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. ••• MkJLmf * * 99-mjtjmjt Cruising Vs. Dockside: A New Twist When Belle Casinos' Tunica casino facility was constructed, the company reportedly raised $75 million selling first mortgage notes ob- tained by issuing liens on the casino and its barges, which were considered vessels. Now that the company is in Chapter 11 pro- ceedings, it reportedly claims that the facilities aren't vessels after all — and as their argument goes, this invalidates the liens. Belle Casinos' Tunica facility is constructed in four barges welded together and floats on a 10-ft. (3.05-m) deep manmade pond that's 1.25 miles away from the Mississippi River. The casino built on those barges is a 70-ft (21.3-m) high, three-story facsimile of a grand, antebellum Southern mansion. The Tunica casino and the company's Biloxi, Miss, casino shouldn't be deemed vessels "because they are permanently moored, dockside gambling estab- lishments and are not, and never have been, capable of navigation," according to the com- pany. A number of Mississippi casinos were built this way because state gaming licenses only require the casino to float, and not to move. Investors don't see it that way, and are expected to fight Belle's position all the way. A court ruling is reportedly expected in early 1995. Full House To Acquire Dockside Biloxi Casino Full House Resorts, Inc. signed a letter of intent with Maritime Group,. Ltd., a wholly- owned subsidiary of Palace Casinos, Inc., to acquire a 78,000-sq.-ft. dockside gaming casino in the Point Cadet Area of Biloxi, Miss, for an undisclosed amount in cash. Maritime and Palace will attempt to obtain the support of bondholders and other creditors for the sale to Full House. It is currently thought that the sale may be effected through a Chapter 11 filing by Palace and Full House. Missouri Grand Casinos Withdraws Letter Of Intent For Casino Grand Casinos Inc. has completed its due diligence and has terminated its letter of intent for a proposed casino site north of downtown St. Louis. Grand Casinos announced in early No- vember that it had entered into the letter of intent that gave Grand Casinos the right to conduct due diligence for the proposed site. After looking at many factors, including but not limited to uncovering obstacles relative to the regulatory environment, determining the length of time required before knowing whether a dockside casino would be allowed, and unravel- ing certain project ownership ambiguities, Grand Casinos decided that this site was not in the best interest of the company or its shareholders. According to Grand Casinos, the due diligence process was completed quickly and efficiently and did not result in any significant expense. Station Casinos Moves Ahead With St. Charles Riverboats Station Casinos Inc. announced the arrival of its second casino riverboat in St. Charles, Mo. Marin e^Specialist ATR CONDITIONING iriNG • VENTILA TION • PLUMBING 'SMOKE REJWV&L 7 S | |||L HflM«I««r / iLu % m / Bill Brown ENTERPRISES, INC. • 4995 Ocean Pines - Berlin, Maryland 21811.(410) 641-5782 • Fax: (410) 641-6283 CALL FOR FREE ESTIMATES 1-800-221-1506 Circle 207 on Reader Service Card DECK HATCH'S... BY BAYWOOD, INC. • TRY THE EASIEST OPERATING HATCH'S IN THE CALL FOR CATALOGUE ON HATCH'S AND OTHER QUALITY PRODUCTS MANUFACTURED BY BAYWOOD, INC. C3AYW00D, INC. ANNOUNCES^ NEW DISTRIBUTOR 5 MARINE INDUSTRY • ALL MARINE GRADE ALUMINUM CONSTRUCTION EXCEEDS U.S. COAST GUARD STANDARDS • NOW BEING USED BY U.S.C.G., U.S.N., & U.S. CORPS OF ENGINEERS • AVAILABLE WITH A VARIETY OF INSTALLATION • APPLICATIONS (STEEL RINGS, STAINLESS STEEL, GALV. RINGS & ALUMINUM) nmm NORTHEAST INDUSTRIAL & MARINE EQUIPMENT SUPPLY • 661 ROUTE 9, ERMA, NJ 08204 CALL FOR PRICING: PHONE: 1-800-884-3152 • FAX: 1-609-984-3170 I ISA AND MASTERCARD ACCEPTED Circje 281 on Reader Service Cart MARINE ELECTRONICS RT 500AC III SWINGMASTER RATE OF TURN INDICATOR RIVERTRONICS, INC. 2624 East Broadway Alton, IL 62002 (618) 463-1440, St. Louis (314) 741-2201 Fax: (618)463-1450 THE PERFORMANCE LEADER RT - 1000 Omni - Directional UHF - VHF - FM TV Antenna (Please feel Iree to call for more information, prices and a list of our satisfied customers.) Circle 256 on Reader Service Card HILLER SYSTEMS, INC. FOR PROMPT & PROFESSIONAL REPAIR & MAINTENANCE OF MARINE FIRE PROTECTION SYSTEMS, DECKING, INERT GAS SYSTEMS, OILY WATER SEPARATORS & MSD UNITS NEW CONSTRUCTION INSTALLATIONS • ROUTINE MAINTENANCE OR EMERGENCY SERVICE 24 HOURS A DAY, SEVEN DAYS A WEEK 75 YEARS SERVICE TO THE MARINE INDUSTRY HYDRO TESTING/RECERTIFICATION C02-HALON- FOAM SPRINKLER SYSTEMS PHONE: 205-661-1275 FAX: 205-666-3062 JCilfcrM DETECTION/ALARM SYSTEMS MARINE INSULATION MARINE DECKING 3710 LAKESIDE COURT MOBILE, AL 36693 January, 1995 Circle 222 on Reader Service Card 50C
