Bahamas Looking for New Tenant for Isle of Capri Casino

Bahamian officials are determined to quickly find a new operator for the casino on Freeport, as Isle of Capri ends its gambling operation there.

The Isle of Capri operation of the Lucaya Resort Casino on the island of Freeport in the Bahamas prospered for years on US tourist dollars. Now, with tight budgets limiting travel and gambling competition having substantially increased in Florida, Isle of Capri has decided to withdraw from the Bahamian casino, leaving the country seeking a new operator.

Bahamian officials arranged a sixty-day extension with Isle of Capri, keeping the gaming company in charge for two more months. Meanwhile, a serious hunt is on to find new investors to run the casino, essential for Bahamian revenue.

Minister Vincent Vanderpool-Wallace told the Nassau Guardian that "we are looking at what's the best long-term solution."

The minister assured the paper there are several applicants, and the government is taking the extra time to be sure to make the right decision. Two hundred people are employed by the casino, virtually the only economic stimulus on the island of Freeport, which already suffers 15 percent unemployment.

Isle of Capri officials say their move is designed to concentrate their efforts on the regional US markets in which they have done well. Net income at Lucaya dropped last year by more than a quarter..

A former Minister of Tourism told the paper that failing to find a new casino gambling operator for Lucaya would be another nail in Freeport's economic coffin.