Riverboat to Boost Local Economy

Memphis, Tn - It’s billed as the “cruise ship” of riverboats. The American Queen is coming to the Memphis River Front.

John Waggoner with HMS Global Maritime is spearheading the effort, which is a partnership with the City of Memphis, approved Tuesday by the Memphis City Council.

The City will take out a federal loan for $9 million, 30% of the cost of the venture. The loan will be repaid from ticket revenue over ten years.

The remaining investment will come from the company and local investors.

Director of Housing and Community Development Robert Lipscomb says, “We do the infrastructure and things like that to promote commerce and we have the private sector investing their dollars and they take the biggest risk.”

The large $16 million riverboat would offer cruises around the Mississippi River and its tributaries.

Cruises would be a week to 14 days, offering 222 staterooms and tourist stops in Memphis.

The new company created, The Great American Steamboat Company, would employ about 250 people.

The Memphis Chamber estimates the riverboat will result in a total of 587 new jobs, an $89.5 million impact, and more than a million dollars in tax revenue.

The Mayor says this project is a perfect fit for Memphis’ strengths; the river, music, and hospitality.

“The project we’re about to present to you fits like a hand and glove with who we are. We were founded as a river city,” said Wharton.

Because of the project, the Convention and Visitors Bureau, expects more than 21,000 extra tourists.

The City also sees this as an opportunity to finish the struggling Beale Street Landing project, which needs about another $10 million in work.