VIDEO: Browne Touts $25M Performing Arts Centre as Proof of ‘Value for Money’

Prime Minister Gaston Browne is pointing to the multimillion-dollar transformation of the former Deluxe Cinema as proof that a deal once criticised as a “bailout” has delivered significant value to the people of Antigua and Barbuda.

With finishing work continuing at the new National Performing Arts Centre, Browne has mounted a fresh defence of the government’s decision to acquire the property, saying the country secured millions of dollars in equity from the transaction from the outset.

“We took on a $6M loan and secured an $11M property, giving the people of Antigua and Barbuda about $5M in equity from day one,” Browne said.

The Prime Minister said the property has since been transformed into a public asset valued at approximately $25 million, while much of the refurbishment was financed through grant funding.

“Today, the National Performing Arts Centre is a $25 million asset owned by the people, with the refurbishment funded largely by grants,” he said.

Video footage from inside the facility shows the extent of the transformation, with rows of auditorium seating installed and workers continuing to carry out finishing work throughout the venue.

The footage offers a look at the scale of the redevelopment as the former cinema takes shape as a modern performing arts facility, with work progressing on various elements of the interior ahead of its opening.

Browne used the progress to push back against criticism surrounding the government’s original acquisition of the property.

“They said bailout. We said value for money. The results speak for themselves,” he declared.

The National Performing Arts Centre is being developed as a major cultural venue capable of accommodating performances, productions, ceremonies and other national events.

Browne’s latest remarks also place the finances behind the project back into focus. His argument is that the government borrowed $6 million to acquire a property valued at $11 million, immediately creating about $5 million in equity before the subsequent refurbishment increased the value of the asset.

The $11 million property value, estimated $25 million current valuation and extent of grant financing are figures cited by the Prime Minister.

Browne maintains that the transformation now visible at the facility demonstrates what the government received from the transaction, presenting the National Performing Arts Centre as a major publicly owned asset created from a deal his administration continues to defend as “value for money.”