written and last updated by
Sam Smith at
16 May 2025
Journalist, Editorial Department
Concord Wilshire Capital (CWC) has completed the acquisition of the Grand Lucayan resort and the adjacent Reef Golf Course, spanning 160 acres, from the government of the Bahamas for $120 million (₽9.63 billion). The official signing ceremony took place on May 14 at the resort.
The company plans a major redevelopment of the 56-acre oceanfront site, envisioning a mixed-use resort that will include residential and tourist areas. Key elements of the plan include the establishment of a modern port for all cruise lines and a standalone casino covering 2,300 square meters. Additionally, CWC intends to build a branded hotel with 350 rooms, complemented by 120 residential apartments, and to upgrade the golf course.
The total projected cost of the project is estimated at $827 million (₽66.36 billion). In addition to new construction, the plan incorporates existing assets such as Port Lucaya Marina and Grand Bahama Yacht Club, in collaboration with Bahamaland Investments. The Port Lucaya Marketplace, which spans 11,150 square meters, will also be integrated into the new resort infrastructure.
Representatives from Concord Wilshire Capital have stated that the demolition of old structures and the commencement of construction will begin shortly. The company has confirmed its intention to retain the current staff at the resort. The project is expected to create jobs across various sectors, including skilled trades and technology.
The redevelopment of Grand Lucayan is part of the government’s strategy to attract sustainable investments and stimulate economic growth. It complements other tourism projects in the Bahamas, particularly the expansion of the sports and hospitality infrastructure at Baha Mar in Nassau.
In related news, Wynn Resorts has announced plans for the renovation and expansion of gaming areas and other projects in Macau.
