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 John Pagano Appointed President of Baha Mar Development Company LTD, 
Developers of a Colossal Destination Resort in the Bahamas
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NASSAU, THE BAHAMAS (March 15, 2006) --- Baha Mar Development Company Ltd. has appointed John Pagano as President, it was announced today by Sarkis Izmirlian, CEO, Baha Mar Resorts Ltd.  
 
Baha Mar Development Company is a subsidiary of Baha Mar Resorts Ltd. and is responsible for the oversight and execution of all development-related aspects of the Baha Mar resort project, including MHA Studio, dedicated to the architectural design and execution of Baha Mar.  Baha Mar Resorts Ltd. owns and operates Cable Beach Resorts & Crystal Palace Casino, while serving as the management arm for resort and real estate operations for Baha Mar.  
 
“John Pagano’s leadership skills and career experience make him ideally suited to oversee development efforts for Baha Mar,” said Izmirlian.  “This multi-faceted project requires an elite team of individuals with proven experience to lead the company forward, and we are fortunate to have John join us as Baha Mar continues to evolve from its acquisition and planning stages to development.”  
 
“I look forward to working with the Baha Mar management team, and our renowned industry partners – Starwood and Harrah’s, on this truly unique, one-of-a-kind project,” said Pagano.  “Baha Mar will have a tremendous impact on The Bahamas and The Caribbean, and it is exciting to be a part of project of that scale from the ground floor.”  
 
As president, Pagano will focus on all Baha Mar development-related issues, and will report directly to Don Robinson, President of Baha Mar Resorts Ltd., and Sarkis Izmirlian, CEO of Baha Mar Resorts Ltd. 

Prior to joining Baha Mar Development, John Pagano spent the last 18 years developing one of the largest commercial office projects in the world – the Canary Wharf development in London, England.  

As the project’s Managing Director since 1995, John was responsible for delivering over 10 million square feet of commercial office space across 18 buildings, including 600,000 square feet of retail, 20 acres of public spaces including parks, squares and water promenades, and associated infrastructure.  John was responsible for managing a project/construction team of more than 700, while employing fast-track construction management techniques.  

In addition to construction oversight responsibilities, John was also deeply involved in leasing and marketing efforts, as well as asset acquisitions and disposals.  Today, the $5 billion project houses some of the largest financial and professional service firms in the world including HSBC, Citigroup and Lehman Brothers.  Prior to the Canary Wharf project, John worked for a leading Canadian engineering consultancy practice.  John earned a degree in engineering from the University of Toronto and is a licensed professional engineer.  

About Baha Mar

Baha Mar – a 1,000-acre, mixed-use, one-of-a-kind project -- represents a quantum leap forward in the continued success of The Bahamas, ushering in a new era for Nassau’s Cable Beach area of New Providence Island.  In 2005, the company announced an unprecedented partnership with two of the world’s best-known gaming and hospitality companies -- Harrah’s Entertainment, Inc. (NYSE:HET) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) -- to create Baha Mar, the Caribbean’s largest single-phase destination resort.  
 
Baha Mar is expected to establish a new blueprint for resort development, creating a unique resort metropolis in its setting, design, operation and services.  Baha Mar will feature Caribbean-inspired design elements that fuse the area’s Colonial, European and African influences with the region’s lush natural landscapes and waterscapes.  
 
Together, the resort will offer a total of 3,550 guest rooms, making it the largest in the Caribbean.  Harrah’s Entertainment, the world’s largest provider of branded casino entertainment, will operate a new 1,000-room Caesars Resort Hotel and 95,000-square foot casino.  
 
Baha Mar will also feature the first and only collection of four Starwood brands at a single resort, consisting of a 300-room W at Baha Mar, including 100 condo units; a 300-room St. Regis at Baha Mar, including 100 condo units, a 700-room Westin at Baha Mar; and a 700-room Sheraton at Baha Mar all of which will be managed by Starwood. In addition to the hotels, Starwood’s Bliss and Remede branded luxury spas are also planned at the W and St. Regis, respectively.   
 
Baha Mar Resorts is also planning a free-standing luxury spa facility – the largest in the Caribbean; an 18-hole Jack Nicklaus Signature Golf Course; an eco-water park attraction; 175,000 square feet of meeting space; a 20-acre beach and pool experience with 3,000 feet of continuous beachfront; and a 50,000 square foot village with upscale retail, chef-branded restaurants, and entertainment venues. Construction will begin in 2007, with the opening set for 2010.  

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Contact:

Baha Mar Resorts Ltd.
www.bahamar.com

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Also See: Don Robinson, Former Managing Director of Hong Kong Disneyland, Appointed President of Baha Mar, the Planned Resort Metropolis in The Bahamas / January 2006
Baha Mar, Created by Sarkis Izmirlian, Attracts Joint Venture Partners; Harrah's Will Operate 1,000-room Caesars Resort Hotel and Starwood Will Operate a 300-room W a 300-room St. Regis a 700-room Westin and a 700-room Sheraton / November 2005


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