Europa Cruises Corporation Reports Operating Results for 1999
MADEIRA BEACH, Fla., April 14 /PRNewswire/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ - news) announced today that it had reported its operating results for the year ended December 31, 1999. The Company's net loss before preferred dividends was ($899,509). The net operating income before interest, depreciation, amortization, non-cash ESOP charges and preferred dividends was $1,993,158 in 1999.
Deborah A. Vitale, Chairman of the Board of Directors of the Company, stated: ``The Board of Directors of this Company believes the future for shareholder value in this Company rests with its Diamondhead, Mississippi project. The Board is committed to converting the Company into a debt-free, asset rich entity devoted to development of the Diamondhead, Mississippi project. While the year 1999 may not have been a profitable one on the operational side for the core business of the Company, it was a pivotal year for the Company which was successful in selling two of its vessels before the end of the year despite a political environment in Florida hostile to the cruise-to-nowhere industry. The proceeds of the sales were used, in large part, to pay down a significant portion of the Company's debt. The year 1999 evidences the fact that the Company is changing direction. Our focus and next stop is Diamondhead, Mississippi.'
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 roulette, in addition to dining, dancing and entertainment. |
