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36-547: Paradise Island is connected to the island of New Providence by two bridges that cross Nassau Harbour. The first was built in 1966 by Resorts International , and the second in the late 1990s. Huntington Hartford , the A&;P supermarket heir, arrived on Hog Island in 1959. Hartford bought Hog Island from Axel Wenner-Gren and changed the name to Paradise Island in 1962. He hired the Palm Beach architect John Volk and built

72-596: A PriceWaterhouseCoopers audit, the GBPA owes the Bahamian government $ 357 million USD. As of August 2024, GBPA has not paid what the government of The Bahamas says is due. The city was severely impacted by Hurricane Dorian , which stalled above Grand Bahama for 12 hours, caused storm surges between 12-18 feet above normal, killed eight people in Grand Bahama, and destroyed up to thirteen thousand homes. Freeport

108-491: A prepackaged bankruptcy plan, bondholders received 78 percent of the company's stock, in exchange for canceling $ 496 million in debt. As part of the deal, Griffin also invested $ 25 million in cash, the company again became publicly traded, and the Paradise Island property was put up for sale. Proceeds from the Paradise Island sale, expected to top $ 250 million, would have allowed Resorts to reduce its debt load to

144-442: A tropical rainforest climate , similar to South Florida's . According to Köppen Climate Classification ( Af ) , more specifically with hot humid conditions that vary only a little throughout the year. Seldom do temperatures drop below 16 °C (60 °F). Average temperatures are around 27 °C (80 °F), with water temperature varying between 22 and 26 °C (72 and 78 °F). The winters are usually mild and dry (with

180-666: A foundation for Sun's previously announced plan to build an $ 800-million casino on the Boardwalk. The Griffin corporate entity became Sun International North America , and Sun's interests in the Mohegan Sun casino were folded into it. Colony Capital , which had purchased Resorts Atlantic City in 2001, revived the Resorts International name in 2005, forming an affiliate company named Resorts International Holdings . The Resorts brand would be attached to two of

216-671: A general slump in the casino industry. The need to diversify was again apparent. The company offered to purchase Trans World Airlines in 1985, but was rejected. Resorts then returned its focus to Pan Am, buying an 11 percent stake in the airline. By early 1986, Resorts was reported to be exploring expansion options in West Virginia, Florida, and Louisiana, where it was participating in lobbying efforts to legalize gambling, and searching for potential casino sites. Crosby died unexpectedly in April 1986, and Resorts International became

252-663: A level that could be serviced by cash flow from the Atlantic City property. However, no serious offer over $ 150 million was received, leading the company to file Chapter 11 again in 1994. The prepackaged bankruptcy plan reduced the company's debt by $ 289 million, and in exchange gave bondholders 40 percent of the reorganized company, plus proceeds from the sale of Paradise Island to South African Sol Kerzner 's hotel firm Sun International . The company changed its name to Griffin Gaming & Entertainment in 1995. Griffin hoped

288-456: A takeover target. The Taj Mahal had encountered construction problems, and Crosby's heirs, lacking experience in large development projects, doubted their ability to complete it successfully. Real estate developer Donald Trump , who owned two Atlantic City casinos, beat out several other bidders to purchase a controlling stake in the company from Crosby's family for $ 79 million in July 1987. Trump

324-479: Is located just 108 kilometres (67 mi) off the coast of Palm Beach, Florida , and on the major EW–NS shipping routes . This has positioned it as an ideal centre for international business. Consequently, a growing number of international companies use Freeport as a business site. Parks include the Rand Nature Centre, named after its founder James Rand; Petersons Cay, a small isle about 300 yards off

360-654: Is often promoted as Freeport/Lucaya. Most hotels on the island are located in Lucaya along the southern shore facing the Northwest Providence Channel. The primary shopping venue for tourists is the Port Lucaya Marketplace in Lucaya. Recovery from the 2004 Hurricanes Jeanne and Frances took nearly a decade and led to closure of the older shopping venue International Bazaar and neighboring Bahamas Princess Resort and Casino . Freeport

396-707: The Chicago Tylenol murders and the Bhopal disaster , and arranging safe passage to the Bahamas for the Shah of Iran and deposed Nicaraguan dictator Anastasio Somoza . Freeport, Bahamas Freeport is a city , district and free trade zone on the island of Grand Bahama of the northwest part of The Bahamas . In 1955, Wallace Groves , a Virginian financier with lumber interests in Grand Bahama ,

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432-589: The Grumman G-73 Mallard amphibian aircraft flown by Chalk's International Airlines both served the airstrip which closed in 1999. The airfield and runway have since been removed and replaced with an 18-hole luxury golf course surrounded by one of the wealthiest neighbourhoods on the island. The area goes by the name "Ocean Club" with property prices as high as 40 million dollars or more. Huntington Hartford met James M. Crosby (1927–1986) through Huntington's bodyguard Sy Alter. Sy Alter met Jim Crosby at

