CCA Construction, Inc, the general contractor of Bahamas casino resort Baha Mar, says it has emerged from chapter 11 bankruptcy after formally concluding all legal proceedings related to its long-running dispute with Baha Mar’s original owner, BML Properties Ltd.
In a statement sent to Inside Asian Gaming, CCA representatives confirmed that a Plan or Reorganization had been approved by the U.S. Bankruptcy Court for the District of New Jersey on 11 February, allowing it to emerge from chapter 11 as a “financially healthy company that is primed to continue working with its affiliates on a steady pipeline of high-quality construction projects for customers in a range of industries”.
The update comes after the two parties announced in November a “comprehensive agreement” to settle a US$1.6 billion legal dispute without any admission of liability.
The agreement saw BML Properties and its owner Sarkis Izmirlian drop all claims in the US and the Bahamas against the trio and their affiliates. CCA, a subsidiary of Chinese state-owned developer China State Construction Engineering, was in 2024 ordered to pay US$1.6 billion to BML Properties after being found by a New York court to have committed “many acts of fraud” in assuming control of Baha Mar in 2016.
The CCA entities subsequently filed an appeal in November 2024 before filing for chapter 11 bankruptcy a month later – a move it says was pursued in parallel to protect the interests of the co-defendants’ stakeholders. The company’s appeal against the US$1.6 billion finding was dismissed in April 2025.
The exact terms of this “comprehensive agreement” between CCA and BML Properties have never been disclosed.
Having now emerged from chapter 11, CCA’s Chairman and CEO, Yan Wei, said, “Today marks the final milestone in the resolution of all legal proceedings relating to the Baha Mar dispute. With these matters fully behind us, we and our affiliates will focus our undivided attention on executing our strategy to deliver high-quality and distinguished construction projects to our customers across the hospitality, healthcare, corporate, residential, government and other sectors. We are grateful to our team and partners for their continued support and look forward to achieving future successes together.”
The agreement between CCA and BML Properties stipulates that another CCA entity, CCA Bahamas Ltd, retains its ownership interest in the British Colonial and Margaritaville Beach Resort hotels in downtown Nassau, which also formed part of the dispute.
The dispute between BML Properties and the CCA entities revolved around BML’s assertion that the entities breached an Investors’ Agreement by failing to meet construction deadlines and forcing the collapse of the project in order to enrich itself and ensure Chinese interests claimed control.
Izmirlian had, during the global financial crisis, sought funding to realize his vision for Baha Mar and found success to the tune of US$2.45 billion through China’s Exim Bank. However, the bank also stipulated that CCA must be general contractor and with the right to import up to 8,000 Chinese construction workers, providing in the process a significant boost to China’s domestic economy. On top of Exim Bank’s contribution, CCA chipped in US$150 million and BML Properties US$845 million.
The resort had initially been slated to open in December 2014, but after missing the opening and a series of later dates throughout 2015, BML filed for bankruptcy in June 2015 while blaming CCA for allegedly deliberate poor craftmanship. Baha Mar was said to be 97% complete at that point.
It was also reported at the time that CCA employees had been found smuggling computers and documents – some alleged to acknowledge substandard work – from project offices.
While Izmirlian had hoped to retain control and bring in a different contractor, the Bahamian government – which saw Baha Mar as a key national project – had other ideas and the property was instead handed over to a liquidator. Construction ultimately halted for more than a year before the government announced it had reached a deal with CCA to resume construction while it looked for a buyer.
Hong Kong jewelry giant Chow Tai Fook, whose controlling Cheng family has long held close ties with Beijing, was ultimately revealed to be that buyer at an undisclosed price although rumors circulating at the time suggested the acquisition came at a massive discount.
Chow Tai Fook Enterprises also holds interests in Australia’s Star Entertainment Group and Vietnam’s Hoiana, and has historical links to Macau concessionaire SJM via chairman Henry Cheng’s 10% stake in STDM.
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