Europa Cruises Corporation Announces Results Of Property Appraisal
MADEIRA BEACH, Fla., Oct. 4 /PRNewswire/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ - news) today announced the results of a recent appraisal performed on its Diamondhead, Mississippi property. The appraised value of the property, subject to material assumptions, is $41,700,000. The Company, through its wholly owned subsidiary, Casino World, Inc., intends to construct a destination casino resort and hotel at its 404-acre site in Diamondhead, Mississippi. The site, which is located immediately off Interstate 10 on the Bay of St. Louis, is next to a site on which Mandalay Resort Group, previously known as Circus Circus Enterprises, Inc. also intends to develop a destination casino resort and hotel.
The appraisal was conducted by J. Daniel Schroeder, a State Certified General Appraiser. The appraisal is contingent on certain material assumptions, including but not limited to, the validity, issuance, renewal, modification of, and/or extension of all permits and leases required and the zoning of the property as a legally permissible gaming site. The appraisal is also contingent on the accomplishment of certain mitigation. According to the appraisal, the highest and best use for this property would be to subdivide the property into 54 commercial lots, which would front Interstate 10. A remaining 34-acre tract would be used as casino-related property supporting two gaming vessels. The appraisal assumes approximately 208 acres of the site would be dedicated for mitigation purposes.
Deborah A. Vitale, President and Chairman of the Board of Europa Cruises Corporation, commenting on the appraisal, stated: ''The appraisal confirms the Company's opinion that its Diamondhead property is an extremely valuable corporate asset and that its stock is undervalued. It is obvious to anyone familiar with the casino development taking place in Mississippi that the Company's Diamondhead, Mississippi location has substantially appreciated in value in the last few years. Interstate 10 is one of the major, east-west traffic arteries of the south. The site fronts Interstate 10 for approximately two miles. Interstate 10 connects, directly and indirectly, with numerous feeder markets. The Mississippi Department of Transportation reports the average number of vehicles on Interstate 10 passing the Casino World exit at approximately 28,000 per day or over 10,000,000 vehicles annually. The site is also surrounded by five airports: Diamondhead Air Terminal -- approximately one mile from the site; Stennis International Airport -- approximately six miles from the site; Gulfport -- Biloxi Regional Airport -- approximately eighteen miles from the site; New Orleans International Airport -- approximately seventy miles from the site and Mobile International Airport -- approximately eighty miles from the site. The Company believes that its strategically located position on Interstate 10 and its proximity to five airports and New Orleans will attract a substantial number of local patrons as well as out-of-state patrons and interstate travelers and tourists.'' |
