THE BIG M CASINO
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
Leevac Industries, LLC of Jennings, La., won a $40 million contract from PNK (Lake Charles), LLC for the construction of a 330 x 225 x 13-ft. (100.5 x 68.5 x 3.9 m) Paddlewheel Casino Vessel. Lay, Pittman and Associates, Inc. of Jacksonville, Fla., are the naval architects. The casino vessel will hold more than 1,500 slot machines and 60 table games and will be moored in Lake Charles, La. This vessel will be the largest riverboat casino built in the State of Louisiana.
Conrad Industries, Inc. won contracts totaling $13.5 million to build two 300 x 60 x 24-ft. 35,000 Barrel Double Hulled Oil Tank Barges for Penn Maritime, Inc., and to repair, renovate and perform hull modifications to a riverboat casino to be operated in Mississippi. Johnny Conrad, Conrad’s President and CEO said, "We are excited to announce the signing of these contracts with these new customers and the fact that these jobs further create the opportunity to utilize our
As the casino riverboat industry celebrates its 10th anniversary this year, there's little resemblance between the first reproduction 1890s paddlewheelers that a decade ago plied the upper Mississippi River in Iowa and today's luxurious floating casino resort complexes with their plethora of amenities. Pinnacle Entertainment's $200 million Belterra Casino Resort in Belterra, Ind., which opened last Oct. 27, epitomizes this trend
The U.S. Court of Appeals for the Seventh Circuit ruled that, for purposes of the Jones Act, a permanently moored dockside casino is not a vessel in navigation and its employees are not seamen entitled to protection under the Act. In the instant case, the casino vessel was documented and inspected by the U.S. Coast Guard, but only got underway once each year for engine and maneuvering tests. The court held that the vessel was not engaged in the transportation of passengers or cargo and was
In 2011 Goa’s most elaborate floating casino will celebrate three years of successful operation on the Indian province’s Mandovi River. The M/V Casino Royale was designed by AMC Marcon of Mumbai and her builder Water Ways Shipyard with the lines of a small cruise ship. The ship has capacity for up to 400 passengers, 35 operational crew and seven professional mariners. The Casino Royale is out-fitted to meet international safety standards for a passenger vessel
The Option Agreement Aker Yards and Tallink had for a large cruise ferry was today confirmed as a firm contract worth approx. 165 million euro. The vessel to be delivered in summer 2008 from Aker Yards shipyard in Helsinki will be a sister ship to MS Galaxy launched at the yard in Rauma early this month. The contract means 1,700 man years of work to the yard. In addition to the new order there are two other vessels for Tallink in Aker Yards' orderbook, i.e
R&R Marine Fabrication and Drydock has begun construction of two specialty hull modules for Harrah's Entertainment, Inc. at its Port Arthur, Texas facility. The modules will form the base of Harrah's renovation and expansion of its Horseshoe Casino in Hammond, IN. The keel for the first hull module was laid on August 8, 2006. When completed, each module will measure 276 x 102 ft. and 22 ft. deep, weighing approximately 1,700 tons
Illinois Gov. George Ryan signaled he may be willing to support the transfer of a dormant riverboat gaming license to Cook County, despite campaigning against the idea last year. While not explicitly endorsing a specific casino site, he acknowledged without the crucial support of legislators who want riverboat gaming in the county, no gambling package could move forward in the Illinois General Assembly. Cook County is the only Illinois county prohibited by law from having a riverboat casino
Harrah’s recently opened a new barge mounted casino at their Joilet, Illinois property on the Des Plaines River near Chicago. The building on a barge replaces two USCG certified vessels that have been at the facility since 1993, the M/V Northern Star, a cruise-ship type vessel, and M/C Southern Star, a sternwheeler. The barges for the new facility were designed by DeJong & Lebet, Inc. Naval Architects, Jacksonville, Florida. DeJong & Lebet, Inc
Katherine Wang, who is well known in Asian P&I circles, has joined the American Club as assistant vice president and marketing manager for Greater China and Northern Asia. In the first instance she will be stationed in the Hong Kong office of the club's managers, Shipowners Claims Bureau
BMT Asia Pacific, a subsidiary of BMT Group has appointed Joanne Tse as Head of Risk Management based in Hong Kong. The new appointment will help support the regional growth of risk consultancy services - principally in the transportation and construction sectors.
The Lloyd’s Register Foundation today launched its Foresight review of big data and announced a conditional grant offer of £10 million to support research by the Alan Turing Institute on engineering applications of big data.
Fincantieri SpA has been awarded an order by Carnival Corporation & plc for the construction of two new cruise ships for Carnival Cruise Line and Holland America Line. Both will be sisters ships respectively to Carnival Vista and Koningsdam
WISTA India conducted its second AGM on the 19th of September 2014, at the conference hall of the Narottam Morarjee Institute in Mumbai. The AGM was attended by 23 members of WISTA, and was presided over by WISTA India President, Ms Sanjam Sahi Gupta and the members of the Executive
Reliable auxiliary power is as important to a modern offshore vessel as are the main propulsion engines. Ample and reliable electrical power is essential to the basic support systems from the galley appliances to the wheelhouse navigational devices. The Ms
U.S. options market bulls rushed to some of the biggest Brazilian companies on Monday, a day after pro-business Brazilian presidential candidate Aecio Neves' surprisingly strong showing in the first-round election vote. Brazilian financial markets rallied after the centrist senator's strong
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.
Holland America Line’s ms Eurodam achieved a perfect score of 100 on a recent routine United States Public Health (USPH) inspection conducted by the U.S. Centers for Disease Control and Prevention. This achievement marks the seventh consecutive perfect score for the ship.
Regal Princess and Costa Diadema christened this week in two naming ceremonies over the span of three days; in 2015, P&O Cruises UK and AIDA brands will each add a new ship, giving Carnival Corporation a total of four new ships added across four global cruise brands in less than 18 months
Thousands of conservation experts from around the world, including environmental scientists from BHP Billiton, are in Sydney for the 2014 World Parks Congress (WPC). WPC is the preeminent conservation forum and is held every 10 years to share best-practice knowledge in managing
The "4th Annual Conference on the Outlook for Bunkering and Marine Lubricants in India" will be held on Thursday, December 4, 2014 at the Hotel Vivanta by Taj-President, Cuffe Parade, Mumbai. With the demand for shipping fuel at major Indian ports having climbed in the past
Frontline, once the world's biggest crude oil tanker company, reported a bigger than expected third-quarter loss on Tuesday and said it is still considering options to restructure its debt and lease obligations. The Oslo-listed tanker business of shipping tycoon John Fredriksen said its results
OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday. Henrik Pedersen said the takeover by Alba Tanker ApS, which has the trustees of the bankrupt company on its board
Seabourn has announced that it has exercised its option for a second new 40,350-GRT ship to be built by Italian shipbuilder Fincantieri S.p.A. It will be a sister ship to the newbuild announced earlier this year. The first new Seabourn ship is scheduled for delivery in late 2016