Treasure Island Resort Closing?

[Drew Sailbum]

Treasure Island Resort on Seven Mile Beach, Grand Cayman may be closing any day now. I do not believe that this will affect the Treasure Island condos, but I am not certain.

TI Resort is experiencing severe financial problems. Currently, the resort is still open, but on a day-to-day basis.

Newspaper reports indicate that "well more than one million dollars" is owed to the Cayman Government for tourists' room taxes. The various utilities are owed hundreds of thousands of dollars too. Employees are expressing concern about whether payroll will be met.

The resort's owner(s) have been in talks with Scotia Bank and CUC (electric utility) to attempt to make payment arrangements. CUC has expressed doubt since past agreements have not been met.

It looks like Treasure Island Resort is now going into receivership.

 

[OkieDiver]

That sucks:wacko: I'm going to GC in October and am scheduled to stay there. Guess I better hit the fone on Monday.

 

[caymaniac]

My first trip to GC was in 1980, we stayed at the Cayman Islander. Across the street there was a two track dirt path down to the ocean. Just south of the two track was the treasure Island resort except that at that time it didn't have a name yet. It was an abandoned project that had gone under.......I guess history is repeating itself.

Dive Safe,
Caymaniac:boom:

 

[caymancase]

Yep, TI Resort is closed as is the restaurant and night club attached to it. This is not affecting the TI Condos. Hopefully they can come up with something to get them back and running again?

 

[sngatlanta]

Whos next?
We noticed the state of disrepair around the resort last visit. We don't stay there but always eat around there on every visit.
What about the TI Divers op?

 

[ppo2_diver]

Has anyone confirmed that TI resort is closed? I talked to a travel agent that says they are still open. A friend and I are going to GC in November and would like to stay there. Any input?

 

[OkieDiver]

I'm suppose to stay there starting Thursday the 2nd.

 

[caymancase]

TI Resort is up and running again for the last few weeks. I don't know the details on what went on as far as them being open again (I've been off the island for about 3 weeks) but they are open as are the restaurants, shops, night club etc. associated with them. So, if your booked for TI Resort, you should have no worries.
For sngatlanta, TI Divers op is still running strong but has not been associated with TI Resort for a few years.

 

[Drew Sailbum]

They are under receivership of Scotia Bank. The previous owners are out of the picture, and the previous manager is still running things as best I heard.

Scotia Bank has made it clear that they want to find a buyer, and they promised to put money into the operation for an unspecified period of time while a buyer is sought. No telling what might happen if they don't find a buyer in whatever they consider a reasonable period of time.