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AN INVESTMENT
PAYING OFF
FOR ALL BAHAMIANS

AN
INVESTMENT
PAYING OFF
FOR ALL
BAHAMIANS

The Baha Mar Story
Nearly 10 years ago, Prime Minister Perry Christie sought a
major developer who could transform the Cable Beach area
into a world-class gaming destination resort. His Government
reached out to developer Sarkis Izmirlian, talks ensued, and
the concept of Baha Mar was born.
Through a worldwide economic recession, major shifts in
financial markets and other developments, Baha Mar has
evolved with the changing global realities. The Hon. Hubert
Ingraham worked with Baha Mar through the term of his
administration. In 2010, the bipartisan House of Assembly
voted unanimously to approve the Baha Mar project.
Baha Mar secured financing from The Export-Import Bank
of China and teamed up with China State Construction
Engineering Corp. to build the largest leisure development
in the Western Hemisphere.
Thanks to the ongoing support of the people of The Bahamas
and successive Bahamian Governments, our partners, and
the commitment of Baha Mar’s team, this integrated gaming
resort project is scheduled to open in 2014. This spectacular
destination will offer international travelers the best of The
Bahamas—crystal-clear waters, white sand beaches, and the
warmth and graciousness of the Bahamian people.
TABLE OF CONTENTS
An Investment Paying Off For All Bahamians................ 04
Opportunities for Bahamians................................... 06
What This Means For You...................................... 07
About Baha Mar.................................................. 08
Current Impact.................................................... 10
Jobs and Wages.................................................. 12
GDP Impact Overview........................................... 13
Pre-Development and Operations............................. 14
Construction and Development................................ 15
Post-Opening Impact – Baha Mar Visitor Spending......... 16
Direct Benefit to Government Tax Revenues.................. 17
Quality-of-Life Improvements................................... 18
Definitions......................................................... 22
All facts & figures in this report are based on the findings of an independent Economic Impact
Study updated by Oxford Economics in April 2013.
Oxford Economics is the world leader in global forecasting and quantitative analysis for business
and government, and the most trusted resource for decision-makers seeking independent thinking
and evidence-based research.
Oxford Economics was founded in 1981 as a commercial venture with Oxford University’s business
college to provide economic forecasting and modeling to UK companies and financial institutions
expanding abroad. Since then, it has become one of the world’s foremost independent global
advisory firms, providing reports, forecasts and analytical tools on 190 countries, 100 industrial
sectors and over 2,600 cities. Its best-of-class global economic and industry models and analytical
tools give them an unparalleled ability to forecast external market trends and assess their economic,
social and business impact.

AN
INVESTMENT
PAYING OFF
FOR ALL
BAHAMIANS
• During 2011 and 2012 Baha
Mar has accounted for an
estimated 5 percent of The
Bahamas’ annual GDP.
• For each $1 granted in
concessions to Baha Mar, more
than $30 of revenue will be
added to the cumulative total of
the Bahamian GDP.
• Once fully operational, Baha
Mar will account for 12.8
percent of The Bahamas’ annual
GDP on average.
• $230 million in local contracts
have already been awarded. By
March 2014 in excess of $400
million in local contracts are
expected to be put out for bid to
Bahamian businesses.
PAGE 04 I Baha Mar Economic Impact

OPPORTUNITIES FOR BAHAMIANS
WHAT THIS MEANS FOR YOU
“The implications of global developments and
prospects for the The Bahamas are clear. In the near
term, a more buoyant consumer and business sector
in the U.S. will underpin the ongoing recovery of our
economy, and especially the tourism sector.”
Prime Minister the Rt. Hon. Perry Christie, May 29, 2013, 2013/2014 Budget
Communication
“It (Baha Mar) is another step toward securing the
future of our country.”
Prime Minister the Rt. Hon. Perry Christie, February 21, 2013, Baha Mar Topping-
Off Ceremony
“Baha Mar has provided many opportunities for
the use of ideas and talents of capable Bahamian
Technicians, Artists, Environmentalists, Planners and
Construction professionals. We look forward to more
of this in the months and years ahead as the full Baha
Mar story is unveiled, and transforms The Bahamas.”
Former Prime Minister, M. P. Hubert A. Ingraham
Baha Mar will be one of the country’s largest private
employers. Through direct and indirect impacts, the
resort will support an average employment count of
nearly 12,000 Bahamian jobs per year, out of a total
working population of 192,205.
(Source: Working population estimates provided by The Bahamas Dept. of
Statistics, December 2012).
Management/Professional Opportunities
Baha Mar’s workforce will include some of The Bahamas’
brightest and most skilled employees working in a broad range
of disciplines beyond those jobs typically associated with
hotels and resorts.
• Finance & Accounting • Design
• Legal • Technology
• Human Resources • Engineering
• Marketing • Gaming Management
Baha Mar Service & Training Academy
Baha Mar has committed millions of dollars to the Baha
Mar Service and Training Academy, which is dedicated to
identifying and training Bahamians.
After Baha Mar opens in 2014, the Academy will continue to
provide training to prepare current and future generations of
Bahamians for professional growth.
PAGE 06 I Baha Mar Economic Impact An investment paying off for all Bahamians. I PAGE 07

