MADEIRA BEACH, Fla., May 21 /PRNewswire/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ) today announced operating results for the first quarter of 1999. The Company reported an operating loss of $63,877 and a net loss of $108,882 after preferred dividends for the three months ending March 31, 1999, as compared to a net loss of $15,086 for the same period in 1998. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $593,984 for the three months ending March 31, 1999. The net loss per common share for the period ending March 31, 1999 was $0.004 per common share as compared to a net loss of $0.001 per common share for the same period in 1998. Deborah A. Vitale, President and Chairman of the Board of Directors, commenting on the operating results for the first quarter, stated: "The advent of competition in Ft. Myers continues to affect passenger counts and revenues. However, the Company was able to offset substantial decreases in revenue with substantial reductions in expenses." Europa Cruises Corporation owns four gambling ships and operates an off-shore gaming business in the United States. It currently employs approximately 250 employees and operates gambling ships out of ports located in Ft. Myers and Madeira Beach, Florida. In addition to blackjack, poker, slot machines, and craps, the cruises offer dining, dancing and entertainment. Europa Cruises Corporation, through its wholly owned subsidiary, Casino World, Inc., intends to construct 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 Circus Circus Enterprises, Inc., also intends to develop a destination casino resort and hotel. The Company's destination resort is expected to include a luxury hotel and spa, a sports and entertainment center, approximately 120,000 square feet of casino space, a state-of-the-art recreational vehicle park, a business conference center and an executive golf course. The development of the Diamondhead, Mississippi project, is 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.  