468-577: The free-trade zone , under special powers conferred by the government under the Hawksbill Creek Agreement, which was extended until August 3, 2054. The agreement also increased the land grants to 56,000 hectares (138,000 acres). The Hayward and St. George families own the GBPA, which they have used to fund estates in Great Britain such as Dunmglass , the purchase of the football club Wolverhampton Wanderers F.C. , and to pay

504-526: The Colony Club in Palm Beach. Huntington Hartford obtained the gambling licence for Paradise Island and included Jim Crosby as an extra investor. Jim Crosby and Jack Davis then formed a company, Resorts International , to continue developing Paradise Island. Paradise Island was purchased in the 1980s for $ 79 million, then sold to Merv Griffin for $ 400 million. It was last sold for $ 125 million to

540-641: The Ocean Club, Cafe Martinique, Hurricane Hole, the Golf Course, among other island landmarks. He also acquired and installed the Cloisters, a 14th-century French Augustinian monastery originally purchased in Montréjeau and dismantled by William Randolph Hearst in the 1920s. He hired Gary Player to be the golf pro and Pancho Gonzales to be the tennis pro. His opening of Paradise Island in 1962

576-464: The Taj Mahal from the company for $ 273 million. Griffin's purchase was financed with high-interest junk bonds sold by Michael Milken . Less than a year after Griffin's takeover, Resorts began defaulting on interest payments to bondholders, due to the company's high debt load and inability to sell undeveloped real estate assets. In 1989, Resorts entered Chapter 11 bankruptcy protection . Under

612-699: The United States, Italy, and Canada. Freeport is also served by domestic Bahamian ferry services to other islands, and an international ferry connection to Miami. The Grand Bahama Port Authority (GBPA) operates the free trade zone, under the Hawksbill Creek Agreement signed in August 1955 whereby the Bahamian government agreed that businesses located in the Freeport area would pay no taxes before 1980, later extended to 2054. The area of

648-433: The airline industry over the years. The company made efforts towards acquiring Pan American World Airways in 1969, but backed down after Congress intervened to make such a takeover more difficult. Resorts purchased Chalk's International Airlines , a small airline offering seaplane service between Florida and the Bahamas, in 1974; the company would operate the airline until selling it in 1991. Resorts executives traveled

684-664: The company undertook were short-lived, including ownership of the Biff Burger fast food chain from 1962 to 1976, an investment in an experimental shrimp farm in Mexico in the early 1970s, ownership of the Marine World/Africa USA theme park in California from 1972 to 1979, and an aborted deal to purchase half of slot machine maker Williams Electronics in 1978. Crosby led Resorts on several forays into

720-502: The company was briefly controlled by Donald Trump , before being acquired by Merv Griffin in 1988. It was acquired by Sun International in 1996. In 1958, the Mary Carter Paint Company , a New Jersey paint manufacturer, was acquired by a group of investors. James Crosby, son of one of the investors, was appointed to lead the company. With its paint business on the decline, Mary Carter sought to diversify into

756-600: The company's other casinos, Resorts Tunica and Resorts East Chicago . International Intelligence Inc. , commonly known as Intertel , was a private security firm majority-owned by Resorts International. Resorts financed the establishment of Intertel in 1970, as an outgrowth of Crosby's efforts to keep the company's Bahamas casino free of organized crime influence. Intertel was responsible for security at Resorts properties, and offered its services to other hotels and large corporations. Its other high-profile work included providing security for Howard Hughes , investigating

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792-477: The construction, but only if he owned the entire company. Television producer Merv Griffin made an unexpected offer to purchase the company for $ 35 a share, sparking a highly publicized takeover battle, with Trump and Griffin filing lawsuits against each other. The two ultimately reached a settlement, which was executed in November 1988, with Griffin purchasing the company for $ 365 million, and Trump purchasing

828-502: The current owner, Sol Kerzner († March 2020). Resorts International Resorts International was a hotel and casino company. From its origins as a paint company, it moved into the resort business in the 1960s with the development of Paradise Island in the Bahamas , and then expanded to Atlantic City, New Jersey with the opening of Resorts Casino Hotel in 1978. After the death of its longtime chairman, James Crosby, in 1986,

864-786: The exception of some rainfall due to cold fronts ), while the summers are usually hot and wet. Although a freeze has never been reported in The Bahamas, snow was reported to have mixed with rain in Freeport in January 1977, the same time that it snowed in the Miami area. The temperature was about 4.5 °C (40.1 °F) at the time. The temperature of 4.5 °C (40.1 °F) was tied, on 30 January 2022. Tourism draws more than 1 million visitors per year, but has diminished since 2004, when major hurricanes Hurricane Frances and Hurricane Jeanne made landfall; in 2016, Hurricane Matthew hit

