NY Merchant Banking Firm Enters Gaming Cruise Market

New York merchant-banking firm is betting it can consolidate the floating gambling business.

(PRWEB) June 14, 2004 -- New York firm Vanquish Acquisition Partners acquired on Friday June 11 the company that operates Miami Beach's Atlantic Casino and said it plans to use it as a springboard to consolidate the gaming-vessel business, according to their Florida business-broker, Steve Randall.

The merchant-banking firm Vanquish Acquisition Partners, through Southeast Cruise Holdings, acquired the company for an undisclosed price. Vanquish makes controlling acquisitions in the publishing, leisure and entertainment industries.

Vanquish is represented in the gaming cruise market by Steve Randall of Delray Beach, Florida. Randall has been scouring the U.S. market for operating companies that meet Vanquishs criteria.

The floating-gambling industry appeals to Vanquish for a variety of reasons. The level of management sophistication is somewhat limited. With very few exceptions, it's just not there. The majority of these companies are undercapitalized, so they don't have the funds to properly maintain their vessels and grow their business. Randall said "those familiar with the floating gambling cruise market have expressed enthusiasm about the entrance of a professional operator that is disciplined and well-capitalized, such as Vanquish."

There is a lot of competition in the gaming-vessel industry in South Florida, with such companies as SunCruz Casinos and SeaEscape. Many of the ventures have operated like ''mom-and-pop'' businesses.

The 600-passenger Atlantic Casino vessel is undergoing a first-class makeover and will have many of the slot machines and table games replaced. The work will take two to three weeks, during which time the vessel will be idle.

Interested Brokers or principals with operating gaming cruise vessels can contact Randall at 1-800-480-4392 or mktg@bellsouth.net