The island of CocoCay (officially known as Little Stirrup Cay) is leased and operated exclusively by Royal Caribbean Group. While the island is technically part of the Bahamas and belongs to the Bahamian government, Royal Caribbean holds a long-term private lease that gives them total control over its development and guest experience. Since 1988, when they assumed the lease through the acquisition of Admiral Cruises, Royal Caribbean has transformed the island from a simple beach stop into a massive "private destination" rebranded as Perfect Day at CocoCay. In 2019, the company completed a $250 million renovation that added a massive waterpark, a 1,600-foot zip line, and a private beach club. Because it is a private destination, only guests on Royal Caribbean International and Celebrity Cruises ships are permitted to visit. The island serves as a major profit center for the company, offering exclusive amenities that are not available at standard public ports of call in the Caribbean.