The operators of many of the riverboat casinos along the Mississippi and Ohio Rivers are likely to enjoy smooth sailing as growing demand, limited new supply, and relaxed regulations support stronger operating results and possibly rating upgrades, Moody's Investors Service reports. The rating agency also cautions, however, looser gaming restrictions in one jurisdiction or the strengthening of one casino's position through the addition of new amenities could put pressure on neighboring operations. "Overall, our rating outlook is positive and we expect more upgrades than downgrades of companies in this industry over the next 6-18 months," says Moody's VP/Senior Analyst Todd Gray. "But at the same time, the rising tide for the sector as a whole will not lift all the riverboat operators." Specifically, the analyst says among the companies in line for a potential rating upgrade or positive outlook change are Hollywood Casino Corporation (B3), Hollywood Park (Ba3), Horseshoe Gaming (Ba3), Lady Luck Gaming (B2), Hollywood Casino Shreveport (B3), Players International (Ba3), and Station Casinos (Ba2). Companies more likely to experience either a rating downgrade or a negative outlook change include Alliance Gaming (B2), Majestic Star (B2), Mirage Resorts (Baa2), and President Casinos (Caa1). The analyst points out that many of these companies also operate land-based casinos
Assembly Concurrent Resolution (ACR) 89, sponsored by Assemblywoman Nilsa Cruz-Perez (D), proposes a constitutional amendment authorizing the New Jersey State Legislature to legalize riverboat gaming if a bordering state authorizes casino gaming. Also, Assembly 983, sponsored by Assemblymen Kenneth C. LeFevre (R) and Francis J. Blee (R), would prohibit cruise-to-nowhere gaming from New Jersey. Both bills are carried over from last year, and were referred to the Assembly Commerce, Tourism
Legislation introduced by U.S. Rep. Frank R. Wolf (R-Va.) could severely damage Florida's offshore gaming industry. Under existing federal law, offshore gaming in international waters is legal, unless state pass laws specifically prohibiting the activity. Wolf's bill (H.R. 316) would reverse the situation, requiring states wanting offshore casino boats to pass laws allowing them. However, state assistant attorney general Jon Glogau said passage of the Wolf bill would instantly nullify the
Following an investigation, the Broward County Sheriff's Office has cleared Tampa-based Coastal Gaming Group, Inc. of allegations of unlawful gaming activities aboard gaming boat Monte Carlo. The investigation revealed management of Coastal Gaming neither approved, nor had any knowledge of such activities. The company, which provides casino management, consulting and operating services to cruise ships, has filed suit against Boca Casino Cruises, Inc
By Larry Pearson While the Casino boat building business has been stagnant for nearly a decade, there maybe emerging opportunities for growth. For naval architects, shipyards, interior designers and marine systems and equipment suppliers the mid 1990's was a heady time. Over 100 casino boats were built during this time. If there are more on the way, it will be a smaller market this time around. The market is not so much for new boats for new jurisdictions
Kelvin Hughes is offering a new crew entertainment package after signing an exclusive agreement with Headland Media. This agreement authorises Kelvin Hughes to sell Headland Media’s film, book, music, sports, and game service, Walport Entertainment On-Board. This will be a new addition to Kelvin Hughes’ existing navigational products. Walport Entertainment On-Board from Headland Media comprises a choice of the latest international film releases and classics
According to a report in the Miami Herald: “The gaming ship once operated by St. Tropez Casino Cruises was sold in a courthouse auction Tuesday to a giant ship-management company for $3.8 million. Monaco-based V. Ships topped 11 other bidders to acquire the 30-year-old vessel, which has been anchored off Fort Lauderdale's shores since May when gaming operations were suspended for lack of money.”
