Europa Cruises Corporation Announces Effects of Hurricane Georges
PR Newswire - September 28, 1998 10:55
MADEIRA BEACH, Fla., Sept. 28 /PRNewswire/ -- Europa Cruises Corporation (Nasdaq: KRUZ) announced today that Hurricane Georges forced the Company to close all three of its operations in Miami Beach, Madeira Beach and Ft. Myers, Florida and to move all four of the Company's vessels to safe harbor. The Company reported that its vessels suffered no damage as a result of the hurricanes and that no injuries have been reported in connection with the Company's operations. The Company expects the loss of revenue due to Hurricane Georges to have a material effect on third quarter earnings.
Deborah A. Vitale, President of Europe Cruises Corporation, stated: "The cruise-to-nowhere business is dependent on favorable weather. Unfortunately, as everyone understands, we simply cannot control the weather. However, on a more positive note, I am also pleased to report that one of our major competitors in Miami Beach has ceased operations. In the Board's opinion, this development was a substantial result of the performance of our new management team in Miami Beach. While the hurricane is a temporary setback in operations, the Board has every confidence in our new management team and looks forward to the future."
Europa Cruises Corporation is one at the largest off-shore gaming operators in the United States. It currently employs approximately 400 employees and owns and operates gambling ships out of ports located in Miami Beach, Ft. Myers, and Madeira Beach, Florida. In addition to blackjack, poker, slot machines, craps, and sports betting, the cruises offer fine dining, dancing and entertainment.
SOURCE Europa Cruises Corporation
/CONTACT: John R. Duber, Director and Director of Investor Relations,
Europa Cruises Corporation, 440-331-0194 or 440-331-0195; or Alan R. Woinski,
President, Gaming Venture Corp., U.S.A., 201-947-4642, for Europa Cruises/
/Web site: casinocenter.com
(KRUZ)
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