby provide monies for continued capital investment.”
Secondly, she said, the government could support the venture by co-marketing with the resort.
Such an initiative was already taking place between the government and the Club Med resort in San Salvador, she said, and could be very beneficial to Cable Beach.
“Co-marketing support also enhances an investor’s profitability, because it is able to share the cost of marketing its resort or hotel with the government,” Senator Pindling-Sands added.
Thirdly, she said, import duty concessions should be made available to resorts that upgraded their facilities.
According to Mrs. Pindling-Sands, both Paradise Island and Cable Beach should become benefactors of the Tax Information Exchange Agreement signed between the Bahamas Government and the Government of the United States for convention tax benefits due to start in 2006.
The Senator said also that there was a need for a national convention centre, which could be “the catalyst for and the anchor of Cable Beach revitalization.”
These initiatives would not only make Cable Beach a premier stopover for tourists, but also create employment for Bahamians, fueling the economy at the same time, she predicted.
“To procrastinate in taking these steps could possibly result in the future demise of the Cable Beach strip,” she said.
By LaKeisha Mcsweeney, The Nassau Guardian
