By KEESHA BETHELL, Guardian Business Reporter

keesha@nasguard.com

Developers of a proposed $4 billion resort for Rum Cay may be jumping the gun in announcing Monday they would begin taking deposits for condo lots the government has not yet approval.

CEO and Founder Frederic Bernstein yesterday indicated that the 2,000 acre project for the scenic cay was given the go-ahead but the minister responsible for processing development requests disagrees.

"The application is before us," said Vincent Peet, Minister for Financial Services and Investments, Monday night. "But we have not reviewed it yet."

If Bernstein does win that approval and pulls off his plan, Rum Cay will see another massive resort project to anchor its emerging tourism industry.

"Rum Cay Island, widely known as the Jewel of The Bahamas, has it all," Bernstein said.

He argues the project is sure to put a smile on the faces of those Bahamians in search of employment.

"Our company will employ and train over 5,000 new employees at the resort," said Bernstein. "The Southern Bahamas will come to Rum Cay Island for employment."

The resort plans to create a relaxed island lifestyle with "six star service".

It will also include customs and immigration services at the island's new airport terminal, set to be the largest in the country.

Some critics have been skeptical about the island's ability to support yet massive resort development.

However, Bernstein argues that there's little to worry about.

"Our company staff and engineers have spent the better part of two years asking those same questions, and we have found that unlike most of the cays in The Bahamas, Rum Cay is a really small island and will support several large communities," said Bernstein.

The CEO said he is going to develop a real Bahamian island with Bahamian architecture.

The resort is 2,520 acres with a 400-slip, mega-yacht marina with waterways running throughout most of the property with water taxis.

The 27-hole signature championship golf course is designed around the island terrain and argued as a way to enhance the natural hills, valleys and sea coast.

There is also a world class spa and tennis facilities planned. A Caribbean-inspired island casino, straw market and retail island village are also on the table.

But that vision is entirely dependent on Peet's ministry, which is promising to take as much time as it needs to vet applications and avoid planning mistakes.