Argosy Gaming News

Capping a distinguished 17-year career with Royal Caribbean Cruises Ltd., Richard J. Glasier, executive vice president and chief financial officer, will leave the company this month to become president of Argosy Gaming Company in Alton, Ill. The move will return Glasier to the gaming industry, where he worked for Ramada Inns for nearly a decade in gaming and hotel operations. Royal Caribbean's Chairman and CEO Richard Fain. "We are far stronger today, thanks to his efforts, and we are far better set for the future. This company is indebted to him, as am I personally. Bonnie Biumi, currently vice president and treasurer, will serve as acting chief financial officer. senior manager on the account for auditors PricewaterhouseCoopers as far back as Royal Caribbean's initial public offering.

In Horak v. Argosy Gaming Co., 2002 WL 1559095 (Iowa July 17, 2002), Leticia Morales, after an evening of drinking before boarding and while aboard the BELLE of SIOUX CITY, died in a one-car accident, during which her blood alcohol level was more than twice the legal limit. Her three children sued the riverboat casino's owner, Argosy Gaming Company, under the state's dramshop statute, under which comparative fault/apportionment of negligence rules do not apply. In other words, unlike under traditional maritime law comparative fault rules, Morales' own negligence, if any, would not reduce her surviving children's recovery.

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.

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.