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THE BIG M CASINO

Riverboat Casino Ratings Bouyed by Regulations, Demand, Moody's Says

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 Wins $40M Casino Boat Contract

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.


Floating Casino Follows Industry's Upscale Trend

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


Possible Support for Riverboat Gaming

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


Ruling on Permanently Moored Dockside Casino

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


Goa’s Casino Royale at Three Years

Goa_002_web.jpg

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


Aker Yards and Tallink Sign Contract for Ferry

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


Signal to Repair Boomtown Barge

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


Conrad Adds to Backlog

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


Harrah’s Gets New Barge Mounted 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


Total Has Moved Tripoli Expatriates out of Libya

French oil major Total has moved all expatriate staff based in Tripoli out of Libya following heavy fighting at the North African country's biggest airport in recent days, a spokeswoman said on Friday. "Following what happened at the airport


AAPA Elect Kristin Decas as Next Chairman

Kristin Decas: Photo AAPA

The American Association of Port Authorities (AAPA) informs it has elected Kristin Decas, CEO and port director for the Port of Hueneme (Calif.) as its incoming chair for AAPA’s 2014-2015 activity year. Ms. Decas will take office at the conclusion of the association’s annual convention


Sanjam Gupta helps Launch WISTA in Sri Lanka

Sanjam Gupta

  Within two years of the launch in India in 2012, the Women’s International Shipping and Trading Association (better known as WISTA), Ms. Sanjam  Sahi  Gupta, its Founder President, has moved fast to spread WISTA to the Indian sub continent


ICC Appoints Ximena Tapias Delporte as Vice-Chair

Ximena Delporte

  The International Chamber of Commerce (ICC) is pleased to announce the appointment of Ximena Tapias Delporte as Vice-Chair of the ICC Commission on Marketing and Advertising. Ms Tapias Delporte has been Executive Chairman of the Colombian Union of Advertising Companies (UCEP)


New West Australian Deepwater Port Plan Unveiled

The Western Australian Government has unveiled a master plan for a multi-user, multi-commodity deepwater port in the Pilbara, which has the potential to be the biggest port in Australia, reports Inchcape Shipping Services (ISS) in its latest Australasia newsletter.  


Peak Re Appoints Credit & Surety Underwriter

Kathleen Ko, Sr Vice President of Peak Re

Peak Reinsurance Company Limited (“Peak Re”), the fast growing Hong Kong based reinsurer announced the appointment of Kathleen Koh as Senior Vice President to underwrite credit and surety business.   Ms. Koh will be responsible for developing and growing Peak Re’s credit


Greece to Launch Major Oil Quest in July

Greece will invite major oil companies next month to conduct offshore test drillings, the government said on Wednesday, launching the debt-laden country's most ambitious attempt so far to develop its untapped hydrocarbon potential. Athens has made several fruitless attempts over the past


Safety Zone for L'Auberge 4th of July Celebration

The U.S. Coast Guard Captain of the Port New Orleans, under the authority of the Ports and Waterways Safety Act, will establish a safety zone on the Lower Mississippi River, Above Head of Passes, from MM 215.0 to MM 217.0, in the vicinity of the L'Auberge Casino, Baton Rouge, LA


Australian Government Urged to Safeguard Nation's Maritime Skills

Ships officer: File photo

The Australian Shipowners Association (ASA) informs it has urged the Abbott Government to be careful in its consideration of the Productivity Commission Report into Tasmanian shipping and freight, as there are still concerns about any recommendation to deregulate access to coastal shipping services


SPNM Strategy for Higher growth trajectory

Meeting with US officials

  Striving to grow mutually with other organizations has been a strategies of Shipping Professional Networking (Mumbai) which has seen its membership swell rapidly every since it was established three years ago. This was evident at SPNM's 9th Networking event held on 4th July at the Acres


Allegra Cangelosi Retires as President, NEMWI

Allegra Cangelosi

  The Northeast-Midwest Institute (NEMWI) is advertising the position of President and seeks highly qualified and motivated candidates to replace Allegra Cangelosi in that role.  Ms. Cangelosi announced her interest in returning to project management and research work as the


Maintenance at Kiel-Holtenau

  The Kiel Canal Authority, Germany, has announced that due to maintenance works, the New Big South Lock at Kiel-Holtenau will be out of operation next week during the following periods: Mon 14 July: 12:00–18:00 hours Tue 15 July: 07:00–17:00 hours


AWO Congratulates Jaenichen on MARAD Confirmation

Paul “Chip” Jaenichen: Photo credit AWO

The American Waterways Operators, a 350-member trade association representing the U.S. tugboat, towboat and barge industry, has offered its congratulations to Paul “Chip” Jaenichen on his successful Senate confirmation as U.S. Maritime Administrator.


Passengers Taken Off Stranded Savannah Casino Boat

Casino boat rescue: Photo USCG

The U.S. Coast Guard informs that the casino boat 'Escapade' is moored at its homeport and is no longer aground in Calibogue Sound near Tybee Island, Georgia. Watchstanders at Coast Guard Station Tybee Island were notified the Escapade had ran aground with 94 passengers and 31 staff and


Maersk Aims to Raise Aisia-Europe Freight Rates

Photo: Maersk

The world's biggest container shipping company Maersk Line, a unit of A.P. Moller-Maersk, said it planned to raise freight rates on routes from Asia to northern Europe by $450 per 20-foot container (TEU). The new rates will take effect from Aug. 1, the company told Reuters in an email on Friday






 
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