ABOUT BAHA MAR
Baha Mar, a fully-funded $3.5 billion
integrated gaming resort project,
marks a milestone in the economic
development of The Bahamas.
As the largest tourism project
under development in the Western
Hemisphere, Baha Mar has become
a powerful driver of the Bahamian
economy well in advance of its
scheduled opening in December 2014.
Ashley Glinton
President
Woslee Construction
Whether measured in construction
impact, Bahamian jobs, gaming
revenue, tax revenues or international
visitor spending, Baha Mar is expected
to generate billions of dollars in benefits
that will affect all Bahamians.
The Government has worked to
secure key infrastructure upgrades
to support the tourism industry,
including the major expansion of the
Lynden Pindling International Airport.
Together, these long-term investments
will enhance the Bahamian economy
for generations to come.
Scott Godet
Owner
Bahamas Fence
An investment paying off for all Bahamians. I PAGE 09

Photo taken April 2013
CURRENT IMPACT
THANK YOU
TO THE MORE THAN 420 BAHAMIAN COMPANIES AND
THE NEARLY 2,000 BAHAMIAN EMPLOYEES THAT HAVE
HELPED THUS FAR
A.G. Electric Co. Ltd., ABC Trucking, Access Control & Automated, ADKA Laboratories & Consultants Ltd., Adrian V Rollins Civil, ADS Advanced Document Systems Ltd., Affordable
Aluminum Products, Affordable Trucking, AID, Aitken Imaging Sign Shop, Albury’s Supply Co., All Purpose Carpet, Alliance Customs Clearance, Allu Group, Inc., Antonius Roberts,
APD Limited, ApexAwards & Signs, Arawak Imports Ltd., Arawak Stevedoring Co. Ltd., Architeckton Design Studio, Architectural Lighting, ARM Caribbean, Artistic Group Ltd., Atlantic
Medical Insurance, B&M Customs Brokers, B. Evans’ Construction, Bahama Bulk Materials, Bahamas Bus & Truck Co., Bahamas Cheque Service Ltd., Bahamas Contractor’s Rental,
Bahamas Couriers Ltd., Bahamas Crane & Concrete Pumps, Bahamas Design Center, Bahamas Electricity Corporation, Bahamas Environmental Contractor Industries Ltd., Bahamas
Food Services, Ltd., Bahamas Freight & Trade, Bahama Hand Print, Bahamas Hot Mix. Co. Ltd., Bahamas Island Construction, Bahamas Marine Construction, Bahamas Red Cross
Society, Bahamas Waste Limited, Bahamas Water Storage, Bahamas Welding & Fire Co., Bahamas Wimax, Bahamian Employees & Salaries & Reimbursement, Ballfinger Lighting,
Bank of The Bahamas, Battery & Tyre Specialist, Bayside Builders, BGC Limited, BK Builders, Block World, Bommer Heavy Equipment, Bookworld & Stationers, Bouch Maintenance,
BPF Holdings Limited, Brown & Associates, Bruce La Fleur, Builders Mall Bahamas, Bulldog Septic Pumping Service, Cable Bahamas Ltd., Captain James Edgar Curling, Caribbean
AC Limited, Caribbean Bottling Company, Caribbean Builders & Construction Company Ltd., Caribbean Civil Group Ltd., Caribbean Concrete, Caribbean Gas Storage & Terminal
Ltd., Caribbean International Air, Caribbean Landscape, Caribbean Pumping, Caribbean Warehouse, Carlton Robinson Renovations, Carpet World, Carrier Equipment Ltd., Cavalier
Construction, CBS Bahamas, CCA Civil Bahamas, Ltd., Cemex Bahamas Ltd., Certified Testing Laboratories, CGT Contractors & Developers, Ltd., Cheney’s Industrials, Cheryl Vernell
Ferguson, China Catering Group Ltd., Citibank N.A., C-Jays Building Contractor, Classic Golf Bahamas Ltd., Compass Solutions International, Coop’s Aircondition & Refrigeration,
Copy Cats, Cost Right, Creative Designs by Munroe, Custom Computers, D&N Construction Bahamas Ltd., Darville Packaging, Davis Landscaping, DC Technology, DEL Purchasing
& Freight Services, Department of Civil Aviation, DHL (Bahmas) Ltd., Direct Freight Services, Discount Tyre & Battery, DM Bahamas, Doctors Hospital, Donald Thompson, Dr. Srikanth
Garikaparthi, DT Construction Transport Co., Eagle Electrical & Lighting, EarthCam, Inc., Earthstone Concrete Pumping, Economy Car Lot & Detailing, Electro Telecom, Elite Logistics
& Clearance, Elmo Leather, Environmental Response Contractors Inc., ETS Engineering, Executive Coffee & Foods Ltd., Fairmont Design, FedEx (Bahamas), Ltd., Fernander Trucking,
Finest Carpentry, Fix Your Place, Flameless Electric, Fleetwood Fine Furniture, Floor D, Foochow Lacquer Co., Fowlers Air Conditioning, Fox Locksmithing, Friendly Motors., Furgo
Consultants Inc.,G&G Fire Protection, Gabriella Carusone, Gayle’s Enterprise Ltd., George Duncombe, Global United (Nassau) Ltd., GoJo Electrical & Construction, Gold Rock Corp.
Ltd., Graham Thompson & Co., Graphite Engineering, Ltd., Greyco Ltd., Groundwater & Environmental Services, Gunite Pools, Gus Outten Trucking, Guyz Next Door, Hall Fencing,
