Document:

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                                                                 Exhibit 10.3.3

       AGREEMENT FOR THE PURCHASE AND SALE OF A VESSEL AND CERTAIN ASSETS

THIS AGREEMENT FOR THE PURCHASE AND SALE OF A VESSEL AND CERTAIN ASSETS
(hereafter "Agreement") is made and entered into as of the 2nd day of August,
2000, by and between, EUROPASKY CORPORATION, a Delaware corporation
(hereinafter referred to as "Seller"), and STARDANCER CASINO, INC., a South
Carolina corporation (hereinafter referred to as the "Buyer" or "Purchaser").

                                  WITNESSETH:

WHEREAS, the Seller and/or its parent company, Europa Cruises Corporation,
and/or its subsidiaries, own, inter alia, two vessels and other property and
operate a gambling ship which sails from Hubbard's Marina, Madeira Beach,
Florida; and

WHEREAS, the Seller desires to sell a single vessel, Official Number D982256,
known as the M/V Europa Sky (the "Vessel") which is currently docked at
Hubbard's Marina, Madeira Beach, Florida, together with certain slot machines,
equipment and furniture thereon which are owned by Seller and used on said
Vessel, subject to the terms, conditions and provisions contained herein; and

WHEREAS, the Seller desires to sublease, subject to the consent of Hubbard
Enterprises, Inc., any and all lease rights it may have to a dock, parking lots
and ticket booth currently leased from Hubbard Enterprises, Inc. (hereafter
"Hubbard") to Buyer; and

WHEREAS, the Buyer desires to purchase the Vessel and certain slot machines,
equipment and furniture on the Vessel which are owned by Europa subject to the
terms, conditions and provisions contained herein; and

WHEREAS, the Buyer desires to sublease, subject to Hubbard's consent, any and
all premises which Seller leases from Hubbard, including a dock, parking lots
and ticket booth;

NOW, THEREFORE, for and in consideration of the mutual covenants herein
contained, together with other good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties hereto do agree as
follows:

1.       RECITALS

The above recitals are true and correct and are incorporated herein by
reference.

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2.       PURCHASE AND SALE OF A SINGLE VESSEL

Seller agrees to sell, transfer, convey and deliver to Buyer, and Buyer agrees
to purchase from Seller, that Vessel commonly known as the M/V Europa Sky for
the consideration set forth in this Agreement.

3.       PURCHASE AND SALE OF CERTAIN VESSEL-RELATED ASSETS

Seller agrees to sell, transfer, convey and deliver to Buyer, and Buyer agrees
to purchase from Seller the slot machines, equipment and furnishings on the
Vessel which are owned by Seller and listed on Attachment 1 for the
consideration set forth in this Agreement.

4.       LEASED ASSETS AND EQUIPMENT

It is understood that the Seller is not selling property to Buyer which is
leased and, accordingly, not owned by Seller. This property includes:

Let-It-Ride:                                            ($395 rental per month)
Tech-Art (peepholes for viewing cards):                 (4 units $94 per month)
Marlin Leasing POS System:                                     ($261 per month)
Sunny South Motel Sign:                                        $125.00 Monthly
Certain leased slot machines (3)                   (identified on Attachment 2)
Siemens Saturn PBX phone system:                                $993 per month
Direct TV:                                                      $116 per month
Atlantic City Coin & Slot Service Company (wheel of Madness):   $550 per month
Oasis Ice Crusher
ATM Machine
ComCheck and ComCheck equipment

5.       SUBLEASE OF PREMISES LEASED FROM HUBBARD ENTERPRISES INC.

The Buyer understands that Seller leases certain premises located at Hubbards
Marina, Johns Pass Village, Madeira Beach, Florida from Hubbard Enterprises,
Inc. which are used for a wet storage berth for the vessel, parking, and a
ticket booth pursuant to that Second Addendum to Lease dated November 1, 1996
between Hubbard Enterprises, Inc. and Europa Sky Corporation and Exhibit A
thereto entitled "Lease Agreement" dated November 13, 1990. The two documents
are hereinafter referred to as the "Hubbard Lease".

