| | |  | Last Updated: Wednesday, February 27, 2008 |  | | | Floating Gambling Facility for Sale
- Sunday, 8 Jan 2006
After filing for bankruptcy on Aug. 1, Titan Cruise Lines are now looking to sell their 450-foot casino gambling ship called the Ocean Jewel to the highest bidder. The company plans to hold an auction next month to sell the casino gambling ship. St. Petersburg officials had high hopes for the casino gambling ship, hoping that it would revive the city’s small port and become a downtown attraction.
Greg McCoskey, a Titan’s attorney said that due to the fact that the bills for maintaining the casino gambling ship at a Tampa shipyard had pilled up, Titan had no choice but to sell the Ocean Jewel and its assets. McCoskey was quaoted as saying, “We couldn’t find anyone to make a firm offer on the business as a going concern”. So far, more than 200 creditors filed claims against Titan totaling nearly $69-million.
According to Joe Zeoli, St. Petersburg’s managing director of development administration, the company still owes $159,000 in unpaid dock rent and passenger fees. But the city is holding a $108,000 deposit from Titan that could help offset the loss. However, a $159,000 debt pails in comparison to what Titan still owe the First American Bank in Illinois, which financed the startup company. The bank says Titan owes more than $30-million in loans secured by company assets.
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