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
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
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
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
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.”
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
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
Brazil continues to be an important area for Danish shipping interests and, with the signing of a new agreement on cooperation with the Brazilian authority ANTAQ under the Brazilian Ministry of Transport, relations are being strengthened.
General Mills UK & Ireland – responsible for a range of market-leading brands, including Old El Paso, Green Giant, Betty Crocker and Nature Valley – is to be the first tenant at a new state-of-the-art distribution hub that will save 600
The U.S. Coast Guard and Washington Department of Ecology will host a spill preparedness conference May 20-21 at the Jackson Federal Building in Seattle. The two-day seminar is an opportunity to discuss the latest in spill-recovery theory and technology
Officials from the Philippine and United States armed forces participating in this year's Balikatan exercises, the largest in 15 years, insisted that the said activities will not zero in on possible response to the issue of the South China Sea.
Bollinger Shipyards LLC has delivered the Richard Dixon, the 13th Fast Response Cutter (FRC) to the United States Coast Guard (USCG). The announcement was made by Bollinger’s President & C.E.O., Ben Bordelon. “We are very pleased to announce the delivery of the latest FRC
Carnival Victory and Carnival Magic to provide new options from Central Florida Starting in February 2016, Carnival Cruise Line passengers sailing from Port Canaveral will have the larger Carnival Victory as their vessel for shorter vacations and in December 2016
On a chilly April 4, day, Sailors from USS Jason Dunham (DDG 109) boarded a bus to Princess Nadejda Orphanage in Varna, Bulgaria, paint brushes in hand, for an afternoon with local children excited to spend time with their new American friends.
The Switch, a supplier of megawatt-class permanent magnet (PM) generator and full-power converter packages for wind power and other renewable energy applications, received another order to deliver two PM shaft generators to WE Tech Solutions of Finland.
NATO ships assigned to Standing NATO Maritime Group Two (SNMG2) have completed their participation in joint NATO training exercises and maritime situational awareness operations in the Black Sea. Warships of from six NATO countries – the US, Canada, Turkey, Germany
A Scottish fishing boat skipper Angus Macleod has reported a terrifying brush with what is believed to be a rogue Russian submarine inside British waters in the North Sea. Macleod said he and his four crew were “extremely lucky” to survive the incident in which his net
Those on commercial shipping vessels will no longer have to wait until they reach dry land to catch-up on the latest films, sports and news as Inmarsat (LSE:ISAT.L), the leading provider of global mobile satellite communications services, has today launched its latest service, Fleet Media
Industrial LTE wireless broadband services provider Infrastructure Networks, Inc. (INET) is deploying a pilot LTE system in the Gulf of Mexico. INET said its pilot deployment will be used to demonstrate the capabilities of industrial LTE wireless broadband service and coverage when
The top stories this week covered everything from a DP system failure, a facelift for a WWII torpedo boat, and some mysterious tankers off the coast of Philadelphia. The tanker Olympic Flag was carrying 650,000 barrels of Angolan crude when it dropped anchor seven miles off the
Iran's elite Revolutionary Guards staged war games in the Strait of Hormuz on Wednesday, including a gunboat attack on a model U.S. warship, in Tehran's latest display of military muscle in a Gulf shipping channel vital to world oil exports.
Developed by Dutch shipbuilders Feadship, the 83.5m Savannah is touted as the world's first hybrid super yacht. Vessel is 30% more fuel efficient than similar sized counterparts, claims the company. The eco-friendly super yacht uses a blend of a single diesel engine, three gensets