The Buyer acknowledges that it has been provided with a copy of the Second
Addendum to Lease dated November 1, 1996 between Hubbard Enterprises, Inc. and
Europa Sky Corporation and Exhibit A thereto (Lease Agreement dated November
13, 1990). The Buyer further acknowledges that it and its attorneys have been
provided with access to the complete files of Europa in HUBBARD ENTERPRISES,
INC. V. EUROPASKY CORPORATION (Circuit Court for

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Pinellas County, Florida, Case No. 99-003715) and all prior agreements relating
to Europa and Hubbard. The Buyer understands that Hubbard has appealed the
lower court decision entered in favor of Europa in this case. The Buyer
understands that Article VI of the Hubbard Lease states as follows:

Lessee hereby acknowledges and agrees that it shall not have the right to
assign or sublease Lessee's interest in this Lease, without first having
obtained the prior written consent of Lessor, which consent shall not be
unreasonably withheld.

The Buyer understands that this Agreement is contingent on obtaining the prior
written consent of Hubbard to sublease the premises. Subject to the written
consent of Hubbard, the Seller agrees to sublease the premises to Buyer and
Buyer agrees to pay any and all rents required to be paid under the Hubbard
Lease. The Buyer understands that there can be no assurance that Hubbard will
allow Seller to sublease the premises to Buyer.

The Buyer agrees to provide the Seller with a separate, irrevocable Letter of
Credit to secure the payment of any and all rents or other amounts that might
be due to Hubbard Enterprises, Inc. during the term of the Lease or any
extensions thereof.

6.       PURCHASE PRICE AND TERMS

         (a)      The total purchase price is $5,200,000.

         (b)      The purchase price will be allocated as follows:

                  (i)      M/V Europa Sky                           $ 5,000,000
                  (ii)     Goodwill                                      50,000
                  (iii)    Slot Machines, Equipment, Furniture      $   150,000
                           TOTAL PURCHASE PRICE:                    $ 5,200,000

The parties agree to use the above allocation for purposes of filing their
local, state and federal income tax returns.

7.       PAYMENT OF PURCHASE PRICE

The full amount of the Purchase Price shall be paid to the Seller in full in
cash or good certified checks in the amount of Five Million, Two Hundred
Thousand Dollars ($5,200,000). The terms of payment will vary depending on
whether the Purchaser also purchases the M/V Europa Star from Europa Cruises of
Florida 1, Inc. pursuant to a separate agreement.

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The Seller agrees to use the proceeds of the sale to pay First Union National
Bank of Florida the approximate $2,500,000 due to said Bank and to pay the
remaining $900,000 due to the State of Florida pursuant to a settlement
agreement reached by Europa and the State of Florida in 1999. The Seller shall
provide Buyer with proof of the amount paid to the Bank and State from each
payment toward the purchase price received. The Seller represents that First
Union is agreeable to being paid a fractional portion of each payment received
by Seller. The Purchaser has the right to contact First Union to ensure that
the Seller has, in fact, made payments toward the approximate $2,500,000 which
Europa owes First Union from the proceeds received from the sale. In the event
the Seller does not make payment to First Union or the State of Florida, the
Purchaser will then be entitled to make payment due directly to First Union
and/or the State of Florida.

A)       PAYMENT TERMS IN THE EVENT THE PURCHASER HEREIN ALSO PURCHASES THE M/V
EUROPA STAR FROM EUROPA CRUISES OF FLORIDA 1, INC.

