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
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
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
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
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
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 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 Winter Games, code-named RigRun is a six week offshore event, which aims to improve health in the offshore industry and gather funds for charity at the same time. Seven Maersk Drilling jack-ups are currently competing against each other and 19 other rigs to claim first place.
By Stephen Eisenhammer, Reuters Oil service companies will have to assume more risk in the coming years as investor pressure and a flat crude price make oil company clients push harder to avoid delays on megaprojects, the chief executive of FTSE 100 contractor Petrofac said.
The Switch, a supplier of megawatt-class permanent magnet generators, motors and frequency converters, received an order from WE Tech Solutions Oy of Vaasa, Finland for four permanent magnet (PM) shaft generators. Coupled together with WE Tech’s WE Drive
A group of industry professionals from the commercial maritime sector gathered in Fort Lauderdale, Fla. at 8 a.m. on February 8 to participate in Murray & Associates LLC’s 2014 Fishing Challenge. The naval architect and marine engineering group hosted the tournament for the third
Pelco by Schneider Electric and Oncam Grandeye announced that they have partnered to deliver the Evolution 360-degree camera range to global customers that provides unprecedented situational awareness. The addition of the award-winning 360-degree cameras and technology from Oncam Grandeye is yet
Wärtsilä say they have signed a 3-year logistic agreement with the Finnish Sailing and Boating Federation with Wärtsilä’s new site in Niteroi, Rio de Janeiro, offering a perfect location and valued logistical services to the Finnish top sailors.
With the threat of terror at the 2014 Winter Olympic Games in Sochi, the United States is prepped with vessels in the Black Sea. The U.S. Navy deployed two ships to the Black Sea to help protect against the threat of terror attacks surrounding the Games.
Passengers traveling on the Washington State Ferries Sunday, Feb. 2, will be boarding the “M/V Russell Wilson” or crossing Puget Sound on the “M/V Richard Sherman” as Gov. Jay Inslee has directed the vessels be named in honor of the Seattle Seahawks.
With the Superbowl around the corner, unusual maritime ties may play a role in the big game between the Denver Broncos and Seattle Seahawks. As part of the press events leading up to Superbowl XLVIII, the Broncos held press conferences Sunday, Monday
Port of New Orleans President and CEO Gary LaGrange issued a challenge to Port of Seattle CEO Tay Yoshitani three days ahead of the New Orleans Saints and Seattle Seahawks NFC Divisional Playoff game. The Port of New Orleans, in conjunction with the Louisiana Seafood Promotion and Marketing Board
Videotel is incorporating a new form of training delivery, designed to respond to the demands of the post internet age. It is moving to the ultimate in interactivity, by using gaming technology for serious purposes. Using serious games technology
Employees from Huntington Ingalls Industries’ Ingalls Shipbuilding division teamed up to provide holiday gifts for 145 children as part of the Salvation Army’s Angel Tree program. HII explains that the Salvation Army’s Angel Tree program matches donors with children from
The Switch is a Finnish manufacturer of permanent magnet motors, generators and converters which recently launched what it dubs as a ‘next-generation drive train’ for energy efficient power generation and propulsion of merchant vessels
Claxton Engineering Services Ltd, a member of the Acteon Group’s risers, conductors and flowlines business, has celebrated the 10th anniversary of its success with the world’s first rigless platform well abandonment operation.
Marine and fire safety equipment leader VIKING Life-Saving Equipment (VIKING) and MOL Techno-Trade Ltd. (MOLTECH) have entered a strategic alliance and sole agency agreement, establishing MOLTECH as the exclusive agent for VIKING in Japan.