Europa Cruises Corporation Announces Agreement for Assignment Of Ft. Myers Dock Rights and Related Premises
MADEIRA BEACH, Fla., May 30 /PRNewswire/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ - news) announced today that it had entered into an Agreement to assign any and all rights it had to its Ft. Myers Beach, Florida dock and related premises to Big ``M'' Casino, Inc., which currently operates a gaming vessel at a nearby dock. The Agreement calls for payments to Europa of approximately $24,000 per month through November 1, 2003, or approximately $1,000,000. In addition, Big ``M'' Casino, Inc. is required to pay all amounts due to the Landlord under any prior agreements, including a balloon payment in the amount of $105,652 due September 1, 2000. This Agreement relieves Europa of approximately $1,000,000 in future lease payments. The Agreement is contingent on the continued legality of the operation at the location. The Agreement allows Europa to berth the M/V Europa Star, which is currently docked at the premises which are the subject of the Agreement, at a dock leased by Big ``M'' Casino, Inc. at no charge to Europa through November 1, 2000 or until the Vessel is sold, whichever occurs earlier.
The Company also reported that it is in active negotiations with unrelated third parties with respect to the sale of the M/V Europa Star and one of the Company's subsidiaries, EuropaSky Corporation.
Deborah A. Vitale, President of Europa Cruises Corporation, commenting on the Agreement stated: ``This Agreement eliminates substantial fixed overhead to the Company and results in income to the Company over the term of the Agreement. The Agreement puts us one step closer to moving our casino-related business to Mississippi and reaching our goal of becoming an essentially debt-free, asset rich entity.''
The Company, through its wholly-owned subsidiary, Casino World, Inc., intends to build a destination casino resort and hotel at its 404 acre site on the Bay of St. Louis in Diamondhead, Mississippi. The site, which is located immediately off Interstate 10, is adjacent 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 Company currently owns two vessels, the EuropaSky and the Europa Star. The Company operates the M/V Europa Sky out of Madeira Beach, Florida. The Company offers day and evening gambling cruises which include Las Vegas style gaming, including blackjack, slot machines, craps, and roulettes, in addition to dining, dancing and entertainment. |
