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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


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


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


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


Arunta Exercises with Indian Navy

HMAS Aruntas, Executive Officer Lieutenant Commander Duncan Macrae, RAN on the bridge wing of Arunta, during maritime exercises with Indian Talwar Class INS Teg (F45) off the coast of Goa, India. Photo: Royal Australian Navy.

 The crew of HMAS Arunta recently took the opportunity to conduct exercises with their Indian Navy counterparts after a port visit to Goa, India.    After a short period alongside that included games of cricket and volleyball


Task Group Sails to Bass Strait

HMA Ships Adelaide, Melbourne, Newcastle, Parramatta, Gascoyne and Huon leave Sydney Harbour to take part in Exercise OCEAN RAIDER, one of the Royal Australian Navys largest maritime warfare activities. Photo: Royal Australian Navy.

 Warships, submarines and aircraft from all over the country are converging on Bass Strait for the final week of Exercise OCEAN RAIDER, one of the Royal Australian Navy’s largest maritime warfare activities.   HMAS Adelaide lead six ships south from Sydney


France Worried by Russian Warships off Crimea Coast, Urges Restraint

France called for restraint between Russia and Ukraine after warships from Moscow's Black Sea Fleet took up position off Crimea's western coastline in response to the start of Ukrainian missile tests nearby. "France is concerned about the deployment of Russian warships off Crimea's


First LNG-powered Hopper Dredger Launched

Worlds first LNG-powered hopper dredger Minerva launched Photo Royal IHC

The launch ceremony of DEME’s 3,500m3 LNG-powered trailing suction hopper dredger (TSHD) MINERVA took place on 3 December at Royal IHC's shipyard in Kinderdijk, The Netherlands. The official name giving and christening ceremony will take place in the spring of 2017 in Zeebrugge, Belgium.


InterDam Conducts Door Safety Test

An A60 fire rating is reached (Photo: InterDam)

Between July and September, 2016, the architectural safety equipment company InterDam’s engineers subjected its G21 Fire Door to a single sample blast and fire safety test.   The result, according to InterDam, was an unqualified success


COX Powertrain's 300hp Diesel Outboard

(Photo: Cox Powertrain)

Cox Powertrain will preview its professional outboard motor, the CXO300, at the Workboat Show in New Orleans later this year.  Britain's Cox brought together engineers from Formula 1 racing and automotive engine design to develop this new concept diesel engine


Saudi Arabia Begins Naval Exercises in Gulf

Saudi Arabia began naval war games including live fire exercises on Tuesday in the Gulf and Strait of Hormuz, the world's most important oil route, official media reported, a move that coincides with heightened tensions with regional rival Iran.  


Iran: Saudi Navy Should Avoid Iranian Waters

Iran's powerful Revolutionary Guards (IRGC) warned Saudi naval vessels taking part in military exercises in the Gulf on Wednesday not to get close to Iranian waters. "The Revolutionary Guards naval forces believe this war game is mainly to create tension and destabilise the Persian Gulf


Inland Waterways A Game Changer in India

Photo: Official Twitter Page of Nitin Gadkari

 Indian Minister for Road Transport Highways & Shipping,  Nitin Gadkari gave an overview of his Ministry’s achievements as well as plans for future growth.    Beginning with Shipping, he informed that while ports around the world had faced losses


Bollinger Delivers FRC to the US Coast Guard

Lawrence Lawson sister ship Margaret Norvell was delivered to the U.S. Coast Guard in 2013 (Photo: Bollinger Shipyards)

Bollinger Shipyards has delivered the USCGC Lawrence Lawson, the 20th Fast Response Cutter (FRC) to the United States Coast Guard.   Ben Bordelon, Bollinger President & C.E.O. said, “We are very pleased to announce the delivery of the USCGC Lawrence Lawson to the U.S


More Casualties Possible in Container Shipping Shakeout -CMA CGM

File photo: Hanjin Shipping

Other container shipping firms may join Hanjin Shipping Co Ltd in receivership before the industry emerges from its current shakeout, the vice chairman of world number three player CMA CGM said on Wednesday. South Korea's Hanjin filed for protection from creditors in late August


Korea Dreams it Big for HMM

File Photo: HMM

 The government of South Korea has decided to help Hyundai Merchant Marine (HMM), the nation’s only major shipping line, grow into a mega shipper by all means available, reports Business Korea.   The state plans to provide loans of up to 6.5 trillion won (US$5


Charter Owners, Operators Confront Container Market’s ‘Great Divergence’

Photo: Hapag-Lloyd

The latest Container Shipping Forecaster from Maritime Strategies International highlights the contrasting fortunes of liner operators and tonnage providers.   The entire container shipping industry remains under significant pressure. Whilst freight rates have improved marginally from the


Adani Ports Adds Three RMGCs in Mundra

New RMGCs at Mundra Port Courtesy Adani Ports

Adani Ports & Special Economic Zone Ltd (APSEZ), India’s largest port developer, has recently made an addition of three new Rail Mounted Gantry Cranes (RMGC), for their container rail terminal in Mundra. The RMGCs, expected to be operational by this month end, was offloaded on October 7


Task Group Training Begins Off NSW Coast

HMAS Parramatta (154) leaves Sydney Harbour to take part in Exercise OCEAN RAIDER, one of the Royal Australian Navys largest maritime warfare activities. Photo: Royal Australian Navy

 One of the Royal Australian Navy’s largest maritime warfare exercises has begun in several locations off the New South Wales coast.   Exercise OCEAN RAIDER involves 11 warships and submarines, aircraft and more than 1,500 personnel from Australia and the United States in a three






 
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