Casino resorts investor Chow Tai Fook Enterprise (CTFE) announced that it is in talks to acquire the Baha Mar resort casino in the Caribbean archipelago of the Bahamas.

In a statement, the developer—owned by the family of tycoon Henry Cheng Kar-shun—said it has applied to the government of the Bahamas for the approval to become an investor and acquirer of the stalled $3.5 billion holiday resort.

“CTFE is looking forward to having Baha Mar join its portfolio of world-class integrated resort development projects,” CTFE chairman Henry Cheng said in a statement. “We are fully committed to this project and plan to hire as many Bahamians as possible to work at the property.”

CTFE, which did not provide any financial details on the negotiations, said it would invest heavily in pre-opening activities ahead of the official deal completion which would help boost local employment.