China backs stalled Baha Mar Resort project in Nassau

NASSAU, BAHAMAS China will finance and build a stalled mega-resort in the Bahamas capital, breathing new life into the 1,000-acre development that has been on hold since Harrah’s Entertainment Inc. pulled out of the project back in 2008.

Developer Baha Mar Resorts Ltd. says that China’s economic planning agency has agreed to back development on Nassau’s Cable Beach. A Chinese bank has arranged US$2.5 billion in financing, and a state-owned construction corporation has signed on to build the project, which is to include six hotels with nearly 3,500 guestrooms and condos.

Baha Mar would compete with Kerzner International’s famed Atlantis resort on adjacent Paradise Island.