TRADE Minister Paula Gopee-Scoon says it is hoped that in three months there will be an operator for the Magdalena Grand Beach and Golf Resort, which had an operating net loss of $276 million from 2008-2018.
She was responding to a question in the Senate yesterday.
She said from 2015 to 2018, taxes and dividends from the Magdalena totalled $21,425,787.35, dropping from $7.1 million in 2015 to $3.9 million in 2018.
Opposition Senator Taharqa Obika asked why the taxes had declined and Gopee-Scoon replied this was due to the performance of the business, and the Magdalena had experienced financial difficulties from the onset.
But, she said, "Government is making every effort to turn its prospects around."
She reported the ministry was in the final stages of finding an international operator under an international brand and this was expected to happen within three months. She said there will also be a lot of work promoting Tobago and addressing airlift to the island.
Gopee-Scoon also reported total taxes and dividends from the Hilton Trinidad for the same period were $81,131,777.78. She said it started at $22.8 million in 2015, dipped to $17.9 million in 2017 and then increased to $21.3 million in 2018.