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Who’s afraid of cheap oil?
The bankruptcy of a big resort buffets the Bahamas
“EMBRACE ocean breezes and stellar views,” coos the website of a hotel at the Baha Mar resort in Nassau, the capital of the Bahamas. Sadly, although the winter tourist season is in full swing, no one will be taking up that tempting offer soon. The Baha Mar’s two 23-storey blocks and its 2,300 rooms stand empty; the Jack Nicklaus “signature” golf course is deserted; in the casino, which sprawls across two acres, the slot machines are silent.
The Baha Mar missed its first ribbon-cutting in December 2014. It hired 2,000 staff and stocked its casino with $4.5m cash in preparation for a second deadline the following March. But with three days to go the resort was still not quite ready. A long-simmering quarrel between its main investor and the Chinese contractor, which had broken out early on, boiled over. The ...
For his last Frugal trip with his parents, Seth Kugel heads to the Azuero Peninsula in the south of Panama.