Margaritaville Turks & Caicos (TCI) surpassed its US$6-million revenue target for its financial year.
Growth in sales helped boost the tourist attractions earnings to over US$720,000, which was 21 per cent higher than the year before.
The restaurant caters mainly to cruise ship tourists who seek a bar experience in the Caribbean island while visiting.
Ian Dear, who controls the Caribbean franchise for Margaritaville, previously told the Jamaica Observer that revenues were expected to rise from US$4.5 million last year to US$6 million in 2014. That projection was based on Carnival Corporation plans to increase the number of cruise passengers it carried to the island from 750,000 to one million annually.
Grand Turk is a relatively new cruise destination, which experienced five per cent annual average growth over the last three years.
Margaritaville raised US$2 million ($216 million) from its initial public offering (IPO) in Jamaica in April. It became the second US dollar equity listing on the Jamaica Stock Exchange following Proven Investments.
Part proceeds of the IPO is supposed to finance construction of a new bar and grill at the existing location. The premises comprise approximately 16,000 square feet, including a thatched roof restaurant that can seat 500 customers.
The TCI location employs a mix of local and Jamaican staff since it began operations in 2006.
It joins a chain of regional restaurants within the Margaritaville Caribbean Group of companies.
In 2001, the group joined forces with US entertainer Jimmy Buffett and became the Caribbean franchise holder for the Jimmy Buffet’s Margaritaville restaurant concept.
The Caribbean franchise has eight operations spread across Jamaica, Turks and Cayman. The company is eyeing four more territories in the Caribbean, starting with the island of St Thomas.
Source-JO
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