In an unpublished opinion, the US Court of Appeals for the Fifth Circuit ruled that an indefinitely moored gaming vessel is not a vessel for purposes of general maritime law and not subject to the admiralty jurisdiction of federal courts. In the instant case, the gaming vessel was afloat, but had not moved since arriving at its Lakes Charles mooring in 2001. The owners had no intention of moving the vessel. Plaintiff alleged personal injury from a slip-and-fall on carpeting outside the
Jamestown Metal Marine Sales, Inc. has been awarded a contract by Blue Chip Casino, LLC, a subsidiary of Boyd Gaming, to construct a new casino vessel at Blue Chip's Michigan City, Indiana facility. The new vessel, which will replace the present vessel, will be approximately 400 ft. in length with a beam of 200 feet and provide about 75,000 square feet of gaming area on a single deck. In addition to the gaming area there will be another 85
New York-Area Dinner boat Operator Cornucopia Cruises To Renovate 1,200-Passenger Gaming Boat For Excursion/ Charter Operations By Larry Pearson The building of commercial vessels is very much a boom and bust business. Those of you that have been around for a while remembers the oil and gas boom days of the late 1970's and the bust that followed in the 1980's. Most of the southern shipyards did not actually recover from those dog days until the late 1980's when passenger vessel
The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between supply and demand have lead to historically low freight rates .It seems the downturn will continue until 2017 if a viable equilibrium is
The U.S. Coast Guard, in cooperation with federal, state and local law enforcement agencies, will provide additional maritime safety and security operations on the Ohio River in support of events surrounding the 86th Major League Baseball (MLB) All Star Game at Great American Ball Park in
An influential Australian senator has asked Japan to buy components for its Soryu submarines from Australian companies to boost its chances of winning a major contract to supply Canberra with a fleet of submarines. Independent South Australian Senator Nick Xenophon made the request to submarine
Rear Adm. Michael White, commander, Naval Education Training Command, from Denver, accepted a proclamation from Cheyenne's Mayor Richard Kaysen during the Cheyenne Navy Week Kick-Off Concert, July 14. The Kick-Off Concert featured U.S
General Mills UK & Ireland – responsible for a range of market-leading brands, including Old El Paso, Green Giant, Betty Crocker and Nature Valley – is to be the first tenant at a new state-of-the-art distribution hub that will save 600
Brazil continues to be an important area for Danish shipping interests and, with the signing of a new agreement on cooperation with the Brazilian authority ANTAQ under the Brazilian Ministry of Transport, relations are being strengthened.
SINOPACIFIC Shipbuilding Group held a christening ceremony today at its Dayang Shipyard for a newly built Ultramax CROWN63R. As the Godmother, Madam Grace Yang, the wife of former Chinese Ambassador to Greece christened this new vessel as SINICA GRAECA
B.C. Premier Christy Clark has announced an agreement in principle with Pacific NorthWest LNG, owned in majority by Malaysia's Petronas, for a liquefied natural gas development on the province's northwest coast. Hailed as “the largest capital investment in B.C
Russia and China naval forces concluded their first-ever joint military exercise in the Mediterranean Sea this morning, according to an online news briefing from the Chinese Defense Ministry. The naval drill code-named “Joint Sea 2015” was held from May 17 to 21 and
Vietnamese and Philippine troops played soccer and sang karaoke on a South China Sea island on Wednesday in a sign of the growing security ties between the two Southeast Asian nations most at odds with Beijing over the contested waterway.
The Malta Gaming Authority (MGA) has approved the first application received from Crystal Cruises, which is represented in Malta by Gollcher Group, for its Crystal Serenity which will call to Malta on June 5 and 6, 2015. Crystal’s onboard casinos on Crystal Serenity offer games
Ionada has announced completion of Membrane Scrubber Sea Trials on Bulk Carrier. "The initial results from our successful sea trials exceeded our target performance objectives, with our SO2/CO2 ratio ten times lower than the 0.1% S equivalent regulatory standard
With increased awareness that strategic and security interests are converging given the geopolitical situation, India and Australia have agreed to hold their first ever bilateral naval exercise in this year and are planning to make the joint war game a regular feature in coming years.
Though Abu Dhabi Ocean Racing extended their lead in the Volvo Ocean Race in-port series French town Lorient on the coast of Brittany, it was Team Alvimedica who took the victory, serving up a perfectly constructed race as they selected the best wind.
The Unmanned FLNG DNV GL developed a new unmanned floating LNG concept that it claims overcomes many of the challenges faced by operators looking to unlock the potential of remote offshore gas fields. Called Solitude, DNV GL said the concept demonstrates how technological advances can be combined