Europa Cruises Corporation Announces Status Of Certain Negotiations
MADEIRA BEACH, Fla., Feb. 22 /PRNewswire/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ - news) announced today that it had entered into a preliminary agreement, subject to certain contingencies, with Stardancer Casino, Inc., a South Carolina Company. Under the terms of the Agreement, Stardancer Casino, Inc. would manage and/or sublease Europa's Miami Beach, Florida operation. Under the terms of the Agreement, Europa would receive approximately $97,000 per month over and above all costs and expenses incident to the operation.
Europa also announced that it is continuing to negotiate with International Hospitality, Inc., a Canadian company with whom it previously signed an Option Agreement and Letter of Understanding. In addition, Europa is negotiating with other interested parties with respect to the sale and/or lease of other ports.
Deborah A. Vitale, President of Europa Cruises Corporation, commenting on the negotiations, stated: ''The whole nature of this Company's core business has changed dramatically with the increase in new competition. The Company survived 1998 despite intense new competition, multiple hurricanes, a costly proxy fight, lawsuits, malicious publicity, drydock expenses and even arson. Now, we are evolving into a new Company, preserving the benefits of our core business, while moving forward towards our future in Mississippi. One mechanism for doing this includes leasing and/or selling the Company's port operations to third parties who are better capitalized to purchase the systems required and to advertise and promote themselves in this highly competitive environment. This will enable the Company to benefit from the original business of the Company while allowing management to focus on Mississippi, where the real potential for shareholder value resides. The Company's goal is to evolve into a corporation which generates a profit from its core business while its management is allowed to devote itself to the development of the largest casino destination resort in the southeastern United States.''
Europa Cruises Corporation is one of the largest off-shore gaming operators in the United States. It currently employs approximately 400 employees and owns and operates gaming ships out of ports located in Miami Beach, Ft. Myers, and Madeira Beach, Florida. In addition to blackjack, poker, slot machines, craps, and sportsbetting, the cruises offer fine dining, dancing and entertainment.
The Company, through its wholly owned subsidiary, Casino World, Inc., is attempting to develop a destination casino resort at its 404-acre site in Diamondhead, Mississippi. The site, located immediately off interstate 10, is adjacent to a site on which Circus Circus Enterprises, Inc., also intends to develop a destination casino resort and hotel.
SOURCE: Europa Cruises Corporation
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