Bahamas News
02-21-05, - 11:38 PM
Crystal Palace Off The Market
Macushla N. Pinder
The Bahama Journal
Hotelier Phil Ruffin told the Bahama Journal yesterday that despite reports that the Cable Beach redevelopment will still take place, his two hotels on the strip are “off the market.”
Mr. Ruffin, in an interview from Wichita, Kansas, said he now plans to focus on making improvements to the Wyndham Nassau Resort and Crystal Palace Casino and the neighbouring Nassau Beach Hotel.
However, he said that in the future if the Baha Mar group of investors makes another proposal to him and is able to prove up front that its financing is in place, he would take another look at considering the sale of the properties.
But he said that tourism in The Bahamas is picking up and he expects to be able to make more money here after coming through a rough period.
“We have a $2 million a month payroll at the Crystal Palace and so we are a substantial member of that community and have been for years,” he said. “We have contributed a lot of money into the economy. We have gone through a lot of tough times after 9/11, but our people got paid even through we had no money. And now the times are getting better.
“Airlift is improving in The Bahamas and we are on a positive cash flow again this year and next year looks even better, so if the deal doesn’t go through, we will probably invest additional money into upgrading the hotel.”
Mr. Ruffin’s comments came only days after the Bahama Journal revealed exclusively that the proposed investors had dismantled their offices at the Wyndham on the same day of the deadline that had been set for them to come up with the money to purchase Mr. Ruffin’s properties.
They reportedly planned to set up at the government-owned Radisson Cable Beach Resort, which they were also seeking to purchase.
The acquisition of the Wyndham Nassau Resort, the Nassau Beach Hotel and the Radisson Cable Beach Resort by the Baha Mar group was considered an integral part of Prime Minister Perry Christie’s plan to revitalize the Cable Beach strip.
But according to Mr. Ruffin, the investors may have had financial problems, resulting in the billion-dollar deal falling through at such a late stage.
“I was disappointed the deal didn’t go through because I thought it would have been good for The Bahamas and I know the Prime Minister had worked very hard on the deal, but the government can’t come up with the money if these folks don’t,” he said.
“They’re nice people. They worked hard on the project and they had four months in which to look at the deal to see if they wanted it and they were supposed to put up money on February 17 and that day came and left and they didn’t put up any money…So at this point, they don’t have a contract.”
While informing The Bahama Journal that his Cable Beach properties are off the market, Mr. Ruffin also assured his Bahamian employees that as long as he owns the properties, their jobs would be secured.
The American investor had planned to use the money from the sale to redevelop his New Frontier resort and casino in Las Vegas.
He had also revealed plans to enter into an agreement with multi-billionaire Donald Trump.
Mr. Ruffin’s transformation of New Frontier promised to propel the aging resort into a 3,000-room mega resort.
Macushla N. Pinder
The Bahama Journal
Hotelier Phil Ruffin told the Bahama Journal yesterday that despite reports that the Cable Beach redevelopment will still take place, his two hotels on the strip are “off the market.”
Mr. Ruffin, in an interview from Wichita, Kansas, said he now plans to focus on making improvements to the Wyndham Nassau Resort and Crystal Palace Casino and the neighbouring Nassau Beach Hotel.
However, he said that in the future if the Baha Mar group of investors makes another proposal to him and is able to prove up front that its financing is in place, he would take another look at considering the sale of the properties.
But he said that tourism in The Bahamas is picking up and he expects to be able to make more money here after coming through a rough period.
“We have a $2 million a month payroll at the Crystal Palace and so we are a substantial member of that community and have been for years,” he said. “We have contributed a lot of money into the economy. We have gone through a lot of tough times after 9/11, but our people got paid even through we had no money. And now the times are getting better.
“Airlift is improving in The Bahamas and we are on a positive cash flow again this year and next year looks even better, so if the deal doesn’t go through, we will probably invest additional money into upgrading the hotel.”
Mr. Ruffin’s comments came only days after the Bahama Journal revealed exclusively that the proposed investors had dismantled their offices at the Wyndham on the same day of the deadline that had been set for them to come up with the money to purchase Mr. Ruffin’s properties.
They reportedly planned to set up at the government-owned Radisson Cable Beach Resort, which they were also seeking to purchase.
The acquisition of the Wyndham Nassau Resort, the Nassau Beach Hotel and the Radisson Cable Beach Resort by the Baha Mar group was considered an integral part of Prime Minister Perry Christie’s plan to revitalize the Cable Beach strip.
But according to Mr. Ruffin, the investors may have had financial problems, resulting in the billion-dollar deal falling through at such a late stage.
“I was disappointed the deal didn’t go through because I thought it would have been good for The Bahamas and I know the Prime Minister had worked very hard on the deal, but the government can’t come up with the money if these folks don’t,” he said.
“They’re nice people. They worked hard on the project and they had four months in which to look at the deal to see if they wanted it and they were supposed to put up money on February 17 and that day came and left and they didn’t put up any money…So at this point, they don’t have a contract.”
While informing The Bahama Journal that his Cable Beach properties are off the market, Mr. Ruffin also assured his Bahamian employees that as long as he owns the properties, their jobs would be secured.
The American investor had planned to use the money from the sale to redevelop his New Frontier resort and casino in Las Vegas.
He had also revealed plans to enter into an agreement with multi-billionaire Donald Trump.
Mr. Ruffin’s transformation of New Frontier promised to propel the aging resort into a 3,000-room mega resort.