A Vision for Cayman’s Future: Protecting Jobs, Building Sustainably, and Investing in Ourselves

A Vision for Cayman’s Future: Protecting

Jobs, Building Sustainably, and Investing in

Ourselves

Date: April 28, 2025

Dear Caymanian Brothers and Sisters,

Today our islands are at a crossroads. To maintain the high standards that Cayman’s tourism product is known for around the world, we urgently need to address three critical infrastructure needs. Today, we offer a vision that responsibly, sustainably, and wisely secures the future of Caymanian jobs and businesses — while safeguarding our environment and our economy.

We present three practical, data-driven solutions that together create enormous long-term benefits for Caymanians. They are realistic. They are fiscally sound. And they are designed to support our people first.

Solution 1: A Single, Smarter Cruise Pier – Built for Caymanians, By Caymanians

We propose adapting the original 2018 Verdant Isle Port plan into a reduced and more focused project:

• One pier, not two.

• Two berths, on one pier built on pilings, specially designed for new-generation cruise ships like the Genesis, Mardi Gras, and Britannia classes.

• Smaller ships will continue to use Caribbean Marine Services (CMS) for disembarkation,

ensuring local businesses stay protected and thrive.

This approach dramatically reduces costs and environmental impact. Instead of extensive seabed reclamation, we need only minimal dredging — about five feet deep — resulting in a safe

berthing depth of 36 feet.

Unnecessary components at present will be removed from the project:

• No new Port Authority headquarters.

• No new terminal building.

• No realignment of Harbour Drive.

Estimated Total Project Cost: USD $200–$250 million.

Why It Matters

Cruise arrivals have dropped by 38 percent since 2019. The cruise industry is declining at about nine percent annually. If this trend continues, cruise arrivals could fall below 500,000 passengers by 2030. That would devastate thousands of Caymanian livelihoods.

Cruise tourism is not just a convenience — it is an economic pillar:

• In 2023 alone, cruise visitors spent over $108 million on our shores.

• Local taxi drivers, tour operators, retailers, restaurants, and waterfront businesses all

depend heavily on this vital sector.

• Cruise visitors often return as stayover guests, multiplying the impact over time.

Without the right infrastructure, we risk becoming irrelevant in the regional tourism market.

Investing now is essential to preserve Caymanian jobs, opportunities, and prosperity.

How We Fund It — Without Burdening Caymanians

We propose a layered financing model designed to minimize government exposure:

• Cruise Line Investment: Cruise lines will invest $150 million upfront, secured against

berthing fees, in return for guaranteed berthing rights and capped fee arrangements.

• Local Investment: Caymanians will be able to invest in redeemable infrastructure bonds

($50,000–$100,000 units) offering attractive 5–7 percent annual returns.

• Public-Private Partnership: A Special Purpose Vehicle (SPV) will oversee the project, with full transparency and independent board oversight.

• Government Participation: The Cayman Islands Government will simply lease the land

and seabed under a structure similar to the leases used by The Westin and Ritz-Carlton,

ensuring ownership eventually returns to the people.

This structure avoids new debt, ensures broad participation, and keeps benefits local.

Solution 2: Restoring Seven Mile Beach — Using Our Own Sand

As part of the pier project, about half of the dredged material will be clean sand — perfectly suited for beach replenishment.

Instead of importing expensive foreign sand, we propose to repurpose this material to rebuild Seven Mile Beach, which has suffered from chronic erosion.

• This could lower beach restoration costs by up to 70 percent.

• The redistribution would be done carefully, under the supervision of the Department of Environment.

• This effort is already included in the overall construction budget — maximizing the

return on our investment.

By using our own natural resources wisely, we can restore and protect one of Cayman’s greatest treasures.

Solution 3: Unlocking Tourism Growth in the Eastern Districts

We also propose to extend the East-West Arterial Road to better connect George Town with the Eastern districts — unlocking new tourism opportunities at Botanic Park, Pedro Castle, Crystal Caves, and other attractions.

How it would be funded:

• A modest $2.50 infrastructure fee per cruise passenger.

• With a projected 2 million cruise passengers annually, this will raise around $5 million

per year — fully funding the $100 million road project over time.

This investment will spread tourism benefits across Grand Cayman, create new jobs, and reduce traffic congestion in George Town.

The Facts and Numbers

• Projected cruise passenger volume: 1.5–2 million per year.

• Average spend per passenger: $115.68.

• Total spend annually: $173–$231 million.

• New jobs created: 500–750 direct and indirect jobs.

We will measure success by:

• Achieving at least 20 percent Caymanian capital participation.

• Delivering 6–8 percent investor returns.

• Completing the project within 24 months of groundbreaking.

• Growing cruise arrivals back to 2 million passengers by 2030.

• Restoring Seven Mile Beach naturally and cost-effectively.

• Expanding our tourism footprint into the Eastern districts.

A Final Word: The True Cost of Doing Nothing

We understand that some people are concerned about the cost of this project. But what is not being said enough is this:

There is a far greater cost to doing nothing.

• Every year without action means fewer cruise passengers.

• Every year means lost income for Caymanian families.

• Every year means more erosion of Seven Mile Beach.

• Every year means opportunities slipping away from future generations.

For around $200–$250 million — funded by those who use and benefit from our cruise industry

— we can build a smarter pier, restore our beach, connect our districts, create jobs, and preserve Caymanian prosperity.

This is not just about infrastructure. This is about securing Cayman’s future.

If we work together with vision and courage, we can leave a legacy that generations of

Caymanians will thank us for — a thriving economy, a protected environment, and a Cayman that remains strong, proud, and united.

It is time to invest in ourselves.

It is time to choose a future filled with opportunity.

Respectfully,

Faustin Walker

An Optimistic Caymanian who loves their Country and People