Havanatur Bahamas Ltd., Haven Home Consultants, Heavenly Palms Landscaping, Heavy Marine & Foundation, Ltd., Henry F. Store, Higgs & Johnson, Hill York Ltd., Indigo Network,
Ingrahams Custom Services, Innerspace Designs, Innovative Designs, Integrated Building Services, Integrated Business Solutions, Integrated Electrical Solutions Co. Ltd., International
Lifesafety & Security, International Rental Service, Island Gases (1992) Ltd., Island Merchants Ltd., Island Site Development, J&M Water Services, J.S. Steel & Supply, J.S. Johnson
& Company, Ltd., Jab Interanational Furnishing, Jamkitts Security Enterprise, JBR Building Supplies, JD’S Crane & Heavy Equipment, Jody’s Auto Repair, John Bull Business Centre,
John F Dunn & Associates, John Huyler, Johnson & Johnson Backhoe, Jolly Roger Ltd., JP Morgan Chase Bank, N.A, Just In Time General Contactors, Justice Builders, K2 Contract
Services, Keen i Media, Kelly’s Lumber Yard, Kelly’s Home Center Ltd., Ken Lam, Kenco Hospitality, Kenuth’s Electric Co. Ltd., Kisabeth, Leslie Hanna’s Trucking, Les-Tis Construction,
Lewis Architectural Services, Lowe’s Wholesale, LTD Surveying & Engineering, Lyford Cay International, Machinery & Energy Ltd., Majilite Corporation, March Equipment, Mark
Campbell, Martin’s Moving Storage & Custom Broker Ltd., Master Technicians Ltd., McACE Technical Service, Meat Max & Groceries, Micronet Business Technology, Ministry of
Works, MJ’s Trucking Service, Monarch, Moroso, Mosko, MSC Bahamas Ltd., Munroe’s Landscaping, N&M Architects, Nassau Glass Co. Ltd., Nassau Hotel & Restaurant, National
Fence Company, National Insurance Board, National Plumbing & Building, Nautilus Water, Nobilis, NP Building Supplies Ltd., O&L Backhoe Service, Oasis Landscape Ltd., Ochre,
Oldman’s Trucking Services, Osprey Developers Co. Ltd., P&W Plumbing, Paradise Ocean Service, Paradise Ocean Sports Ltd., Parallell 3D Visualization, Patann’s Pumping, Patrick
Kemp, Patrick Rahming, PDEC, Pedro Cleaners & Maintenance, Perpetual Drafting, Peter Ferguson, Petrofuel, Pilot Building Services, Pilot Electric, Pinders Custom Brokers, Precision
Fence Installation, Precision General Contractors & Painters, Precision Painters, Precision-Mix Concrete Company, Propane Tech, Proscape, PTS Laboratories, R&R Welding & Material,
Randolph & Hein, Raygian Reprographics, Reliable Carpentry Construction, Reliable Fencing Co., Remedius, Ricardo Hanna, Robinhood Enterprises, Rolle’s Sheet Metal & Airconditioning,
Roots Landscape & Maintenance, Rufus Johnson Plumbing Contractors, S&J Burrows General, SABL (Bahamas) Ltd., Samuel Lightbourne, Sanpin Motors Ltd., Saunders
Trucking Co., Scotiabank, Scottdale Bedding, Security World, SEM Construction, Sentinel Drilling, Shannon Hilton, Sheraton Nassau Beach Resort, Sherman Johnson Trucking, Slumber
Venture, Solomon’s Super Center, Source River Holding, Speedy Tire Repair, Spike Mackey Welding, Spring Moon Ltd., Store Away, Struckum Pest Control, Sumco, Sun Oil Ltd.,
Sunryse Shredding Services, SuperClubs Breezes, Superior Cleaning & Maintenance, Superior Developers, Superior Maintenance, Superior Tires & Batteries, Sure Alarm Systems,
Tanya Maycock, Taylor Industries, TCC Bahamas Limited, TELCO Enterprises, Terracon Consultants, Inc., Terrance Higgs, The Alarm Company, The Bahama Journal, The Bahamas
Telecommunications, The BHM/BMC Joint Venture, The College of The Bahamas, The Mailboat Company Ltd., The Nassau Guardian, The Paint Centre, The Paint Place, The Potting
Shed, The Public Treasury, The Sign Man, The Sports Center, The Tribune, Thermoset Roofing, Top Builders International Ltd., Tops Lumber & Plumbing, Torway Construction Company,
Tradewind Investment, Triple W Bahamas Ltd., Tri-Tex Enterprises Inc., Triton Solutions Enterprises, U.S.O.B Security Services, United Sanitation Services, Vtrade, Walkers Industries,
Water & Sewerage Corp., Welington C. Fernandez, Well Done Drilling Services, Whitney Barrett, Wizard Signs, Wong’s Home Centre, Work Centre, Wyndham Nassau Resort,
WYO-BEN, Inc., Yamma Trucking, Young’s Plumbing Services, ZipX Bahamas Ltd.
From its inception, Baha Mar has had a significant
impact on the economy of The Bahamas.
“Among Caribbean economies, only The Bahamas is
expected to grow more than 1.5 percent…according to
Moody’s Investors Service.”
(Source: Bloomberg News, “China’s Xi Offers Caribbean Nations $3 billion in
Loans,” June 3, 2013)
An investment paying off for all Bahamians. I PAGE 11

