<PAGE>   1
AS FILED ON January 14, 1998                    REGISTRATION NO. ___-______


                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                    FORM S-8
                          REGISTRATION STATEMENT UNDER
                           THE SECURITIES ACT OF 1933

                          AMERICAN CLASSIC VOYAGES CO.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

            DELAWARE                                    31-0303330
     -----------------------               -----------------------------------
     (State of incorporation)              (I.R.S. Employer Identification No.)

               TWO NORTH RIVERSIDE PLAZA, CHICAGO, ILLINOIS 60606
               ---------------------------------------------------
                    (Address of principal executive offices)

              AMERICAN CLASSIC VOYAGES CO. 1992 STOCK OPTION PLAN
              ----------------------------------------------------
                            (Full title of the Plan)

                                PHILIP C. CALIAN
                     PRESIDENT AND CHIEF EXECUTIVE OFFICER
                          AMERICAN CLASSIC VOYAGES CO.
               TWO NORTH RIVERSIDE PLAZA, CHICAGO, ILLINOIS 60606
                                 (312) 258-1890
           ---------------------------------------------------------
           (Name, address and telephone number of agent for service)


                        CALCULATION OF REGISTRATION FEE

<TABLE>
<CAPTION>
==============================================================================================================
                                             Proposed Maximum      Proposed Maximum
Title of Securities   Amount to be          Offering Price per    Aggregate Offering            Amount of
to be Registered      Registered                  Share                 Price                 Registration Fee
--------------------------------------------------------------------------------------------------------------
<S>                     <C>                       <C>                 <C>                    <C>
Common Stock
$.01 par value          2,000,000 shares          $17.625             $35,250,000            $10,398.75
===============================================================================================================
</TABLE>

     The offering price for such shares is estimated pursuant to Rule 457(c)
and (h) of Regulation C under the Securities Act of 1933, as amended, solely
for the purpose of calculating the registration fee, and is based upon the
average of the high and low prices of the Registrant's Common Stock as reported
by The Nasdaq Stock Market on January __, 1998.

                           -----------------------

     This Registration Statement shall become effective automatically upon the
date of filing in accordance with Section 8(a) of the Securities Act of 1933,
as amended, and 17 C.F.R. Section 230.462.


<PAGE>   2

                                    PART II
               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

     Pursuant to General Instruction E, this Registration Statement on Form S-8
is filed by American Classic Voyages Co., formerly known as The Delta Queen
Steamboat Co. (the "Registrant"), to register 2,000,000 additional securities
under the American Classic Voyages Co. 1992 Stock Option Plan, formerly known
as The Delta Queen Steamboat Co. 1992 Stock Option Plan (the "Plan"), which is
covered by the Registrant's Registration Statement on Form S-8 (No. 33-62502),
the contents of which are hereby incorporated by reference.  The current
registration of 2,000,000 shares of common stock of the Registrant will
increase the number of shares registered for issuance under the Plan to
3,000,000 shares.



                                      2

<PAGE>   3


                                   SIGNATURES

     THE REGISTRANT.  Pursuant to the requirements of the Securities Act of
1933, the Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 with respect to shares
of Common Stock offered under the American Classic Voyages Co. 1992 Stock
Option Plan (the "Plan"), and has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Chicago, State of Illinois, on December 23, 1997.

                           AMERICAN CLASSIC VOYAGES CO.



                           By           /s/
                              -------------------------
                              Philip C. Calian
                              Chief Executive Officer


     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons on behalf
of the Registrant and in their indicated capacities as of  January 3, 1998.

     SIGNATURE                                    CAPACITY
     ---------                                    --------

            *                       Chief Executive Officer and Director
-----------------------------       (Principal Executive Officer)
     Philip C. Calian                      


            *                       Chief Accounting Officer
-----------------------------       (Principal Financial and Accounting Officer)
     O. Ivy Wu                        


            *                       Director
-----------------------------
     Samuel Zell


            *                       Director
-----------------------------
     Sheli Z. Rosenberg


            *                       Director
-----------------------------
     Arthur A. Greenberg


            *                       Director
-----------------------------
     Ann Lurie







                                      3
<PAGE>   4


            *                        Director
-----------------------------
     Jerry R. Jacob


            *                        Director
-----------------------------
     Joseph P. Sullivan



* Philip C. Calian, by signing his named hereto, signs this Registration
Statement on behalf of the persons indicated above pursuant to Power's of
Attorney duly executed by such persons, in the City of Chicago, State of
Illinois, as of this 3rd day of January, 1998.



