5:30 PM Miami - Baha Mar Resorts Ltd is in final stage of arranging financing for the much delayed mega resort on Cable Beach, Nassau. The 3,000 room project to be located near Atlantis resort is expected secure financing from China and built with the help of Chinese contractors.

Baha Mar Resorts Ltd is in final stage of arranging financing for the much delayed mega resort on Cable beach, Nassau.

The resort with hotel rooms of 3,000 and mixed-use was first conceived in 2005 and is only now getting its financing in place with Chinese investors and construction companies.

The original plan for the resort development called for $1 billion investment which later surged to $3 billion.

Baha Mar Resorts announced in September 2009 that it signed a framework agreement with Export-Import Bank of China and China State Construction Engineering Corporation Limited, which establishes the commercial terms for their participation in the Baha Mar Resort project. No details of the terms were released.

According to the original agreements in 2007, Baha Mar controlled 57% and a subsidiary of Harrah’s had 43% of the joint venture and Starwood has committed to operate four hotel brands; W, St Regis, Westin and Sheraton.

Harrah’s pulled out of the joint venture in early 2008 after the company was sold in a leverage buyout for $17.7 billion to a group of investors including Apollo Management and Texas Pacific.

At the time Harrah’s blamed Baha Mars’ inability to secure land rights from the Bahamian government.

Baha Mar later sued Harrah’s in New York for dealing in bad faith and breaking the contract.

Baha Mar Resorts Ltd is headquartered in Nassau and has hotel interests in Wyndham Nassau Resort, Sheraton Cable Beach Resort and the Crystal Palace Casino, which it owns and operates.

Baha Mar had plans to operate 3,000 hotels and Harrah’s was looking to operate 1,000 rooms with a 100,000 square-foot casino.

The construction of the project was originally scheduled to begin in 2007 and open in 2011.

With the delays in arranging financing, now the project is not likely to open before 2013 and no firm date.