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.
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
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
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
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
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
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
Signal International will begin repairing the hull of the Boomtown Casino barge next week. The barge, heavily damaged during Hurricane Katrina, was moved to Signal last week for hull repairs. The company expects the repairs to be completed and the casino back in operation by the end of this year. The exact cost of the repairs were not released, but the hull repairs were estimated at less than $1 million. The hull was damaged in a number of places, and employees are reviewing the damage
The American Shipbuilding Suppliers Association (ASSA) recently held discussions at the United States Navy Memorial & Naval Heritage Center, Washington DC, between member companies and ADM Jonathan Greenert, Chief of Naval Operations; Ms. Allison Stiller, DASN Ships; and Mr
H.E. Khamis Juma Buamim, Chairman of Drydocks World and Maritime World the international provider of maritime services to the shipping oil, gas and energy sectors received the prestigious Sword of Honor for 2013 from the British Safety Council. The award was presented in the presence of Ms
Officials with the World Trade Center Mississippi River Alliance (WTC MSRA) and the Big River Coalition (BRC) have signed a Memorandum of Understanding outlining a cooperative effort to preserve and promote economic growth on the Mississippi River and Tributaries (MRT).
Officials with the World Trade Center Mississippi River Alliance (WTC MSRA) and the Big River Coalition (BRC) have signed a Memorandum of Understanding outlining a cooperative effort to preserve and promote economic growth on the Mississippi River and Tributaries (MRT)
DeJong & Lebet, Inc. announced that Norman N. DeJong passed away on November 7, 2013. Norman was 75 years old at the time of his passing. Norman was one of the founding partners of DeJong & Lebet, Inc., Naval Architects, in 1983 in Jacksonville, Florida
The United States Coast Guard Museum in New London, Conn. is currently hosting an exhibit of vintage movie posters pertaining to the Coast Guard in films from the 1920s-1980s. The title of the exhibit is "Coast Guard goes to the Movies: The CDR Ralph W. Judd Collection
Today in U.S. Naval History - November 5 1775 - Commodore Esek Hopkins appointed to Commander in Chief of the Continental Navy. 1915 - In AB-2 flying boat, L.Cdr. Henry C. Mustin makes first underway catapult launch from a ship, USS North Carolina, at Pensacola Bay, Fla.
Lea Bogatch-Genossar, ZIM's Americas, Canada and Caribbean Area President, has been named Person of the Year by the New York/ New Jersey Foreign Freight Forwarders and Brokers Association. Ms. Bogatch-Genossar will be honored at the 97th annual association dinner on January 22
For harried executives, a marine cruise can offer an escape form a life of tight schedules and constant pressure. The need for a relaxing but luxurious environment was well known to the designers of M/V Royale Floatel. The Vijai Marine Shipyards, designed and carried out the conversion
A big push for deeper water at Jacksonville's port has fallen short in the U.S. House of Representatives as the House Rules Committee voted against allowing the full House to consider an amendment offered by U.S. Rep. Corrine Brown, D-Jacksonville
Dependable Global Express, Inc. (DGX), a global ocean freight forwarder, announces the appointment of Lily Sagherian as its Business Development Manager for DGX's new Middle East Trade Lane service. Ms. Sagherian is fluent in four languages including Arabic and Armenian
The cost of shipping Russian oil to northwest Europe had the biggest two-day jump since April as traders accelerated bookings of tankers to load at the end of this month, curbing the number available for charter, reports Bloomberg. Rates for Aframaxes shipping 100
In cooperation with Holland Marine Equipment (HME), Europort again present the “Advanced Technology Conferences” 5-8, November 2013, where leading national & international market players will showcase the advanced technology used to build the world’s most sophisticated
Canadian entrepreneur Elizabeth Boyd has purchased Nautican, a manufacturer of high-performance integrated propulsion units and hydralift skegs. Ms. Boyd is a naval architect and engineer and has worked with many marine industry service providers.
Aberdeen-based subsea installation contractor Bibby Offshore has appointed Nicky Etherson as its new commercial director to help facilitate the company’s ambitious growth plans. Ms. Etherson joins the business with almost 20 years’ experience in the oil and gas industry