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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


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


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


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


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


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


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


Workboats: Communications is Key Operational Tech

Joe Keefe New photo web.jpg

As we close out yet another year, I am constantly amazed at how much things change on the waterfront and the boats that ply the adjacent waters. Similarly, I like to tell people that it was five years ago when, within a narrow six-month window, I purchased my first ‘smart phone


Coast Guard Foundation Chosen Charity on Celebrity Apprentice

...

  The Coast Guard Foundation, a non-profit organization committed to the education and welfare of Coast Guard members and their families, announced today that this season, Sig Hansen, captain of the F/V Northwestern and star of Discovery’s Deadliest Catch


Bollinger Delivers 11th FRC to the US Coast Guard

USCGC William Trump during builders trials in the U.S. Gulf of Mexico.

Bollinger Shipyards, Inc. has delivered the William Trump, the 11th Fast Response Cutter (FRC) to the United States Coast Guard.   The announcement was made by Bollinger Chief Operating Officer, Ben Bordelon: “We are extremely happy to announce the delivery of the latest FRC built by


MHI to Transfer Ownership Stake to MEG

  Mitsubishi Heavy Industries, Ltd. (MHI) yesterday concluded an agreement with Miyaji Engineering Group, Inc. (MEG) whereby, effective April 1, 2015, MHI will transfer a 51% ownership stake in Mitsubishi Heavy Industries Bridge & Steel Structures Engineering Co., Ltd


Repairs Halt Total's S.African Ops; Resumption not Prior 2016

S.Africa wants 30 wells drilled in next 10 years; Total woes a setback to S.Africa exploration drive. French energy major Total has halted oil exploration off the southern coast of Africa due to mechanical problems with a rig, meaning it will not be able to resume searching in the area before


Repower Gives New Life to '80s Supply Vessel

Gulf Ranger

Repower brings 1985-built supply vessel into Tier 3 compliance As the drilling industry increasingly returns to shallow water operation, Laborde Products is poised to help offshore transportation companies command the best use of their fleets


Gazprom Sponsors Russian Olympic Team

Alexander Zhukov and Alexey Miller signing MOU

  Alexey Miller, Chairman of the Gazprom Management Committee and Alexander Zhukov, President of the Russian Olympic Committee (ROC) signed a Memorandum of Cooperation in the Gazprom headquarters today. Gazprom will support the national Olympic team as a general sponsor


USCG to Ensure Safety During World Series

World-Series-Security

  The Coast Guard and local agencies are working to ensure the safety of boaters and baseball fans during World Series games at AT&T Park this weekend. The Coast Guard Captain of the Port has established a safety zone effective from 2 p.m. to 11 p.m


First Indian Elected on WISTA Board

Indian Contingent at WISTA International

  At the 34th WISTA International AGM & Conference held in Limassol, Cyprus, Sanjam Sahi Gupta, President of WISTA India was elected to the board of WISTA International.She is the first Indian lady and the youngest to be on the board.


Oceangrip in Partnership with Legacy Paddlesport

Legacy Paddlesports’ Native Watercraft Slayer 10

  OceanGrip, a leading manufacturer of high-quality, marine-grade non-skid padding protection, announced today that it has been selected as the original equipment manufacturer (OEM) for Legacy Paddlesports’ Native Watercraft kayak line.


Lundin Petroleum Hits More Oil, Shares Surge

Norwegian Arctic discovery could be game changer; Lundin Petroleum shares rise 7 percent. Noreco, Det Norske shares also rise on news. Swedish oil firm Lundin Petroleum has made a big oil and gas discovery in the Norwegian Arctic, sending its shares more than 7 percent higher and raising hopes


Portsmouth Shipyard Delivers USS Springfield

USS Springfield

  Portsmouth Naval Shipyard (PNSY) delivered USS Springfield (SSN 761) back to the fleet on Sept. 12 ahead of schedule and under budget.   PNSY conducted Springfield's docking continuous maintenance availability off-yard at Sub Base New London in Groton, Connecticut


Holland America Line Donates $25K to Seattle Children’s Hospital

Ks for Kids

  Holland America Group CEO Stein Kruse presented a check for $25,000 to Seattle Children’s Hospital’s Uncompensated Care Fund Saturday, Sept. 27, 2014, at the Seattle Mariner’s home game at Safeco Field. The company made the donation as part of its partnership with the


Northrop Grumman Advances Unmanned Maritime Capabilities

NORTHROP-GRUMMAN logo.jpg

Innovative unmanned systems program moves forward to Phase II.   Northrop Grumman Corporation (NYSE: NOC) is developing new, advanced unmanned systems to support the Department of Defense's capability to deploy global persistent intelligence, surveillance


HII Annual ‘5K on the Causeway’ Raises $12,000

5K on the Causeway 2014: Photo HII

Huntington Ingalls Industries' informs that its Ingalls Shipbuilding division raised $12,000 for Special Olympics of Mississippi at the company's third annual "5K on the Causeway" on Saturday. "It was a great turnout with more than 700 participants this year






 
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