Premier and Minister of Finance the Hon. E. David Burt today confirmed that the Government is in discussions with the Board of George's Bay Ltd. as they seek financing options for continuing work on the development. The Premier said: "This project is an important one for Bermuda and the Government's principal objective is to protect the taxpayers of this country in light of the existing Government Loan Guarantee of $165m. We now understand that George's Bay Ltd. have experienced difficulties with certain requirements of the Loan Guarantee Agreement since June 2017 and so some restructuring of the Board and the approach to this project was suggested and changes have been made to the Board of George's Bay Ltd. The addition to the Board of George's Bay Ltd. of Mr. Andy Burrows, Chief Investment Officer of the Bermuda Tourism Authority will ensure the Government's interests are safeguarded during this critical phase."

Minister of Economic Development and Tourism, the Hon. Jamahl Simmons emphasized that the Government was working hard to ensure that work continued on the site and that investor confidence was maintained in the project and Bermuda. "This is a location of great promise and we believe that a formula can be identified quickly to resume the pace of work on the development. I wish to thank Marriott who remain committed to the Ritz brand as a partner for this project. Ultimately, Bermuda's product offering will be enhanced by this development's completion and our discussions with the company are targeted on achieving that result."

The Premier concluded: "There is a significant human element to our discussions also and that surrounds the hardworking men and women whose hours may have been cut or employment jeopardized by this reduced work stream. As a Government, we will keep their livelihoods at the forefront of our discussions and we will do all that we can to minimize the impact of this necessary action on them and by extension their families. With a restructured Board and more direct Government coordination we will maintain strict oversight of the management of this project as the new leadership team strengthens and extends the project's financing."