Baha Mar's two existing Cable Beach resorts are only still open because their owner's family has used their own money to cover "significant multi-million dollar losses", particularly over the last two years, something that has made the Izmirlians the "largest private investor in the history of the Bahamas".
Sarkis Izmirlian, Baha Mar's chairman and chief executive, told Tribune Business in an exclusive interview that there was "no way" the Bahamian hotel industry could maintain its long-term competitiveness unless its operating cost base - chiefly labour and utilities - were brought into line with this nation's rivals.
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