Сoncord Wilshire Capital has bought the Grand Lucayan Resort from the Bahamian government for $120 million. The deal includes both the 56-acre beachfront resort and the 160-acre Reef Golf Course.
The transaction was finalised during a signing ceremony held at the property. CWC has teamed up with several brands to transform the resort.
Prime Minister Philip Davis said they’re pleased to conclude the sale to CWC, noting their “track record is conclusive evidence of its ability to deliver on this complex redevelopment.”
The acquisition brings new life to one of Grand Bahama’s most famous properties. By redeveloping the resort, CWC isn’t just creating a tourist spot – they’re boosting the local economy.
“We’re not just creating a destination, but we’re reigniting tourism, generating local jobs, fueling the local economy,” said Nate Sirang, President of CWC.
The project will employ many island residents during construction and retain all current Lucayan Resort staff.
CWC will transform the property into a mixed-use destination with a 25,000-square-foot casino. The gaming facility will reportedly be free-standing, and include both indoor and poolside areas.
The overall development carries an estimated price tag of $827 million. This includes a 36-acre cruise ship destination resort that can handle 10,000 passengers daily.
Additional features include a branded hotel with 350 rooms, 120 residential and timeshare units, and an 18-slip mega yacht marina. A new Greg Norman Championship Signature Golf Course is also planned.
Each element of the resort, including the casino, will be financed independently. The project will partner with select brands to ensure long-term growth.
“Resort and gaming investments require that we are very focused on selecting only the best partners,” explained Richard Bosworth, Board Member of CWC’s Lucayan Resort and Gaming Platform.
The development creates a new gaming destination open to cruise passengers from all lines. This accessibility, combined with the resort’s diverse amenities, positions it to compete with other Caribbean gaming destinations.
Construction will begin soon with demolition of the current site. The casino will be part of a broader experience that includes water activities, dining, and entertainment venues.
The Grand Lucayan redevelopment project follows other tourism-centric developments occurring in the Bahamas from casino resorts. In November 2024, Baha Mar made expansions to its sports and hospitality facilities in Nassau.
The expansion facilitated the launch of The John McEnroe Tennis Center at Baha Mar, which opened just before the resort’s fifth-annual Baha Mar Cup. The tennis centre featured new pickleball and tennis facilities, including player programs.
Tennis programs in the Bahamas received the proceeds from the Baha Mar Cup, highlighting how the development of casino resort’s in the nation are creating a positive economic impact.
