Buccament Bay Resort, which has been closed since December 2016, is unlikely to reopen before late 2020.
Prime Minister Ralph Gonsalves, speaking at a press conference in Kingstown on Tuesday, said the December 2019 target date that the new investor gave in March is not going to be possible.
“This will have to be sometime next year. Sometime next year and I will think the amount of work which is going to be required to be done, I don’t know if that is going to happen before the next tourist season,” he said, adding, “It is complicated.”
In October 2018, Gonsalves announced that Glass, a naturalised Vincentian, along with Barry Ferdinand, who is originally of Rose Hall, and Jonathan Mills, a Scot, are the new investors in the resort.
In March, Glass told iWitness News that the acquisition was going “quite well” but there are still some legal matters to be resolved.
Glass had said the investors would have liked to see all the legal issues sorted out within eight weeks.
He said that after that, there would be a “significant amount of repairing of infrastructure and central facilities.
“The infrastructure has to be redone and a lot of the interiors have to be repaired, pools — top to bottom,” he told iWitness News.
He said that in addition to that, the new investors would be expanding the resort.
Speaking in the same interview, Ferdinand emphasised that the December 2019 date was only a target.
“We can only target it. Target is based on a number of things like completion — practical completion has not even been done. We’ve exchanged so we are going through a due diligence process. A target date is December. That was our target. Make sure you quote target date, because targets are moveable.”
In his comments on Tuesday, Gonsalves said he was glad that the investors had come on board. He told the media he did not think that the investors would be deterred by the delay.
“I don’t want to comment adversely on any party in the business but I don’t think so.”
The prime minister said he was disappointed that the process was taking so long.
He said there were “several legal issues and when you have the investors, KPMG, the entity dealing with the entire liquidation and individual players outside of those down there and the government, it is a highly complicated set of legal issues.
“It’s a matter that has to be looked at very carefully and we have a good lawyer in the Attorney General’s chambers under the direction of the honourable attorney general dealing with this matter. And as much as I am disappointed in the slowness, I want to make sure that everything is done properly,” he said.