The original developer behind the Baha Mar casino, in the Bahamas, has been awarded $1.6 billion after a US judge found that a contractor had “committed fraud beyond any doubt”.
According to Bloomberg, China Construction America (CCA) engaged in fraud and breached its contract, costing the developer – BML Properties – its $845 million investment in the resort. BML was also awarded interest on the figure dating to May of 2014.
The company is led by businessman Sarkis Izmirlian, who issued a suit against the CCA in 2017 claiming “massive fraud” which led to the collapse of the project in 2015.
The project was later sold to Hong Kong-based conglomerate Chow Tai Fook – a major investor in The Star Entertainment and particularly in Queen’s Wharf Brisbane.
BML’s lawyer noted that the ruling is a “major vindication”, while a CCA spokesperson called the ruling “deeply flawed”.
Baha Mar was taken over by Chow Tai Fook Enterprises in 2016, investing some $200 million into its completion. It was formally opened in 2017 and features the biggest casino in the Caribbean, according to its website. The total figure that CTFE paid for the resort was not disclosed at the time.
