Gaming ship to lay off 415 people, CEO still looking for investors

On Tuesday, the cruise line that operates the Ocean Jewel gambling ship filed notice with the state that it is laying off its 415 employees as of Oct. 16.

The Ocean Jewel is scheduled to go into drydock for inspections and repairs on Oct. 15. "To be fair to our employees, I filed the notice to alert them to whats happening," said Dennis Shepard.

If the company doesnt have enough money to complete the drydock, the jobs will be lost, he said. "If we make our numbers between now and then, well be fine."

But with the company in Chapter 11 bankruptcy and the WARN (Worker Adjustment and Retraining Notification) notice filed with state officials, the future looks murky at best.

The demand for a gaming outlet is there, Shepard said. He just hasnt been able to service everyone because of a myriad of problems, mostly centered around the shuttles.

To counter the shuttle problem, Shepard is bringing in two more vessels next week that he will be leasing. With one of the two disabled shuttles repaired, he will have three vessels available to ferry passengers to the casino, enough to fill the demand, he said.

The cruise lines only remaining operative shuttle broke down Monday night, stranding nearly 100 passengers overnight. It finally debarked at noon on Tuesday.

Despite published assurances from Shepard on Tuesday that one shuttle would be operating on Wednesday, no sailing schedule had been posted on its Web site. "I wanted to be certain it was safe and not rush it into service," he said.

After an investment of several million dollars in the venture and the Port of St. Petersburg, Titan has been plagued with shuttle breakdowns, weather-related cancellations, low turnout and access issues.

But Shepard is hopeful that it will pay off down the road. He cites better attendance since he moved to Johns Pass, a cooperative banking relationship through the troubles and a new potential investor that would bridge the gap through the Chapter 11 proceedings.