Europa Cruises Corporation Receives Permit for Casino Resort in Diamondhead, Mississippi

Europa Cruises Corporation, a leading gaming company, has announced that it has received a permit from the U.S. Army Corps of Engineers to construct a casino resort in the Bay of St. Louis, located at its Diamondhead, Mississippi, site. The company plans to build a luxury hotel and spa, a sports and entertainment center, and a state-of-the-art recreational vehicle park, among other facilities, on its 404-acre site. This development comes after years of delay and hard work, and the company's president, Deborah Vitale, expressed her excitement about the future prospects of the company and the potential for shareholder value triggered by this major development.

Key Takeaways:

• Europa Cruises Corporation received a permit from the U.S. Army Corps of Engineers on March 26, 1998, to construct a casino resort in the Bay of St. Louis, Diamondhead, Mississippi.
• The company plans to develop a 404-acre site into a luxury hotel and spa, a sports and entertainment center, a recreational vehicle park, a business conference center, and an executive golf course, among other facilities.
• The development of the Diamondhead, Mississippi project is subject to risks and uncertainties, including financing, environmental concerns, litigation, and government actions.
• Several lawsuits contesting the award of permits are pending, and the company has taken the offensive by filing suit to declare the Permit to have been validly issued.
• Deborah Vitale, President and Chairman of the Board of Directors of Europa Cruises Corporation, expressed her excitement about the future prospects of the company and the potential for shareholder value triggered by this major development.
• The company had previously received site approval from the Mississippi Gaming Commission, a Permit from the Mississippi Commission of Marine Resources, and Water Quality Certification from the Mississippi Department of Environmental Quality.

Statistics:

• The proposed casino resort will have approximately 120,000 square feet of casino space.
• The site is located immediately off Interstate 10 and is adjacent to a site on which Circus Circus Enterprises, Inc. also intends to develop a destination casino resort and hotel.
• The project is subject to a 404-acre site, which will be developed into various facilities, including a luxury hotel and spa, a sports and entertainment center, a recreational vehicle park, a business conference center, and an executive golf course.

Sources:

• Press Release: Europa Cruises Corporation Receives Permit for Casino Resort in Diamondhead, Mississippi
• Europa Cruises Corporation website: [http://www.prnewswire.com](http://www.prnewswire.com)
• CONTACT: John Duber, Director and Director of Investor Relations of Europa Cruises, 440-331-0194, 440-331-0195; or Alan R. Woinski, President of Gaming Venture Corp., U.S.A., 201-947-4642, for Europa Cruises/