Tag Archives: sarkis izmirlian
- Ex-developer threatens legal action to halt Baha Mar sale
June 28, 2017
BMD Holdings Ltd., the former developer of Baha Mar Casino and Hotel, is asking the government of Bahamas to impose a moratorium on the final sale of the casino resort to Hong Kong conglomerate Chow Tai Fook Enterprises (CTFE). In a letter sent to new Prime Minister Hubert Minnis, BMD...
- Baha Mar’s original developer calls project’s Chinese bankers liars
October 27, 2016
The original developer of the $3.5b Baha Mar resort casino in the Bahamas is trying to publicly shame Chinese bankers into selling him back the project. Earlier this week, Sarkis Izmirlian (pictured) wrote an open letter to the Export-Import Bank of China (EXIM), asking them to sell him the unfinished...
- Baha Mar buyer turns out to be holding company owned by main creditor
October 24, 2016
The Baha Mar resort casino in the Bahamas has been sold to a Hong Kong-based offshoot of the property’s primary lender. In August, the Bahamian government announced that the stalled $3.5b Baha Mar project had been sold to an unidentified buyer. The announcement prompted wide speculation as to the buyer’s...
- Chinese bank forecloses on Baha Mar, pushing Sarkis Izmirlian to the sidelines
November 3, 2015
A Chinese state-run bank has succeeded in foreclosing on the troubled Baha Mar resort casino in the Bahamas, possibly spelling the end of the involvement of developer Sarkis Izmirlian. On Friday, the Export-Import Bank of China (EXIM) convinced the Bahamas Supreme Court to appoint Deloitte & Touche as receivers for...
- Baha Mar may not open for another year; Izmirlian told to “do what is necessary”
October 28, 2015
Talks to revive the stalled $3.5b Baha Mar resort casino project in the Bahamas have been extended but even if a resolution is reached, it could be another year before the unfinished project opens to the public. Developer Baha Mar Ltd filed for Chapter 11 bankruptcy protection this summer after...
- Troubled Baha Mar project lays off 2,000 workers as stakeholder talks go nowhere
October 23, 2015
The troubled Baha Mar resort casino project grew more troubled on Friday as over two thousand employees received layoff notices. Effective Friday, the Supreme Court of the Bahamas approved a request by Baha Mar’s provisional liquidators to issue redundancy notices to approximately 580 active employees and 1,440 non-active employees. The...
Baha Mar forced to ‘evacuate’ guests ahead of Hurricane Irma
September 8, 2017
One month to opening, Baha Mar waiting on casino license
March 22, 2017