7 News Belize

Stake Bank Sayonara?
posted (January 8, 2016)
Tonight, the cruise future for the Belize District is more unclear than ever - and that's because the Stake Bank project - which was thought to be a sure thing just a few months ago - is once again on the back burner - and the developer Mike Feinstein says he expects that it will stay there.

And that's because government is now looking at another project - one that will be based at the Port of Belize. Now, if that sounds familiar, it is. In 2004, then Port owner Luke Espat and carnival Cruise Line broke ground for a port at that very spot. It never worked out, but what you see here now on the map - the part that juts out - is the product of that idea. That was supposed to be the apron for two ships which would pull up directly to the terminal - right there at the southeast end of Port Loyola. But, the project was effectively abandoned for a number of reasons. Well, now Government wants to resuscitate it, and with guess who? None other than Michael Ashcroft. That's right, reliable reports tell us that Ashcroft and the Government are looking at a possible partnership in the venture, which the Prime Minister mentioned only in passing in his New Year's address.

Hon. Dean Barrow, Prime Minister
"The Supreme Court ruling on Belize City port exclusivity, the lack there of, clears the way for us to greenlight a new old capitol docking facility. The new cruise port will be built by the private sector in some form of partnership with government."

Deliberately vague, and that is probably because at this point, the only thing government knows is that there's a number of options - and Stake Bank, is reportedly not at the top of the list, reportedly because Government does not feel that island has an optimal location. Still, millions would have to be invested in dredging at the Port of Belize to create a channel deep enough for Oasis Class vessels, which are over 200 feet high. The Ashcroft Alliance - which already owns the Port of Belize - is reportedly interested in developing such a project, but government is also looking at other investors who are interested in a public-private project.

And while there is nothing standing in the way of the Stake Bank project, developer Mike Feinstein told us that with government now looking to partner in another project, it effectively cripples his - and, with the landscape as it is, he doesn't see it happening.

Of course, the subtext to all this is the question of who gets the head tax - those millions of dollars that are paid per head for every cruise visitor who arrives in Belizean waters. It's the easiest money in the world, and The Fort Street Tourism Village had the ultimate deal in this regard: the Musa Administration made it so that they would collect, even if the passengers landed at Stake Bank. The Supreme Court recently found that to be unlawful.

Home | Archives | Downloads/Podcasts | Advertise | Contact Us

7 News Belize