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.
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.