                             By:               /s/
                                  ------------------------------
                                         Philip C. Calian
                                         Attorney-in-Fact




                                      4
<PAGE>   5

                                 EXHIBIT INDEX


     Pursuant to General Instruction E of the instructions to the Form S-8, the
Registrant hereby incorporates by reference the exhibits of the previous
Registration Statement filed by the Registrant on Form S-8 (Registration No.
33-62505).  The following additional exhibits are filed as part of this
Registration Statement:

<TABLE>
<CAPTION>

Exhibit Number                           Exhibit
--------------                           -------
<S>                    <C>
   4.1                 American Classic Voyages Co. 1992 Stock Option Plan
                       (known as Delta Queen Steamboat Co. 1992 Stock Option Plan
                       prior to change of Registrant's name).
               
   4.2                 Amendment to the 1992 Stock Option Plan, effective August 6, 1993.
               
   4.3                 Amendment to the 1992 Stock Option Plan, effective June 11, 1997.
               
   5                   Legal opinion of Seyfarth, Shaw, Fairweather &
                       Geraldson, counsel to the Registrant, regarding the legality
                       of the shares of common stock.
               
   23.1                Consent of KPMG Peat Marwick LLP.
               
   23.2                Consent of Seyfarth, Shaw, Fairweather & Geraldson (included
                       in the opinion filed as Exhibit 5).
               
   24                  Powers of Attorney authorizing the signing of the
                       Registration Statement and amendments hereto on behalf of the
                       Registrant's officers and directors.
</TABLE>               



                                      5
[{"type": "S-8", "sequence": "1", "description": "FORM S-8 REGISTRATION STATEMENT", "secsgml_size_bytes": 8460}]
{"company-data": {"conformed-name": "AMERICAN CLASSIC VOYAGES CO", "cik": "0000315136", "assigned-sic": "4400", "irs-number": "310303330", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-44225", "film-number": "98506366"}, "business-address": {"street1": "TWO N RIVERSIDE PLZ", "street2": "2ND FLOOR", "city": "CHICAGO", "state": "IL", "zip": "60606", "phone": "3122581890"}, "mail-address": {"street1": "TWO NORTH RIVERSIDE PLAZA", "street2": "2ND FLOOR", "city": "CHICAGO", "state": "IL", "zip": "60606"}}
1
AS FILED ON January 14, 1998                    REGISTRATION NO. ___-______

                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                    FORM S-8
                          REGISTRATION STATEMENT UNDER
                           THE SECURITIES ACT OF 1933

                          AMERICAN CLASSIC VOYAGES CO.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

            DELAWARE                                    31-0303330
     -----------------------               -----------------------------------
     (State of incorporation)              (I.R.S. Employer Identification No.)

               TWO NORTH RIVERSIDE PLAZA, CHICAGO, ILLINOIS 60606
               ---------------------------------------------------
                    (Address of principal executive offices)

              AMERICAN CLASSIC VOYAGES CO. 1992 STOCK OPTION PLAN
              ----------------------------------------------------
                            (Full title of the Plan)

                                PHILIP C. CALIAN
                     PRESIDENT AND CHIEF EXECUTIVE OFFICER
                          AMERICAN CLASSIC VOYAGES CO.
               TWO NORTH RIVERSIDE PLAZA, CHICAGO, ILLINOIS 60606
                                 (312) 258-1890
           ---------------------------------------------------------
           (Name, address and telephone number of agent for service)

                        CALCULATION OF REGISTRATION FEE
==============================================================================================================
                                             Proposed Maximum      Proposed Maximum
Title of Securities   Amount to be          Offering Price per    Aggregate Offering            Amount of
to be Registered      Registered                  Share                 Price                 Registration Fee
--------------------------------------------------------------------------------------------------------------
Common Stock
$.01 par value          2,000,000 shares          $17.625             $35,250,000            $10,398.75
===============================================================================================================
The offering price for such shares is estimated pursuant to Rule 457(c)
and (h) of Regulation C under the Securities Act of 1933, as amended, solely
for the purpose of calculating the registration fee, and is based upon the
average of the high and low prices of the Registrant's Common Stock as reported
by The Nasdaq Stock Market on January __, 1998.