In the event the Purchaser herein also purchases the M/V Europa Star from
Europa Cruises of Florida 1, Inc. pursuant to a separate agreement, and does
not elect to terminate the agreement to purchase the M/V Europa Star on or
before September 1, 2000, the payment of the $5,2000,000 Purchase Price due
under this Agreement will be as follows:

          1)     On or before August 7, 2000:                  $  800,000
          2)     September 1, 2000:                               800,000
          3)     October 1, 2000:                                 500,000
          4)     November 1, 2000:                                500,000
          5)     December 1, 2000:                                500,000
          6)     January 1, 2001:                                 500,000
          7)     February 1, 2001:                                400,000
          8)     March 1, 2001:                                   400,000
          9)     April 1, 2001:                                   400,000
         10)     May 1, 2001:                                     400,000

                 TOTAL:                                        $5,200,000

B)       PAYMENT TERMS IN THE EVENT THE PURCHASER HEREIN DOES NOT PURCHASE THE
M/V EUROPA STAR FROM EUROPA CRUISES OF FLORIDA 1, INC.

In the event the Purchaser herein does not purchase the M/V Europa Star from
Europa Cruises of Florida 1, Inc. pursuant to a separate agreement or in the
event the Purchaser exercises any option it may have to terminate a separate
agreement relating to the

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purchase of the M/V Europa Star, the payment of the $5,2000,000 Purchase Price
due under this Agreement will be as follows:

         1)       On or before August 7, 2000:                 $  800,000
         2)       September 1, 2000:                              900,000
         3)       October 1, 2000:                                900,000
         4)       November 1, 2000:                               900,000
         5)       December 1, 2000:                               900,000
         6)       January 1, 2001:                                800,000

                  TOTAL:                                       $5,200,000

In addition to the payments listed in the above schedule, the Purchaser will
pay interest on the balance of the Purchase Price due beginning September 1,
2000 until the full Purchase Price has been paid. Interest will be calculated
at 7% per annum on the outstanding balance of the total purchase price and will
be due and payable together with the principal payments due above.

In the event the Purchaser elects to exercise its option under a separate
agreement to terminate its purchase of the M/V Europa Star, any credits due
from the purchase of the Star will be applied to the last payment due on
January 1, 2001. Any excess amount to be applied will be applied to the payment
due December 1, 2000.

8.       OFFSETS

The parties agree that they are entitled to no offsets, credits or refunds
arising out of any prior transaction between the parties.

9.       LETTER OF CREDIT

The Buyer will provide the Seller, upon signing of this Agreement, with an
irrevocable Letter of Credit on terms acceptable to the Seller in the amount of
$4,400,000, to secure payment of the full amount due for the purchase of the
Vessel, slot machines, equipment and furnishings. The Letter of Credit will be
returned to the Issuer of the Letter of Credit upon payment of the full
$5,200,000 due to Seller.

10.      DEFAULT

In the event a payment to be made herein to Seller is not received when due,
the Purchaser shall be deemed to be in default. In the event the default is not
cured within ten calendar days after the Seller delivers written notice of
default to Purchaser, the Seller will, without further notice, present the
Letter of Credit for payment. In the event the Seller is unable, for any
reason, to collect the full amount due under the Letter of Credit within two
business days of presentment to the Issuer of the Letter of Credit

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or the default is not cured, Europa shall be entitled to take immediate
possession of the Vessel and the slot machines, equipment and furnishings
thereon, but Europa shall still be entitled to all sums due pursuant to this
Agreement, pursuant to the Letter of Credit, and attorneys fees and costs
incident to collection of any sums payable under this Agreement or Letter of
Credit. Europa shall be entitled to immediately sell the Vessel, slot machines,
equipment and furnishings without further notice to Buyer. In addition, in the
event the default is not cured within ten calendar days, any sublease of the
Hubbard premises shall be deemed null and void and of no force and effect and
Europa shall be entitled to take immediate and exclusive possession of the
premises without further notice to Buyer.