JOBS AND WAGES
GDP IMPACT OVERVIEW
The Baha Mar development project has already
made a significant contribution to jobs and wages for
Bahamians.
• The project has contributed more than $719 million in
additional employment income to Bahamians.
• Through direct and indirect impacts, Baha Mar has
supported an average employment count of more than
3,000 jobs.
Over a 20-year time horizon the resort operations will
continue to contribute significantly to jobs and wages
for Bahamians.
• Through direct and indirect impacts, the resort will
contribute more than $12 billion in additional employment
income to Bahamians, or more than $33,000 per capita.
• Through direct and indirect impacts, Baha Mar will
support an average employment count of nearly 12,000
jobs for Bahamians.
YEAR
In 2012 Bahamas real GDP baseline growth was 1.8
percent. Without Baha Mar, the change in real GDP
would have been –2.7 percent.
BAHAMAS REAL
GDP BASELINE
WITHOUT BAHA MAR
BAHAMAS REAL
GDP BASELINE
WITH BAHA MAR 1, 3
BAHA MAR VALUE
ADDED TO GDP 2
BAHA MAR AS % OF
BAHAMIAN GDP
2011 $7,697 $8,135 $437 5.4%
2012 $7,911 $8,281 $370 4.5%
2013 $8,529 $9,311 $782 8.4%
2014 $8,781 $9,350 $569 6.1%
2015 $9,020 $10,661 $1,641 15.4%
2020 $10,056 $11,675 $1,619 13.9%
(Figures in B$ Millions unless otherwise specified)
1
Actual figures obtained from the Bahamas Department of Statistics 2012 GDP
publication, restated in B$2013.
2
Estimates of BAHA MAR value added to GDP obtained from Oxford Economics
Impact Assessment.
3
Forecasted GDP growth rates for 2013–2020 obtained from Oxford Economics
Impact Assessment.
PAGE 12 I Baha Mar Economic Impact An investment paying off for all Bahamians. I PAGE 13