900-577: The island from 1989 to 1999 to serve the resort. Prior to 1989 the airport was a seaplane base with a ramp for aircraft to leave the water. In 1989 a 910-metre (3,000 ft) runway was added to the airport. The airport's codes were: IATA: PID ICAO: MYPI. Both Paradise Island Airlines and Chalk's International Airlines were the main tenants of the airport. US Airways Express also served the airport from Fort Lauderdale-Hollywood International Airport . The STOL capable de Havilland Canada DHC-7 Dash 7 turboprop operated by Paradise Island Airlines as well

936-457: The island. In early September 2019, Hurricane Dorian moved over the area and stalled for over a day, causing extensive devastation. Several cruise ships stop weekly at the island. Much of the tourist industry is centered on the seaside suburb of Lucaya , owing its name to the pre-Columbian Lucayan inhabitants of the island evidence of whom has been found on the island. Freeport features at least two Junkanoo festivals near New Year's. The city

972-558: The land development business. It acquired 1,200 acres of land near Freeport, Bahamas in 1962, followed by a 75 percent interest in Paradise Island in 1966. The company built a bridge to the island and developed it with hotels and restaurants, and opened the Paradise Island Casino there in 1967. In 1968, Mary Carter sold its paint division and changed its name to Resorts International. Other ventures that

1008-460: The land grants within which the Hawksbill Creek Agreement applies has been increased to 56,000 hectares (138,000 acres). Freeport is a 600 km (230 sq mi) free trade zone on Grand Bahama Island, established in 1955 by the government of The Bahamas. The city of Freeport emerged from a land grant comprising 20,000 hectares (50,000 acres) of swamp and scrub to become a cosmopolitan centre. The Grand Bahama Port Authority (GBPA) operates

1044-676: The multi-million dollar legal fees incurred due to disputes between the two families. Meanwhile, inheritance and contract disputes within the Hayward family has likewise incurred multi-million dollar fees. Bahamian politicians such as the FNM opposition leader Michael Pintard have described the legal dispute between the Haywards and St. Georges as damaging to Freeport's economy, while in March 2024 Prime Minister Philip Davis asserted that according to

1080-478: The new name would emphasize his connection to show business, as the company sought to expand into television and live entertainment. Griffin Gaming announced plans in March 1996 to build a new casino hotel next to Resorts. In December 1996, Sun International purchased the company for $ 293 million in stock and assumed debt. Sun hoped the acquisition would gain it quick access to the burgeoning Atlantic City casino market, and that Griffin's land holdings would provide

1116-556: The shore of Grand Bahama; and the Lucayan National Park founded by Peter Barratt, a former architect and town planner of Freeport. The Lucayan National Park is 16 hectares (40 acres) in extent and includes five ecological zones stretching from the south shore to the pineyard. There is an extensive underwater cave system beneath the park. One cave entrance is accessible by stairs at the national park, while other caves are accessible for certified scubas . Freeport features

Paradise Island - Misplaced Pages Continue

1152-531: The world looking for potential casino sites. Finally, Resorts took an interest in Atlantic City, New Jersey in the lead-up to a 1976 voter referendum to allow casino gambling there. The company purchased large tracts of land in the city, including the historic Chalfonte-Haddon Hall. When the referendum passed, Resorts was prepared to quickly renovate the hotel, opening it in 1978 as the city's first casino, Resorts International Casino Hotel . The property

1188-619: Was an immediate success, and the company saw its revenue increase from $ 59 million in 1977 to $ 407 million in 1979. Resorts expanded its footprint in the Bahamas to a second casino in 1978, assuming management of El Casino in Freeport. It sold the casino in 1983. The company in 1983 began construction of the Taj Mahal casino, adjacent to the Resorts International casino, with an estimated budget of $ 250 million. The Resorts Casino Hotel had seen declining profits after 1979, as it faced competition from newly opened Atlantic City casinos, and

1224-410: Was appointed chairman of Resorts International, and said he would complete the Taj Mahal in about a year. As the Taj Mahal's budget had ballooned to $ 930 million, Resorts struggled to find the financing to complete it. With the company claiming to be near bankruptcy in early 1988, Trump made a tender offer to buy all outstanding stock for $ 22 a share, stating that he was willing to personally finance

1260-615: Was covered in Newsweek and Time magazines. He hired the staff from Hôtel du Cap-Eden-Roc to work off season at the Ocean Club. He had the fireworks for the opening party flown in from the South of France. He had a flag and Paradise Beach was featured on Bahamian three-dollar notes in 1966 (introduced as a close equivalent to the Bahamian Pound, which was replaced at the rate of $ 1 = £7, so $ 3 = £21). A small airstrip existed on

1296-597: Was granted 20,000 hectares (50,000 acres) of pineyard with substantial areas of swamp and scrubland by the Bahamian government with a mandate to economically develop the area. Freeport has grown to become the second most populous city in The Bahamas. The main airport serving the city is the Grand Bahama International Airport , which receives domestic flights from various islands of The Bahamas as well as several international flights from

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