Company Press Release: Europa Cruises Corporation
March 7, 2000
MADEIRA BEACH, FL-- Europa Cruises Corporation (OTC Bulletin Board: KRUZ) announced yesterday that it had received
the third and final cash payment due in the approximate amount of $964,000 pursuant to the Agreement relating to
the sale of the M/V Europa Sun and related assets. The majority of the payment received will be used to continue
to pay down existing debt.
Europa Cruises Corporation owns, operates and/or leases gambling ships. Until the sale of the Sun, the Company
owned three vessels, including the Sun, which it chartered. The Company now owns two vessels. The Company operates
one of its vessels, 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.
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 business of the Company is subject to risks and uncertainties. The development of the Diamondhead, Mississippi,
project is also subject to risks and uncertainties which include those relating to permitting, financing, the activities
of environmental groups, the outcome of litigation and the actions of federal, state, or local governments and
agencies.
For further information, contact:
John R. Duber, Director
and Director of Investor Relations
Europa Cruises Corporation
(440) 331-0194
SOURCE: Europa Cruises Corporation