Mega yachts mean mega bucks for the Bahamas
The Bahamas is seeking to draw more revenue from high end markets and is boosting efforts to develop mega yacht vacations.
The Ministry of Tourism & Aviation recently partnered with the International Yacht Connection to host a familiarization exercise with 30 international yacht charter brokers. The yacht brokers, the majority of whom are European, flew into Nassau and sailed to Exuma for a short vacation aboard seven luxury yachts. Like all familiarization trips, the ministry is hoping that the charter brokers will be impressed by what they have learned and experienced in the Bahamas. Ultimately, tourism officials hope the charter brokers are encouraged to send more business to the Bahamas.
As one of the organizers of this flotilla, Bob Saxon, president of International Yacht Collection, reported that the charter brokers were amazed at the beauty of the Bahamian waters before they landed in Nassau – looking from their airplane windows.
“The Bahamas does not get enough of the world charter work and the whole idea is to at least double this business, to bring people in here who can afford to be on big charter yachts, afford to invest in the islands and to build up the economy of the islands” Mr. Saxon said. He indicated that yacht charter clients typically spend one week on a yacht vacation and this could cost over $250,000. One of the vessel’s captains said a day’s charter, from 9 a.m. to 6 p.m., costs almost $25,000.
“If you can build the yacht charter business in this area, more boats will be here, and as a result of more boats being here, the yachting support infrastructure will grow,” Mr. Saxon said “And, what that means is jobs, jobs, jobs.”
He said this partnership is all about building business for the Bahamas and the yacht owners, which is a win-win situation for all.
Earl Miller, Tourism’s General Manager of Vertical Markets – Boating and Fishing, said that this flotilla is only one of several initiatives the ministry will undertake to increase business from the mega yacht market.
“Part of our marketing plan, especially for this year, is to make sure that we increase the numbers that we have now,” Mr. Miller said. “We are partnering with Bob Saxon and the Saxon group out of Florida to hit the yacht charter shows, and to do some seminars with the owners and boat captains to make sure that they know what the Bahamas has to offer.”
Some areas that stand to experience growth in revenue if this market takes off include food supply, fuel, dock rentals, boat mechanics and maintenance, shopping and concierge services.
