• From Lumber to Lucaya

  • Oct 27 2024
  • Length: 14 mins
  • Podcast

From Lumber to Lucaya

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  • Summary

  • In 1955, American financier Wallace Groves, fresh from a stint in a Connecticut penitentiary for financial fraud, signed the Hawksbill Creek Agreement with the Bahamian government. This agreement granted Groves's company, the Grand Bahama Port Authority, vast tracts of land on Grand Bahama Island in exchange for developing a deep-water harbour and industrial zone. Groves's vision was to transform the sparsely populated island into a thriving free port, attracting foreign investment and creating jobs for Bahamians. However, the ambitious project faced numerous challenges, from the need for extensive infrastructure development to the skepticism of potential investors. To overcome these obstacles, Groves and his partners embraced tourism and, controversially, casino gambling, sparking a period of explosive growth that would forever alter the fate of Freeport and the Bahamas.

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