11.      NO REAL PROPERTY CONVEYED AND NO OTHER PROPERTY OR ASSETS CONVEYED BY
THIS AGREEMENT

It is understood and agreed by the parties that Seller is not selling or
conveying to Buyer any real property pursuant to this Agreement. It is
understood and agreed by the parties that Seller is not selling or conveying to
Buyer any other Vessel other than the M/V Europa Sky, or any other assets owned
or used by Seller, by its parent, Europa Cruises Corporation, or by any
affiliate or subsidiary of Seller and/or its parent, other than the slot
machines, equipment and furnishings identified herein.

EUROPA CRUISES CORPORATION HEADQUARTERS
SUITE 202 (CONDOMINIUM)

It is understood that Europa Cruises Corporation, the parent of EuropaSky
Corporation, owns a condominium at 150-153rd Avenue, Suite 202, Madeira Beach,
Florida 33708. It is understood that the Seller is not selling this
condominium to Purchaser or leasing this condominium to Purchaser pursuant to
this Agreement.

SUITE 200 (PRESIDENT'S OFFICE)

It is understood that Europa Cruises Corporation leases an office 150-153rd
Avenue, Suite 200, Madeira Beach, Florida 33708. It is understood that this
office is leased on a month-to-month basis from a third party Lessor for
approximately $608.75 per month and a $185 per month condominium fee. It is
understood that the Purchaser must obtain a lease for this office from the
third party Lessor should Purchaser desire to lease these premises.

CASH EXCLUDED

It is understood by the parties that the Seller is not conveying any cash,
checks, credit card or other funds on hand in its cage, in its bank accounts,
or elsewhere.

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ACCOUNTS RECEIVABLE EXCLUDED

This sale does not include any of Seller's accounts or notes receivable, all of
which remain Seller's property. If, following the close of this sale, Buyer
shall collect any of Seller's accounts or notes receivable, Buyer shall
promptly remit the proceeds to Seller.

CASINO CHIPS

It is understood by the parties that the Seller is not conveying casino chips
or tokens or cash equivalents to the Buyer. The Buyer, should he desire to do
so, is welcome to use the Seller's chips pending the Buyer's ability to
purchase replacement chips.

The parties agree that in the event the Buyer desires to use Seller's chips
pending receipt of its own chips, the Buyer will tender a certified check to
the Seller for the amount of chips the Buyer desires to borrow for use. The
Seller will hold the check. Upon return of the chips to Seller, the Buyer will
pay to the Seller the difference between the value of the chips borrowed by
Buyer and the value of the chips returned by Buyer. The Seller will then return
Buyer's original check to Buyer. In the event Buyer does not return all of the
chips to Seller on or before the date that is ninety (90) days after the Date
of Transfer of Possession, Seller shall be entitled to cash Buyer's certified
check and retain that amount representing the full value of chips that were not
returned by Buyer. The parties agree that the Buyer will purchase chips to be
delivered to Buyer within 90 days of the Date of Transfer of Possession.

TOKENS

         It is understood by the parties that the Seller is not conveying
         casino tokens or cash equivalents to the Buyer. Seller shall retain
         title to any and all tokens used on the in the operation, provided
         however, that Seller agrees to permit Buyer to use such Tokens for a
         period of not more than ninety (90) days from the Date of Transfer of
         Possession so that Buyer may have an opportunity to acquire its own
         tokens without an interruption in the operation of the business. In
         the event that Buyer wishes to make such temporary use of the Tokens:
         (i) Buyer shall tender to Seller on the Date of Transfer of Possession
         as security for the Tokens a certified check for the full face amount
         of the Tokens that Buyer wishes to use. (For example, if Buyer wishes
         to use 100 five dollar tokens, 100 one dollar tokens and 100
         twenty-five cent tokens, then Buyer shall tender $625.00 to Seller);
         (ii) Seller shall hold such certified check until the earlier of the
         date that Buyer returns the Tokens to Seller or the date that is
         ninety (90)

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days after the Date of Transfer of Possession; (iii) upon the return of the
Tokens to Seller, Buyer shall pay to Seller the difference between the value of
the Tokens borrowed by Buyer and the value of the Tokens returned to Seller by
Buyer, and Seller shall thereafter return Buyer's certified check. In the event
that Buyer does not return all of the Tokens to Seller on or before the date
that is ninety (90) days after the Date of Transfer of Possession, Seller shall
be entitled to cash Buyer's certified check and retain that amount representing
the full value of Tokens that were not returned by Buyer.

