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 China has begun work on a $2.6 billion holiday resort that is in the Bahamas and is being billed as the largest project of its kind in the Caribbean. The Baha Mar resort is being funded by Chinese firms looking to expand their economic presence overseas. The massive resort will include four hotels, a golf course, a 20-acre water park, three spas, and the Caribbean's largest casino. It is set to open in December 2014 and will be the largest estate built by Chinese companies outside of China.
The project should provide the Caribbean with a much needed economic boost. The tourism industry in the Caribbean took a major hit during the global financial crisis and it has yet to fully recover. The resort project should help create more than 8,000 jobs across all sectors of the hospitality industry and 4,000 construction jobs are expected to be taken up by local labour. It is estimated that once the project is complete it could add as much as 10% to the Caribbean's GDP.
As China continues to grow as a world power they are likely to create several more projects across the globe. Despite developing huge projects in their home land, China has yet to have major success in their international projects. The Baha Mar resort is a perfect opportunity for the communist nation to show that they are capable of competing with other nations on the international stage.
As always, stay tuned to Casinofan for more news and updates.
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