Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Steve Altebrando – Sidoti & Company.
Steve Altebrando - Sidoti & Company
Given that you have about $60 million, I think it is, in non-recourse debt related to the Majestic, is it fair to view that as a backstop of the type of price that you can get for that line?
Joseph J. Ueberroth
I don't know if I would call it a back stop, Steve. Basically we do have the ability to return those two boats and eliminate that debt. So then we would be left with five vessels free and clear and what is the worth of those five vessels if they are not interest in both the Empress of the North or the American Queen. So, I would say that is pretty much the backstop.
Steve Altebrando - Sidoti & Company
Margins on marine were down a bit and just backlog was down a bit, was wondering if that was just lumpiness and then the booking data for Windstar, I didn't see it in the press release, do you have that in the comps?
Blake T. Barnett
On the percents I gave for the marine construction showed lower cost of revenue.
Joseph J. Ueberroth
Steve, on an annual basis it is lumpier and the backlog is not an indication of a decrease in business. It is a timing issue on both of those but on a year to year comparison the margin did improve.
Steve Altebrando - Sidoti & Company
The Windstar comps, booking comps, and do you have those available?
Joseph J. Ueberroth
We have not provided the previous comps because they were not under our ownership. We did provide where we are bookings today.
Operator
Your next question comes from Jeff Kendall.
Jeff Kendall
I understand the Mississippi Queen was under going some refurbishment in 2007 and I understand at some point that that project was stopped. How far along was the refurbishment when it was stopped and what would it take to complete it up to what you had planned?
Joseph J. Ueberroth
It was stopped in its initial stages, so there is still significant spend that will be required. It depends on what you want to do with the vessel. If you want to return her back to her original state, there's figures out there that I would tell you is about $10 million. If you want to change her facilities and add different amenities, then the price would be higher.
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