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Even if Baha Mar is completed, it's doubtful it'll be able meet the lofty goals set forth by its developers any time soon. If anything, Baha Mar will live on as a metaphor for misguided mega-development.

The government of the Bahamas says it has reached an agreement that will lead to the completion of a stalled mega-resort financed and built by Chinese state-owned enterprises.

Prime Minister Perry Christie announced late Monday that China Construction will finish the Baha Mar project with financing from the Export-Import Bank of China. The complex will then be sold to a “world class” hotel and casino operator, he said.

Construction would resume in September and the project will open before the end of the 2016-2017 tourist season, Christie said in a nationally televised address that followed Supreme Court approved of the agreement. He did not identify any potential operators.

“This agreement represents a signal achievement for the Bahamas, and a milestone in the troubled history of Baha Mar,” he said.

Baha Mar is a $3.5 billion project that was initially scheduled to open in December 2014 on 1,000 acres (405 hectares) along Cable Beach in Nassau. It would include four new hotels, a golf course and what would be the largest casino in the Caribbean. After a series of delays and the developer filed for bankruptcy in June 2015.

The stalled project had been expected to increase the overall economy of the tourism-dependent Bahamas by about 12 percent.

Christie said that the agreement to finish and sell Baha Mar will ensure that thousands of Bahamian creditors and contractors will receive a “significant part and possibly all” the money owed to them for their work on the project.

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Tags: baha mar, bahamas

Photo Credit: The unopened Grand Hyatt at Baha Mar. The hotel is part of a $3.5-billion project that was supposed to open in December 2014. Hyatt Hotels