First Piling Marks Core Project Start for Baha Mar

NASSAU, Bahamas, June 30, 2011 /PRNewswire/ -- Baha Mar, the largest single-phase resort development in the history of the Caribbean, celebrated another milestone with the driving of the first of 5,700 pilings on Thurs., June 30, 2011 in Nassau, The Bahamas. The event, which marks the beginning of construction for Baha Mar's core project, was witnessed by officials from the Bahamas Ministry of Works and executives from Baha Mar. The ceremony included the embedding of a gold commemorative Baha Mar coin as a symbol of good luck for the $3.4 billion resort, gaming and entertainment complex slated to open in late 2014.

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"With the start of construction on our core project, Baha Mar continues on its planned timeline to deliver the largest resort development presently under construction in North America. Today's ceremony is yet another milestone in the development of a project that is vital to the economy of The Bahamas and will go a long way to help address the current economic challenges facing the country," said Don Robinson, President of Baha Mar. "The realization of Baha Mar is due in large part to the confidence and strong support given by the Bahamian people and the Bahamian government."

The placement of the first piling of the core project is another significant accomplishment in the construction phase of Baha Mar. In February, Baha Mar held its groundbreaking ceremony, and in the intervening four months, significant work has been done on both a new Commercial Village and substantial road works surrounding the resort, both of which are slated for completion by November. In addition, Baha Mar has so far provided employment for almost 900 Bahamians, and has awarded over $90 million in contracts to Bahamian firms.

Representing an unprecedented alliance of powerhouses in the hospitality, financial and construction industries, Baha Mar is an example of a collection of diverse international partnerships. In addition to securing a number of internationally recognized brands as hotel partners, Baha Mar has appointed China State Construction and Engineering Corporation as its General Contractor, and has secured project financing from the Export Import Bank of China.

The ceremony was attended by Baha Mar Ltd. executives, Don Robinson, President, Tom Dunlap, Executive VP of Construction and Development, Rick English, Senior VP Sales & Marketing, and Robert (Sandy) Sands, Senior VP of External Affairs and Government Relations. Also in attendance from the Bahamas Ministry of Works were Craig Delancy, BCO and Edwin Yuklow, Senior Structural Engineer; and from China Construction America(The Bahamas), Tiger Wu, Executive VP.

For additional information, visit www.bahamar.com.

About Baha Mar

As the Caribbean's largest single-phase hospitality investment in history, Baha Mar is an unprecedented resort development expected to make The Bahamas one of the premier tourist destinations in the world when it opens in late 2014. Shifting the sands of global tourism, Baha Mar's groundbreaking in early 2011 represented a bold vision in an era of economic uncertainty. The first development of its size and magnitude in the Caribbean, the Baha Mar project will capture the true spirit of the region, and merges the most prestigious collection of hospitality brands in the world.

Revitalizing an area that was once was referred to as The Bahamian Riviera, Baha Mar is situated along a contiguous half-mile of white sand beaches and clear turquoise water. With a total value of $3.4 billion, the 1,000-acre resort destination is expected to bring hundreds of thousands of new vacationers and business travelers to The Bahamas each year, with its offerings of six resorts, the Caribbean's largest casino, a Jack Nicklaus Signature Golf Course and world-class dining, shopping, entertainment and spas.

SOURCE Baha Mar