                           -----------------------

     This Registration Statement shall become effective automatically upon the
date of filing in accordance with Section 8(a) of the Securities Act of 1933,
as amended, and 17 C.F.R. Section 230.462.
2

                                    PART II
               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

     Pursuant to General Instruction E, this Registration Statement on Form S-8
is filed by American Classic Voyages Co., formerly known as The Delta Queen
Steamboat Co. (the "Registrant"), to register 2,000,000 additional securities
under the American Classic Voyages Co. 1992 Stock Option Plan, formerly known
as The Delta Queen Steamboat Co. 1992 Stock Option Plan (the "Plan"), which is
covered by the Registrant's Registration Statement on Form S-8 (No. 33-62502),
the contents of which are hereby incorporated by reference.  The current
registration of 2,000,000 shares of common stock of the Registrant will
increase the number of shares registered for issuance under the Plan to
3,000,000 shares.

                                      2
3

                                   SIGNATURES

     THE REGISTRANT.  Pursuant to the requirements of the Securities Act of
1933, the Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 with respect to shares
of Common Stock offered under the American Classic Voyages Co. 1992 Stock
Option Plan (the "Plan"), and has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Chicago, State of Illinois, on December 23, 1997.

                           AMERICAN CLASSIC VOYAGES CO.

                           By           /s/
                              -------------------------
                              Philip C. Calian
                              Chief Executive Officer

     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons on behalf
of the Registrant and in their indicated capacities as of  January 3, 1998.

     SIGNATURE                                    CAPACITY
     ---------                                    --------

            *                       Chief Executive Officer and Director
-----------------------------       (Principal Executive Officer)
     Philip C. Calian                      

            *                       Chief Accounting Officer
-----------------------------       (Principal Financial and Accounting Officer)
     O. Ivy Wu                        

            *                       Director
-----------------------------
     Samuel Zell

            *                       Director
-----------------------------
     Sheli Z. Rosenberg

            *                       Director
-----------------------------
     Arthur A. Greenberg

            *                       Director
-----------------------------
     Ann Lurie

                                      3
4

            *                        Director
-----------------------------
     Jerry R. Jacob

            *                        Director
-----------------------------
     Joseph P. Sullivan

* Philip C. Calian, by signing his named hereto, signs this Registration
Statement on behalf of the persons indicated above pursuant to Power's of
Attorney duly executed by such persons, in the City of Chicago, State of
Illinois, as of this 3rd day of January, 1998.

                             By:               /s/
                                  ------------------------------
                                         Philip C. Calian
                                         Attorney-in-Fact

                                      4
5

                                 EXHIBIT INDEX

     Pursuant to General Instruction E of the instructions to the Form S-8, the
Registrant hereby incorporates by reference the exhibits of the previous
Registration Statement filed by the Registrant on Form S-8 (Registration No.
33-62505).  The following additional exhibits are filed as part of this
Registration Statement:
Exhibit Number                           Exhibit
--------------                           -------
4.1                 American Classic Voyages Co. 1992 Stock Option Plan
                       (known as Delta Queen Steamboat Co. 1992 Stock Option Plan
                       prior to change of Registrant's name).
               
   4.2                 Amendment to the 1992 Stock Option Plan, effective August 6, 1993.
               
   4.3                 Amendment to the 1992 Stock Option Plan, effective June 11, 1997.
               
   5                   Legal opinion of Seyfarth, Shaw, Fairweather &
                       Geraldson, counsel to the Registrant, regarding the legality
                       of the shares of common stock.
               
   23.1                Consent of KPMG Peat Marwick LLP.
               
   23.2                Consent of Seyfarth, Shaw, Fairweather & Geraldson (included
                       in the opinion filed as Exhibit 5).
               
   24                  Powers of Attorney authorizing the signing of the
                       Registration Statement and amendments hereto on behalf of the
                       Registrant's officers and directors.
5