Copyright thenassauguardian
Philip Simon, president of Royal Caribbean International’s (RCI) beach club on Paradise Island, said the specifics of RCI’s equity partnership with Bahamians in regard to the beach club are being worked out with the fund administrator and the government, and RCI will be in a position to make an announcement on the matter very soon. He added that the ideal situation is to have the equity partnership a done deal before the beach club’s opening date of December 13, 2025. “That is a process that we would have gone through, because obviously there have been other partnerships that have been done, but this one is a little bit different in terms of its overall impact. The intent is still to push as hard as we can to a timeline that gets us there quickest. There may be a possibility that we slip into 2026 with that,” Simon said. The equity partnership is a public-private venture, allowing Bahamians to own up to 49 percent of the beach club. This is achieved through collaboration with the Bahamian government and local investors, with a significant portion of the land contribution coming from the government as part of the equity stake for the Bahamian people. Royal Caribbean will retain the remaining 51 percent ownership. Simon affirmed the company’s commitment to the equity partnership with Bahamians at a 49 percent to 51 percent split. “We are 1,000 percent committed to the critical partnership of that 49 percent to 51 percent split. To me, that is probably the most exciting opportunity, in part, to bring into the ownership of the beach club, hopefully to thousands of Bahamians.” Simon said about the beach club’s opening date: “We’re pushing as hard and as fast as we can to make our deadline for the end of the year. We have targeted December 13 for a soft opening, preview and ribbon cutting with the government. We are also looking, as would have already been announced, at the week just before Christmas in terms of our first revenue sale and our first paying guests. And so that is anywhere between the next 47 and 57 days to meet those particular dates.” He continued: “We are pushing fast, but also maintaining the excellent work that has been done thus far on the beach club, to ensure that when we do open, it meets everybody’s expectations.” RCI is pushing to have all of its pools up and running before the end of November, and already has one pool poured, with two more to go. “We are still in the midst of our landscaping, but before landscaping comes the completion of the hardscape. Mother Nature, as we all know, she has been doing her thing from the last week of August, but we are still committed to that timeline, and we will do our endeavor best.”
