Baha Mar/Harrah's Joint Venture to be Largest Resort in the Carribean

Baha Mar Resorts and Harrah's Entertainment announce a joint venture agreement in which Baha Mar will own 57 percent, and Harrah's will own 43 percent, of what is to be the largest destination resort in the Caribbean.

Baha Mar Resorts will serve as the developer for the 1,000 acre site which is expected to offer approximately 3,000 guest rooms. Starwood brand hotels has committed to operate the W Baha Mar, St. Regis Baha Mar, Westin Baha Mar, and the Sheraton Cable Beach Resort. The W, St. Regis and Westin are anticipated to include residential units.

Harrah's Entertainment is set to operate a new Caesars Resort Hotel at Baha Mar with more than 1,000 guest rooms and a nearly 100,000-square foot casino.

"This one-of-a-kind, warm-weather destination resort will not only be a wonderful addition to our current collection of properties worldwide, but also give us entrée into new markets, while providing our customers with a place to enjoy the Caesars experience in a truly world-class setting in the Caribbean's most desirable destination," says Gary W. Loveman, chairman, chief executive officer and president of Harrah's Entertainment.

Construction is slated to begin in 2007, with an anticipated openining in early 2011.