There is a certain romanticism to American riverboats, albeit that now the majority no longer ply their trade in passengers and cargo up and down the great rivers but have become mere floating casinos. The association with the ‘better‘ old days, when the pace of life was slower and gamblers and cardsharps could make their living on board the stately paddle steamers, still lingers. Riverboat casinos are no longer limited to the rivers, nor to the function of transport. They are found anchored in ports, along coastlines and even on man-made lakes.

The Iowa Racing and Gaming Commission yesterday heard a presentation from the Landmark Hotel & Casino for a multi-level riverboat with 120-room themed hotel on one such man-made lake. The Commission is soon expected to grant an unqualified number of gaming licences, possibly three, and 10 groups from 7 communities that want to build riverboat casinos each had 45 minutes in which to make their pitch.

Also yesterday, the Indiana Gaming Commission held a meeting, and one of the key items on the agenda was the floating casino project in Orange County. Since the Trump organization has pulled out of the French Lick development, after winning the tender last year, the Commission has decided to reopen the bidding process. In Indianapolis Argosy Gaming Co gave details of expansion plans that would make the Lawrenceburg riverboat Indiana’s largest casino. Its two riverboats make around $723 million a year, and the company wants to exchange a three-level riverboat for a larger single-level one that would add 1,200 slot machines and table games.

In North America the discussions have been about opening riverboat casinos, whilst in South America the opposite is true. In the style of the old Westerns a battle is brewing, not over land rights but sea rights off the coast of Buenos Aires in Argentina. One day after a judge of the City of Buenos Aires ordered the closure of Cirsa’s riverboat, Estrella de la Fortuna, anchored in the city’s fashionable Puerto Madero, a federal judge has ordered that the casino must be allowed to function.

Further riverboat news in the United States comes from Louisiana. Governor Kathleen Blanco has decided not to increase taxation on the riverboats in the state. This is good news for Harrah’s/Caesars as they operate three riverboat casinos. Present gaming tax is 21.5% and a rise to 32.5% is being considered. However, the riverboats will escape the proposed increase.

Nowadays there is little romanticism left in the riverboats. They make gambling revenues for operators and state taxes alike, and are just another gaming venue for players. Even in the ‘good old days’ they were probably just a means to a living – but the old romantic concept lingers. (E-03.24.05)

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