Hollywood Park News

Alabama Shipyard and Hollywood Park have signed a contract to construct a casino vessel for the Belterra Resort and Casino in Switzerland County, Indiana. Known as a diversified gaming company, Hollywood Park received the last available license to conduct riverboat gaming operations on the Ohio River in September 1998. The fourteenth casino vessel to be built by Los Angeles-based Hollywood Park, the vessel measures 370 ft. (112.7 m) with a beam of 104 ft. (31.6 m) - making it one of the largest casino vessels in operation. Designed by Rodney E. Lay and Associates, the casino boat, which is to be delivered in July 2000, will feature 1,800 gaming positions.

Alabama Shipyard Inc will be building a casino boat for Hollywod Park, Inc. who will operate the cruising riverboat from Belterra Resort and Casino in Indiana about 35 miles south of Cincinnati Ohio. Shore side facilities will include a hotel and golf course, while the vessel will contain 1,800 gaming positions. The Hollywood Park casino vessel will be the 14th casino vessel built by Atlantic Marine companies and the second such vessel to be built at Alabama Shipyards. At 370 x 104 ft., it will be one of the largest casino vessels in operation. Propulsion will be provided by three 12-cylinder Cummins KTA38 M2 engines each producing 1,300 hp at 1,800 rpm for a total of 3,900 hp turning cardon shafts and driving three Shottel rudder propellers.

There are five applicants for Louisiana's 15th and final riverboat gaming license. Once the Louisiana State Police have finished the process of evaluating the applications for completeness, they will begin background investigations to determine the applicants' suitability. If the license is awarded, it will be against the current wishes of Governor Mike Foster. His executive council, Chaney Joseph, gave the gaming board a letter signed by the governor, asking the panel delay any final decision on the 15th license, to give the Louisiana Legislature a chance to repeal authorization for it next year.

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.

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.