PRE-DEVELOPMENT AND OPERATIONS
CONSTRUCTION AND DEVELOPMENT
Nick Dean, Principal
Integrated Building Services
Genique Kemp
Associate Licensed Surveyor
Donald E. Thompson & Associates
Antonius Roberts, Artist
Prior to groundbreaking of the new development in
2011, the Baha Mar pre-development phase and
operations of the existing assets began in 2005.
• These operations were responsible for a $1.8 billion
contribution to the GDP of the Bahamas.
• On average these operations employed more than 2,000
Bahamians.
Once completed, total investment will reach $3.5 billion.
• The development impact from 2011 to 2016 will reach
$2.9 billion in total output and will support an average
employment count of 3,300 jobs per year during this
period.
• Non-local construction will generate indirect benefits
through supply chain and income effects. The cumulative
impact is expected to reach $1.23 billion from 2011
to 2016.
Construction Work Performed by Bahamian Companies
• New West Bay Street • Pompey Village
• Baha Mar Boulevard • Convention Center
• Police and Fire Station • Golf Club House
• Commercial Village
PAGE 14 I Baha Mar Economic Impact An investment paying off for all Bahamians. I PAGE 15

POST-OPENING IMPACT – BAHA MAR VISITOR SPENDING
DIRECT BENEFIT TO GOVERNMENT TAX REVENUES
Over 20 years of operations, visitors to Baha Mar
are expected to spend more than $25 billion.
• Once open, Baha Mar’s average visitor spending is
expected to be $576 per person, per day.
• Baha Mar’s guests will spend more than $50 million per
year* locally, outside of Baha Mar.
*This does not include payroll, utilities and other payments by Baha Mar to
local vendors.
A total of $5.5 billion will be generated in additional
government revenue over 20 years.
• For every $1 granted in Government concessions to Baha
Mar, more than $30 will be added to the cumulative total
Bahamian GDP, and…
• For every $1 that has been granted in Government
concessions to Baha Mar, the Government is expected to
receive $4.70 of cumulative tax revenues.
PAGE 16 I Baha Mar Economic Impact An investment paying off for all Bahamians. I PAGE 17

QUALITY-OF-LIFE IMPROVEMENTS
BEACH RE-NOURISHMENT
WEDDING PHOTOGRAPHY AT HOBBY HORSE PARK
PAGE 18
POMPEY VILLAGE HOBBY HORSE LAKE PAGE 19

QUALITY-OF-LIFE IMPROVEMENTS
BAHA MAR BOULEVARD
ROUNDABOUT AT BAHA MAR BOULEVARD
PAGE 20
CABLE BEACH COMMERCIAL CENTRE CABLE BEACH POLICE & FIRE STATION PAGE 21

DEFINITIONS
Impacts are measured with several variables:
Concession: The granting of rights or economic benefits by a
Government, typically done to encourage long-term, privatesector
investments that will benefit the public as a whole.
Direct Impact: The immediate benefit to businesses providing
the goods or services; this captures spending at the resort and
some off-site businesses.
Employment: Employment is reported on an annualized,
full-time-equivalent basis, based on output and wages. This
could include part-time and temporary positions converted
to annual equivalents. Where averages are reported, the
average employment impact is taken over the referenced
time period.
Income: The salaries and wages earned by employees are
calculated as a portion of value added by industry.
Indirect Impact: The secondary benefit to suppliers of goods
and services; also called the supply-chain effect. For example,
the food wholesaler providing goods for a restaurant. This
also includes additional income earned in the economy as
employment income is spent on goods and services. For
example, an employee of the resort spending earned income
at other businesses in the economy.
Total Output: The total output can also be considered total
business sales. This includes sales made on-and-off resort and
at different levels of the supply chain.
Value Added: Total output less the cost of inputs. Value added
is calculated as a portion of total output by industry and is
also the contribution to gross domestic product.
PAGE 22 I Baha Mar Economic Impact
An investment paying off for all Bahamians. I PAGE 23

AN INVESTMENT
PAYING OFF
FOR ALL BAHAMIANS
BAHA MAR RESORT
DEVELOPMENT PROJECT
An Economic Impact Assessment &
Cost-Benefit Analysis
Baha Mar Ltd., P. O. Box CB-10977, Nassau, The Bahamas
BAHAMAR.COM/CAREERS/OPPORTUNITIES
Printed in The Bahamas on recycled paper.
Content property of Baha Mar.