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HARRAH'S FORMER PRESIDENT, MARINE HOSPITALITY INDUSTRY LEADER TO SHARE PRESIDENCY IF PROXY CONTEST FOR CONTROL IF EUROPA CRUISES IS SUCCESSFUL

 PENSACOLA, Fla., Oct. 18 /PRNewswire/ -- Richard Goeglein, president of Las Vegas-based Gaming Associates, Inc. and the former president and chief executive officer of Harrah's, and Terry A. MacRae, chairman and owner of Hornblower Dining Yachts, announced today their agreement, upon election of the new slate of directors proposed by the committee, to jointly serve as an interim office of the president of Europa Cruises Corporation (NASDAQ: KRUZ).
 Mr. Goeglein stated, "Our first priority would be to immediately stabilize the existing businesses, especially the day cruise operations. Based on information available through June 30, 1993, the company's financial position is deteriorating and the pattern of poor performance is accelerating. Revenues from the day cruise operations are flat while G&A is up."
 "We think it is obvious that the company needs a new board and new management with the depth and breadth of experience in the marine hospitality and gaming industries to manage the day cruise business, take appropriate and immediate steps to create value for company stockholders from the Mississippi and Louisiana properties and reverse the deterioration of Europa."
 Mr. MacRae commented, "Fortunately, the committee's slate has the industry experience and energy to quickly stem these crises and get Europa back on a sensible strategic track. Once we move to solve the most pressing problems, the new board would then take steps to realize the potential inherent in the company's Mississippi and Louisiana properties, which current management has been unable to exploit. Richard and I have worked together successfully in the past and I have every reason to believe we can turn this company around."
 Mr. Goeglein noted the following areas on which he believes a new board must focus, "We believe the asset with the most potential is the Diamond Head property on Interstate 10 in Hancock County, Miss. We must explore a joint venture or strategic alliance with an established hospitality or gaming company or seek investors with resources and the appetite to get into the gaming business. Given the new slate's contacts and experience within these industries, we are optimistic that we can find a strong partner for Europa."
 "Based on our preliminary evaluation, some of Europa's other assets, including Biloxi BackBay, Miss. and Bossier, La., might best be utilized through a partial disposition or divestiture where the company could maintain some level of investment to create value for Europa shareholders."
 "Restoring the reputation and the confidence in the company's board and management with potential partners and the investment community will be critical to accomplishing any strategic initiative."
 "Finally, we clearly understand the importance of communicating a clear corporate strategy to all of the company's constituents, especially Europa employees, so they will be able to take an important role in a turnaround."
 Company founder and committee member Charles S. Liberia, who beneficially owns 29 percent of the outstanding common stock of the company, announced the following action to emphasize that developing the new gaming properties and other venues is critical, "in order to distract from the poor performance of the company under their tenure, Serco and Charles Reidden, the company president, have claimed my shareholdings are an issue in the gaming licensing process. To eliminate this red-herring issue, upon my election I am willing to contractually commit to escrow any of my shares if that is a pre-condition to licensing. I challenge Serco and their Austrian investors to do the same with their shares."
 Mr. Goeglein concluded, "Terry MacRae and I have been meeting with major investors and their financial advisors and have been strongly encouraged to push forward with this effort. Before Europa's annual meeting, we intend to meet with as many investors as possible and we encourage any stockholders to call us directly. We strongly recommend that all Europa investors not sign management's WHITE proxy until they've heard all the facts. The committee's proxy and consent statement and BLUE card detailing our complaints with current management and our plan to restore Europa Cruises has been mailed to stockholders. Stockholders should read our proxy and consent materials and then make a careful judgement between the new direction we offer for the company or, in our opinion, continue down the current path of poor performance under the existing management."
 "Our overriding goal is the same as our fellow stockholders': to increase the market value of Europa for everyone's benefit."
 -0- 10/18/93
 /NOTE TO EDITORS: A copy of the proxy and consent statement is available from MacKenzie Partners, Inc. by calling 800-322-2885/
 /CONTACT: Mark H. Harnett of MacKenzie Partners, 212-929-5500/


CO: Europa Cruises Corporation ST: Florida IN: LEI CNO SU: PER

TS-WB -- NY064 -- 3432 10/18/93 13:28 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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