If you've been through what I've been through, you'd just be happy to be alive.
—Miami Heat’s Dion Waiters as he awaits a $60 M payday
29th June 2017  
 
  Not so fast!
 
The Story

BMD Holdings Ltd., the former developer of Baha Mar Casino and Hotel, wants to stop the final sale of the casino resort to Hong Kong conglomerate Chow Tai Fook Enterprises (CTFE).

 

But why?

BMD Holdings owner Sarkis Izmirlian warned the new Prime Minister Hubert Minnis that he would sue the former administration of Prime Minister Perry Christie on grounds of “state-sponsored discrimination.” Izmirlian said that the Christie administration “had engaged in the wholesale giveaway of hundreds of millions of dollars in tax waivers and concessions that the country could not afford.”

 

Give us a background of BMD Holdings.

BMD Holdings was the original developer of the project until it filed for Chapter 11 bankruptcy in 2015. The exit led the local government to find a new developer and delayed the launch of the casino project which would have opened to the public in 2014.

 

The developer returns after leaving the project.

BMD Holdings expressed its willingness to reacquire Baha Mar, adding that it is “committed to completing and operating Baha Mar with a full Bahamian workforce and organization.”

 

Will Minnis be swayed?

Izmirlian hopes so since Minnis had been a vocal critic of the Christie government’s handling of the Baha Mar bankruptcy process. Before becoming the prime minister, Minnis revealed that he planned to “execute a real sale of Baha Mar to a qualified and respectable purchaser.”

 

Takeaway

A new administration is exactly what BMD Holdings needed to reacquire Baha Mar.

 
SHARE THIS
   
 
 
 
 
 
  FEATURED VIDEO
 
 
 
Becky’s Affiliated: The inspiring story behind Onfido’s machine
learning innovation

Becky Liggero spoke with Onfido’s young CEO and co-founder, Husayn Kassai, about the company’s accomplishments and to hear the story behind their success.

READ MORE
   
 
 
  GLOBAL ROUND UP
 
  ASIA
How the mighty have fallen: family feud leads to Kazuo Okada’s ouster

It was the family of billionaire Kazuo Okada who led the boardroom coup that ousted the casino mogul as a director of Hong Kong-based Okada Holdings Ltd, a Reuters report said.

READ MORE
   
 
  EUROPE
UKGC probes Ladbrokes’ data protection violation

Ladbrokes is the subject of a UK Gambling Commission investigation for a possible violation of data protection laws after a passer-by found a bin bag containing sensitive documents of problem gamblers.

READ MORE
   
 
  NORTH AMERICA
Illinois political inertia leaves online gambling on life support

With the Illinois House of Representatives evading the discussion of either online gambling or daily fantasy sports, the hopes of legalizing online gambling in Illinois are fading.

READ MORE
   
 
 
 
 
 
  FACT YOU NEED TO KNOW
 

The Flamingo, which was the first resort-style casino that opened at the Las Vegas Strip in 1946, was the brain-child of infamous organized crime figures Meyer Lansky and Bugsy Siegal.

 
  TIP OF THE DAY
 

Don’t lose focus on what is trending. Go outside and find the latest innovation that will improve your product.

READ MORE
   
 
 
 
 
 
  PRESS RELEASE
 

Mr Green and SBTech among 15 new exhibitors for Betting on Sports

Mr Green and SBTech join other first-time exhibitors at the Betting on Sports 2017 Conference organized by SBC Events from September 12 to 15 at the Olympia Conference Center in London.

READ MORE
   
 
  SHOUT OUT
 

Hats off to Ignacio López, a 29-year-old tax assistant from Madrid, for winning the PokerStars Festival Marbella! He defeated Iñigo Naveiro to take the €152,400 top prize.

 
  DAMN IT! SHARE IT
 
Want to be a guest contributor?
Email [email protected]
 
 
You are receiving this because you are subscribed to CalvinAyre.com If you want to unsubscribe click here