EUROPA CRUISES CORPORATION ANNOUNCES RECEIPT OF NOTICE OF INTENT TO MAKE AUDIT CHANGES
MADEIRA BEACH, Fla., Jan. 8 /PRNewswire/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ) announced today that on or about January 4, 1999, the Florida Department of Revenue issued a Notice of Intent to Make Audit Changes for the period April 1, 1993 and July 1, 1994 through March 31, 1998 to Europa Cruises Corporation and its subsidiaries. The proposed audit changes include a total of $1,030,823 for alleged taxes due, $515,412 in penalties, and $402,120 in interest, for a total of $1,948,355. The Company intends to exercise its right to an audit conference to discuss the audit adjustments and the basis for same. The Company further intends to vigorously contest the proposed assessments.
Deborah A. Vitale, President of Europa Cruises Corporation, commenting on the Notice, stated: "It is truly unfortunate that current management is forced to spend so much of its time in the distant past. Those assessments go back to 1993 and 1994. I trust, for the sake of our shareholders and employees, that this Company's two former presidents and then-chief financial officers will cooperate with the Company and its tax attorney to determine to what extent the amounts assessed are, in fact, due and owing."
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., intends 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 |
