China replaces Harrah’s to build us$ 2.5 billion Bahamas Resort
China State Construction and Engineering Corp. will develop the Baha Mar Resort in Nassau, to include 3,000 rooms, a 9,290 sqm casino and a Jack Nicklaus Signature Golf Course, Baha Mar Resorts Ltd. said in a statement.
Beijing-based China State Construction, Export-Import Bank of China and Baha Mar Resorts signed an agreement March 30 in Miami, according to the statement. Hurrah’s pulled out of the project in 2008, saying it was taking too long to organize, the Associated Press reported.
China’s state-run construction and mining companies are expanding throughout the world, building ports, mines, power plants and railroads in Africa, Asia and South America with financing from government-owned lenders. “In addition to sharing in the vision for the resort, Baha Mar’s Chinese partners expect the project will help to establish their presence in the North American and Caribbean markets,” the statement said.
China State Construction shares have fallen 8 % this year.
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