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Baha Mar celebrates significant milestone: Casino tower reaches 100-foot mark

11 July 2012

NASSAU, Bahamas -- (PRESS RELEASE) -- Baha Mar, the largest single-phase resort development in the history of the Caribbean, welcomed on site The Prime Minister of The Bahamas, The Honourable Perry Christie, to celebrate reaching the 100-foot mark on its iconic casino tower construction, a significant milestone that shows Baha Mar is firmly on its way to becoming the most anticipated new destination in the Western Hemisphere. "I am pleased Baha Mar has reached this important milestone on schedule. It builds credibility for the project and for our country. I congratulate every worker that has helped Baha Mar reach this 100-foot elevation mark today, and I am optimistic that many more Bahamians will benefit from the making of Baha Mar in the near future and for generations to come."

Mr. Sarkis Izmirlian, Baha Mar Chairman and CEO added: "I am incredibly proud that we have reached this pivotal point in the development of Baha Mar and am grateful for the hard work and dedication of everyone who has touched this project. We've made amazing progress on and off the construction site during the past year and a half. This 100-foot milestone is the visible manifestation that Baha Mar is credible and that all promises made at the project's beginning are being delivered. Today we celebrate that the vision of Baha Mar is a giant step closer to reality."

Reaching 100 feet in elevation -- the ninth floor level -- in its largest and important casino tower demonstrates meaningful and sustained progress in the construction of Baha Mar and puts the resort on pace for its scheduled December 2014 opening. The casino hotel, the centerpiece of Baha Mar, will host the largest casino floor in the Caribbean, with over 100,000 square feet (9,000 square meters) of gaming area and is expected to compete with the most sophisticated casinos in Las Vegas or Macau.

Since its February 2011 groundbreaking, Baha Mar has begun to rise both in The Bahamas and in the eyes of the world's travel elite. Early in 2012, the Baha Mar brand began to emerge with the introduction of a new logo, website and brand identity. In June, Baha Mar partnered with Harrods Estates to launch pre-construction sales for The Residences at Baha Mar, showcasing the Baha Mar project in the world-renowned Harrods department store in London. Confident of the strong international appeal of The Bahamas, Baha Mar also hosted successful media and sales events throughout Asia and the Middle East, including in Beijing, Hong Kong, Shanghai and Singapore. To date, residential sales efforts are off to a strong start, with results well exceeding expectations in their first month.

During the same timeframe, China Construction America, Baha Mar's general contractor, along with numerous local Bahamian contracting companies continued to make impressive progress on Baha Mar's innovative design footprint and physical plant. In March, the last of the 6,100 piling cages was installed, completing the resort's foundation. By June, The Baha Mar Casino & Hotel tower had reached eight floors, The Grand Hyatt was at three levels and the Mondrian and Rosewood structures were beginning to take shape. In addition, a 15-month restoration of a one-kilometer stretch of Cable Beach is underway and phase one of work is complete on revitalizing Hobby Horse Lake and 70 surrounding acres into a wildlife preserve.

Along with the infrastructure improvements, progress made to-date reaffirms that Baha Mar is on course to create a total of 8,000 permanent jobs for Bahamians with a corresponding contribution of more than US$305 million in annual wages. Currently, Baha Mar has invited Bahamian contractors to bid on over US$165 million of projects and awarded more than US$117 million of contracts to Bahamian firms, all in the first 17 months. When complete, it is estimated that Baha Mar will contribute US$1 billion to the local economy and generate a GDP contribution of US$11.2 billion (ten per cent) over a 20-year period.

The 400-hectare, US$3.5 billion resort, gaming and entertainment complex slated to open in late 2014 will include some of the world's most famous hotel brands, including Mondrian, Rosewood Hotels & ResortsĀ®, Hyatt Hotels and Resorts, and promising newcomer The Baha Mar Casino and Hotel, and marks the resurgence of The Bahamian Riviera as the paramount destination for sophisticated international travelers. Upon the grand opening of the resort, Baha Mar will set a new standard for travel expectations unmatched by any other hospitality destination in the world by blending the natural beauty and charm of The Bahamas with vibrant experiences in entertainment, gaming, world-class amenities and impeccable service.

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