It’s a potential disaster for the people of the Bahamas who just want to live and work.
NASSAU, Bahamas — Missing two grand opening deadlines isn’t something that any large venture hopes to experience, but that’s exactly what has happened to Baha Mar.
Touted as China’s largest commercial real estate project in the Western Hemisphere, Baha Mar, a $3.5 billion Bahamian resort complex, has floundered this year, causing the most serious economic damage the small island country has seen since the global financial crisis. The resort is predicted to contribute 12 percent to the country’s gross domestic product, but its failure to materialize has at least in part led Standard & Poor’s to downgrade the country’s sovereign credit rating
“It’s vital, because the majority of the people who are set to work for this great project — if they cannot work here, I’m not too sure they’re going to get jobs elsewhere,” said Justin Lockhart, an engineer who was hired to work at Baha Mar but is spending more time these days playing solitaire. “For the average busboy, housekeeper, houseman, waitress, you know they’re not going to get this opportunity again. So obviously, it has to happen.”
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