As I scoured news sites for information about sin stocks, I stumbled across an old, old piece of news about a cruise line, Europa Cruises (formerly OTC: KRUZ) that had changed what it sold. Europa Cruises, it seems, found that it had more promising opportunities as a gambling sin stock than a vacation stock. Apparently, it sold off its shipping assets and got into the casino business.
After further research, I discovered that in 2002, the company changed its name from Europa Cruises to Diamondhead Casinso (DHCC). Today, it’s still a pink sheet traded company that owns another company in Mississippi and is planning to develop land in Mississippi into a casino.
Apparently the land was thought to be an ideal place for a casino since the mid-1990’s but, according to this article, casinos at the time had to float; they couldn’t be built on land. That law has since changed and in August 2014, the company received approval to move forward with a casino.
That doesn’t mean it will be built just yet. The company still needs to get financing and then get additional approvals. But it seems like the little former cruise company is moving forward with this land-based casino.