A mooring line assembly for a watercraft has an elastic line having a first end and a second end, the first end of the elastic line being adapted for connection to the watercraft, a mooring line having a first end and a second end, the first end of the mooring line being connected to the second end of the elastic line, and a housing adapted for connection to the watercraft. The mooring line extends through the housing and is pullable therethrough from a retracted position to a plurality of extended positions. The elastic line is adapted for returning the mooring line to the retracted position from the plurality of extended positions. A watercraft provided with the mooring line assembly is also disclosed.