Final Agreements Completed on Viva's Casino Day-Cruise Project; Boat to Arrive This Week

Viva Gaming Resorts reported that it has finalized its bare-boat charter agreement and related letter-of-credit commitments with Discovery Dawn Limited Partnership and, as a result, has now taken possession of the Bahamian-flagged luxury casino cruise ship M/V Island Dawn.

The cruise ship is presently being moved from its previous location in Freeport, Grand Bahamas, directly to Corpus Christi, with scheduled arrival this week. The luxury vessel, to be renamed Texas Treasure, has a passenger capacity of 1,464 and includes full-service dining and restaurant facilities, bare areas, show lounge and expanded gaming amenities for its adult-only customers. The ship will be managed by Sophlex Ship Management (Sophlex), a Florida corporation. Sophlex will be directly responsible for all maritime operations and related duties. Viva Gaming will begin day-cruise operations in Corpus Christi by Sept. 15, 2000. The company expects to attract in excess of 400,000 passengers annually and generate approximately $35 million in revenues during its first year of operation.