Tuesday, Jul 23, 2019
HomeBusinessFusion COO laments restrictions to raising local capital

Fusion COO laments restrictions to raising local capital

Fusion Superplex COO Dominic Richards said yesterday that raising capital is extremely restrictive for Bahamians who want to carry out large projects like his IMAX theater complex.

Richards, who was speaking at the Rotary Club of West Nassau, said the red tape for Bahamians to carry out this kind of investment is immense.

“This is the most restrictive market I’ve ever seen in my life,” he said.

However, Fusion had its soft opening in November and this month is staring down the beginning of two of the most anticipated movies of 2019, “Captain Marvel”, which drops officially today, and “Avengers: Endgame”.

Richards told the group that the average movie theater only needs about seven to 10 percent occupancy to be profitable, and that Fusion has been set up to add value through all of its other amenities in order to remain on a path to profitability.

He added that average occupancy rates range between 15 and 25 percent, depending on jurisdiction or theater type, such as an IMAX screen versus standard screens.

According to Richards, Baha Mar has already made Fusion one of its rainy day activities, having bussed 1,500 people to the complex recently when weather did not permit outdoor activities at the resort complex.

He added that families have been using the complex’s amenities, something he said Fusion was built for.

When the complex opened its doors to the public, people began to snicker on social media about the prices. But since Fusion’s soft launch, he said, people have come to see the value in the amenities at the complex.

According to Richards, the theater will soon offer viewings of the Metropolitan Opera and Broadway plays.

Fusion Superplex’s facility includes an IMAX cinema with laser, 4DX cinema, XS3 cinema and Pure VIP theaters, kids zone and an arcade with a redemption center; it will also feature e-sports and interactive pre-movie audience competitions to round off the gaming options.

In the culinary arena, the complex has the Altitude and Edge restaurants along with the SubZero Nitrogen ice cream bar, which will also serve Starbucks products. The complex will also run Project Empower, a school-based program that will be closely based on the Ministry of Education’s syllabus, that ‘edutains’ with IMAX educational films.

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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