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
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.”
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
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
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'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
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 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
A triple installation for the next generation Petronas Floating Liquid Natural Gas (PFLNG) vessel emphasizes increased demand for Intellian’s 2.4m product line in the Offshore Energy and Enterprise market segments.
Inmarsat announced that its partner Network Innovations (NI), together with Fusion Marine Technology, have signed a contract with Alaskan Leader Fisheries to install Fleet Xpress, Inmarsat’s new high-speed broadband maritime communications service, powered by Global Xpress (GX).
Senior Minister of State, Prime Minister's Office, Ministry of Foreign Affairs & Ministry of Transport, Mrs Josephine Teo officially opened the inaugural Maritime Youth Festival (MYF). Organised by Maritime and Port Authority of Singapore (MPA)
Before the Olympic flame was lit in the Maracanã stadium on Saturday, August 6, worldwide shipping group CMA CGM had transported thousands of containers of goods and equipment to Rio, having begun its shipments for the 2016 Olympic Games in December 2015.
Matadi Gateway Terminal (MGT), the new container and general cargo terminal on the Congo River, DR Congo, has received the first of two new mobile cranes scheduled to go into service at the terminal. The Terex Model 5 crane is the largest member of the medium size crane family available
Bollinger Shipyards has delivered the 19th Fast Response Cutter (FRC), USCGC Rollin Fritch, to the U.S. Coast Guard. The 154-foot patrol craft USCGC Rollin Fritch is the 19th vessel in the Coast Guard's Sentinel-class FRC program. All previous cutters have been stationed in the 7th Coast
The Company: Compliance Maritime was founded by Captain Katharine Sweeney in 2010 and has since provided over 400 International Safety Management (ISM) audits and more than 300 vessel security audits. Compliance Maritime is a certified Woman Owned Small Business (WOSB)
All American Marine, Inc. (AAM), together with Argosy Cruises of Seattle, Wash., has signed a contract for the construction of a 125-foot aluminum monohull tour boat for operation in Puget Sound’s Elliott Bay. This project will mark the first keel laid at All American Marine’s
China and Russia began week-long joint naval exercises in the South China Sea today. It is the first-ever South China Sea iteration of Beijing and Moscow Joint Sea exercises. The Joint Sea-2016 exercises between the two countries will involve surface ships, submarines
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 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