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Gambling Cruises Approved for Florida Port20 December 2002ST. PETERSBURG, Florida – As reported by the St. Petersburg Times: "The St. Petersburg City Council on Thursday unanimously authorized a startup company to run daily gambling cruises from the port of St. Petersburg. "`The city is assuming very, very little risk,' council member John Bryan said soon before the 7-0 vote to approve the deal with Titan Cruise Lines. Member Jay Lasita was absent. "Council member Richard Kriseman said the only risk to the city is damage to its image if Titan fails in some way. "…Titan and the venture capital firm funding it, Brigadoon Capital Partners, expect to create some 350 jobs and lease three top floors of the downtown Bank of America tower. "The ship, to be called the Spirit of St. Petersburg, will have an all U.S. crew but will be registered as a Panamanian ship, Titan chief financial officer Paul Barbour said. It may begin operating within the next three months. "The company, incorporated in the Cayman Islands, will pay dockage fees of $108,000 per year and pay the city $2 per passenger. Joe Zeoli, the city executive who oversees the port, projects that the vessel could bring the city more than $800,000 profit a year…" |