04/04/2000 - 22:00

Racecourse deal stalls

04/04/2000 - 22:00

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A PLAN to build a $120 million integrated tourism resort at Broome’s Gantheaume Point has been shelved.

Racecourse deal stalls

A PLAN to build a $120 million integrated tourism resort at Broome’s Gantheaume Point has been shelved.

Pearl Bay Resort Developments has been stripped of its preferred developer mantle, thus putting the project on hold.

Lands Minister Doug Shave said the preferred developer status had been removed because Pearl Bay had not met a $10 million performance bond requirement.

“Since the memorandum of understanding was signed last August, there had been extensive negotiations between Pearl Bay and LandCorp on this issue,” Mr Shave said.

Mr Shave said the developer had been given plenty of time to meet the requirement.

Pearl Bay Resort Developments’ Peter Walsh said the company believed it had met all government requirements.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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