Page 55: of Maritime Reporter Magazine (January 1995)

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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.

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