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SCHEDULE 14A
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EXCHANGE ACT OF 1934
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EUROPA CRUISES CORPORATION
(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
JAMES C. ILLIUS
PAUL J. DEMATTIA
JOHN R. DUBER
ROGER A. SMITH
(NAME OF PERSON(S) FILING PROXY STATEMENT, IF OTHER THAN THE REGISTRANT)
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** Copies of this document were released to security holders on or about
June 17, 2002.
FOR IMMEDIATE RELEASE
THE COMMITTEE OF CONCERNED EUROPA STOCKHOLDERS SAYS VITALE'S PLAN
FOR DIAMONDHEAD IS `$500 MILLION FOLLY'
Rocky River, Ohio - June 17, 2002 - The Committee of Concerned Europa
Stockholders today said the recent proposal by Deborah Vitale, Chief Executive
Officer and member of the Board of Directors of Europa Cruises Corporation
(OTCBB: KRUZ) for a gigantic destination-type resort at Diamondhead, the
company's primary remaining asset, would be a financial disaster for Europa. The
Committee is campaigning to remove Vitale from the Board of Directors of Europa
Cruises and to replace her with seasoned gaming executive Jim Rafferty.
With the company's stock price closing at $0.90 per share as of June 14, 2002,
and with swiftly depleting cash reserves, Vitale is proposing an unrealistic
$500 million destination resort for the 404-acre Diamondhead, Mississippi, site.
In a letter to stockholders calling the plan "Vitale's Folly," the Committee
notes that "not only is there no indication of how Vitale plans to secure
financing for this massive undertaking, Vitale also admits that she is unable to
set a construction date."
Beyond a casino, Vitale plans to build:
/ / four non-gaming hotels with 3,500 rooms
/ / five restaurant pads
/ / an outlet mall
/ / a regional convention center
/ / condominiums
/ / an 18-hole golf course
The Committee says the scope of the project envisioned by Vitale is out of touch
with the actual customer market to be reached by the Diamondhead property, which
represents casino enthusiasts from within a 50-mile radius. Various casino
experts have opined that the Gulf Coast area will not support another Beau
Rivage, which is Vitale's grand scheme. The economics are simple: if the market
will not support Vitale's proposal, the banks will not finance it. If Vitale's
proposal is not financed, it will never be built. In the end, the Committee
predicts that Vitale's proposal will end up leaving Europa's stockholders with
the same vacant lot they have owned for the past ten years.
The Committee is asking each Europa stockholder to consider its approach instead
- - a high-class lodging that is environmentally sound and makes sense for the
realistic customer base that the property is most likely to attract.
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Rafferty's plan offers a graduated two-phase plan with an initial targeted
investment of $125 million that includes:
/ / 40,000 square feet of casino space with 1,200 state of the art slot
machines and 40 table games
/ / a 400-room hotel capturing the simple elegance of a French country inn
/ / 2 restaurants: -- a Cajun/Creole cuisine buffet and a coffee shop
offering home cooking at reasonable prices
Simultaneous with the phase one development, management will form strategic
alliances with other customer generating businesses to bring $75 million in
outside capital to the project. The plan anticipates two additional 300-room
hotel projects, a nationally recognized restaurant and a retail and highway
center.
Once this investment proves successful, the Rafferty plan envisions a second
phase that would include the addition of 400 hotel rooms, a 700-seat performing
arts center and more casino space.
In all, the Committee proposes a total investment of $300 million, a quarter of
which will come from outside investors with total spending through Europa at
less than half of what Vitale proposes.
In concluding, the Committee warns shareholders: "EUROPA NEEDS LIQUIDITY NOW!
Rafferty and his associates offer a plan that can be implemented - quickly . . .
In nine years with Europa Cruises - as a director, chairman, and, now as
President and CEO -- Deborah Vitale has not brought a single new deal to the
table. Don't expect them now. She is more than happy with the status quo -
watching as Europa depletes its limited resources. But her alternative is no
better: Because the monstrosity she wants to construct on the Gulf Coast shows
little understanding of either the market or her responsibility to produce value
for stockholders. With Vitale, either way you lose."
Shareholders are urged to return the WHITE consent card immediately. Even if you
have sent a gold consent card, you have every right to support the Committee's
consent solicitation by signing, dating and mailing the WHITE consent card. If
you have any questions on how to vote your shares, please call our proxy
solicitor: Georgeson Shareholder at 1-866-318-0501.
Press Contact: Owen Blicksilver 516-742-5950
FORWARD-LOOKING STATEMENTS. THE INFORMATION CONTAINED HEREIN INCLUDES
FORWARD-LOOKING STATEMENTS, WHICH ARE INDICATED BY WORDS OR PHRASES SUCH AS
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INVOLVE RISKS, UNCERTAINTIES AND ASSUMPTIONS. ACTUAL MEASUREMENTS AND FUTURE
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EXPRESSED OR IMPLIED BY ESTIMATES AND FORWARD-LOOKING STATEMENTS.