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CARNIVAL TRANSFERS OWNERSHIP OF RIVIERA TOWERS SECTION OF CRYSTAL PALACE TO HOTEL CORPORATION OF THE BAHAMAS

 CARNIVAL TRANSFERS OWNERSHIP OF RIVIERA TOWERS SECTION
 OF CRYSTAL PALACE TO HOTEL CORPORATION OF THE BAHAMAS
 MIAMI, March 16 /PRNewswire/ -- Carnival Cruise Lines, Inc. (NYSE: CCL) today announced that the agreement to return the Riviera Towers section of the Crystal Palace Resort and Casino to the Hotel Corporation of the Bahamas has been finalized. Effective March 1, 1992, Carnival turned over control and operations of the Riviera Towers to the Hotel Corporation and its operator, The Myers Group.
 In exchange for the return of the 672-room Riviera Towers, the government-owned Hotel Corporation will cancel a promissory note from Carnival of approximately $80.3 million. Carnival issued the promissory note in connection with the acquisition of the Riviera Towers in December 1988. The 867-room Crystal Palace Resort and Casino continues to be owned and operated by Carnival.
 Carnival is the world's largest cruise line based on number of passengers carried. Together with Holland America Line and Windstar Cruises, it currently operates 16 ships in the Caribbean, Alaska and other worldwide destinations. Carnival has contracted for the construction of two 2,600-passengers ships, the Sensation and Fascination, which are scheduled for delivery in late fall of 1993 and early fall of 1994, respectively. It also has contracted to construct three new ships for Holland America Line. The first of these, the Statendam, is scheduled for delivery in late 1992, with the Maasdam and Ryndam, to be delivered in late 1993 and 1994, respectively.
 -0- 3/16/92
 /CONTACT: Tim Gallagher or Jennifer De La Cruz of Carnival Cruise Lines, 305-599-2600, ext. 776/
 (CCL) CO: Carnival Cruise Lines; Hotel Corporation of the Bahamas;
 Crystal Palace Resort and Casino ST: Florida IN: LEI SU:


JJ-AW -- FL013 -- 8430 03/16/92 15:55 EST
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Publication:PR Newswire
Date:Mar 16, 1992
Words:289
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