Company Press Release: Europa Cruises Corporation
December 7, 1999
MADEIRA BEACH, Fl -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ) announced today that on December 3,
1999, it sold the M/V Europa Stardancer for One Million Eight Hundred Thousand Dollars ($1,800,000) to Stardancer
Casino, Inc. The Company used the proceeds of the sale to pay $800,000 to First Union National Bank of Florida
and to pay down a significant portion of the Company's remaining debt.
Deborah A. Vitale, President of Europa Cruises Corporation, commenting on the sale stated: ``We are extremely pleased
to have been able to sell the Stardancer. The proceeds of the sale were used to reduce the Company's total debt
by approximately $1.3 million. The sale has placed the Company on more stable financial footing. This is an important
first step in realizing our goal of becoming an essentially debt-free, asset rich entity.''
Europa Cruises Corporation owns, operates and leases gambling ships. Until the sale of the Stardancer, the Company
owned four vessels and chartered two of them, including the Stardancer. The Company now owns three vessels and
charters one of its remaining vessels. The Company's gambling cruises offer 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.
SOURCE: Europa Cruises Corporation