ARGOSY GAMING
Riverboat Casino Ratings Bouyed by Regulations, Demand, Moody's Says
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
Coastal Gaming Group Cleared
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
Two Bills from New Jersey
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
Pending Federal, State Legislation Threatens
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
Indefinitely Moored Vessel not Subject of Admiralty Jurisdiction
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
Are More Casino Boats on the Horizon?
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
Casino Ship Sold at Auction
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.”
Jamestown Metal Marine to Construct Casino Vessel
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
Repair & Conversion: Gaming Boat to Live Again
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
Kelvin Hughes New Entertainment Service
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
Maritime Piracy: Armed Security a "Game Changer"
Following closely upon Congressional testimony about international maritime piracy offered by a U.S. State Department official, who called the use privately contracted armed security teams a "game changer in the effort to combat" the international menace, AdvanFort President William H
Emsys Wins Seatrade Clean Shipping Award
WR Systems of Norfolk, Virginia announced that its Emsys Emissions Monitoring System won an award in the Clean Shipping category at the 25th Anniversary Seatrade Awards held on Friday, May 10, 2013, at the Guildhall in London. Dave Edwards, President of WR
W&O Realizes SeaCor Pipe-dream
W&O designated preferred North American distributor of first United States Coast Guard-approved marine plastic piping system. W&O, a global supplier of marine pipe, valves and fittings, valve automation, and engineered solutions, has partnered with Georg Fischer Piping Systems to bring to
Bollinger Delivers Coast Guard FR-Cutter
Bollinger Shipyards, Inc. deliver 'Paul Clark', the sixth Fast Response Cutter (FRC) for the United States Coast Guard. The announcement was made by Bollinger executive vice president of new construction, Chris Bollinger: “We are very pleased to announce another successful
Kommandor Calum Launched
Launched in Preparation for Survey Trials, ahead of operation in January 2013. Kommandor Calum is a game changing twin engine single screw, site investigation vessel. At 80m she has been specifically designed to maximise the voluminous nature of the heavily built hull
HIgh LNG Freight Rates Possibly Short-term
Market analysis suggests winter demand could cause LNG freight rates to rise but downward pressure might later be forthcoming. Rising LNG prices, almost stagnant liquefaction capacity amid expanding regasification capacity and development of LNG export framework in the USA could prove to be the
Maersk Line CEO Cautiously Optimistic
Tim Smith, Maersk Line’s North Asia CEO, reflects on 2012 being quite a volatile year, but sees an increase in the Asia-Europe container trade. The biggest challenge for the entire industry is overcapacity, said Smith. “In these volatile markets we have seen a lot more capacity
Union Objects to Canadian Coast Guard Decision
The Canadian Coast Guard's decision to replace Search & Rescue personnel with auxilliary volunteers is a direct insult to mariners in Vancouver says UCTE. Christine Collins , National President of the Union of Canadian Transportation Employees (UCTE) sees the Coast Guard as thumbing its
White Ensign at London Boat Show
The British Royal Navy looks set to be a major draw at the London Boat Show, which opens at the ExCel exhibition centre 12, January 2013. The Navy will be at the London Boat Show for visitors to learn more about naval life and how, every minute of every day
Solace Global Maritime is first PMSC to Train Internal Auditors
Solace Global Maritime, a leading private maritime security company (PMSC), has confirmed its commitment to implementing international standards by training internal auditors. Already certified to ISO 9001, 18001 and 14001, the company is one of the first PMSCs to have conducted such training
Seismic: The Motion Picture
Shell technology creates sharper pictures of underground rock formations to find new oil and gas fields more cost effectively. Shell has found a way to use tiny motion sensors – like those used in modern everyday gadgets – to create sharper pictures of underground rock formations.
Johnson Controls' Batteries to Power All-Electric Boat Motors
Johnson Controls, Inc. to produce Li-ion battery packs from its Holland, Mich. plant for Torqeedo's all-electric boat motors. Torqeedo, a German-based manufacturer, will use Johnson Controls' Li-ion automotive battery packs to power its award-winning 80-Horsepower electric boat motor called DEEP
Bollinger Deliver Fifth Fast Response Cutter
Bollinger Shipyards has delivered the 'Margaret Norvell', the fifth Fast Response Cutter (FRC) to the United States Coast Guard. The 154 foot patrol craft 'Margaret Norvell' is the fifth vessel in the Coast Guard's Sentinel-class FRC program
Radical Submersible Catamaran Concept Design
The offshore support vessel concept design is named 'SHC Wavedancer' and the designer calls it – 'The workhorse of the future'. The designer, Dennis Knox, describes his ship as being both exceptionally stable in bad weather, as well as fast, with a speed of 50 knots
Port of Hamburg Receives Eight Newbuildings
The Port of Hamburg receives the first of a total of eight 13,380-TEU COSCO newbuildings at HHLA’s Container Terminal Tollerort. Delivered at the end of February, the completed containership Cosco Belgium will berth in Hamburg on April 11