USE OF TRADEMARK OR TRADE NAME "SEAKRUZ"

Europa Cruises Corporation and/or its subsidiaries (hereafter collectively, the
"Europa Group"), have conducted or presently conduct business in several
locations under the trademark or trade name "SeaKruz" or "Europa SeaKruz". It
is understood and agreed that Buyer is not purchasing any right to use the
trademark or trade name "SeaKruz" in connection with the Madeira Beach
operation. The Buyer shall acquire no right, title, or interest in the
trademark or trade name.

12.      HIRED EMPLOYEES

Prior to the Date of Transfer of Possession, the Purchaser agrees to offer
employment to at least two-thirds of the employees of Europa Sky Corporation
(the "Hired Employees") for a minimum of sixty (60) days commencing on the Date
of Transfer of Possession, during which period Purchaser shall evaluate the
feasibility of the continued employment of the Hired Employees. Seller shall
pay the cost of any compensation, severance or benefits which may be payable
through the Date of Transfer of Possession to Seller's employees. Purchaser
shall pay the cost of any compensation, severance or other benefits which may
be payable after the Date of Transfer of Possession to the Hired Employees.

13.      ASSUMED LIABILITIES

         (a)      Assumption of Contracts by Buyer. On the Date of Transfer of
Possession, the Buyer will assume all rights, obligations and liabilities of
the Seller under the contracts entered into by Seller in the regular course of
business that remain executory and that are identified in Paragraph 4 above.

         (b)      Sublease of Hubbard Lease. Upon the Date of Transfer of
Possession, subject to the written consent of Hubbard Enterprises, Inc., Seller
will sublease to Buyer the premises currently leased by Seller from Hubbard
Enterprises, Inc.

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14.      ASSUMPTION OF VESSEL LIABILITIES

On the Date of Transfer of Possession of the Vessel, slot machines, equipment
and furnishings, the Buyer will assume all rights, obligations and liabilities
arising out of or relating to Buyer's possession or operation of the Vessel,
slot machines, equipment and furnishings from the Date of Transfer of
Possession, subject to (i) the Seller's agreement to indemnify the Buyer
against obligations and liabilities incurred prior to the Date of Transfer of
Possession, and (ii) the Buyer's agreement to indemnify the Seller against
obligations and liabilities incurred on and after the Date of Transfer of
Possession.

15.      CONDITION OF THE VESSEL

The Buyer acknowledges that Seller has made no representations or claims as to
the condition of the Vessel or slot machines, equipment or furnishings which
are the subject of this Agreement.

SELLER SPECIFICALLY DISCLAIMS ANY WARRANTIES, EXPRESS OR IMPLIED, AND ANY
WARRANTIES AS TO THE PHYSICAL OR MECHANICAL CONDITION OF THE VESSEL. BUYER
ACKNOWLEDGES THAT BUYER IS PURCHASING THE VESSEL "AS IS" "WHERE IS" "TOGETHER
WITH ALL FAULTS." ALL IMPLIED WARRANTIES, INCLUDING THE IMPLIED WARRANTY OF
MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE, ARE HEREBY DISCLAIMED. IT
IS EXPRESSLY UNDERSTOOD THAT THE VESSEL IS SOLD "AS IS," "WHERE IS" "TOGETHER
WITH ALL FAULTS."

16.      INSPECTION

The parties agree that the Buyer and/or its representatives, technicians or
experts shall have complete access to the Vessel for the purpose of informing
themselves of the condition of the Vessel at any time or times prior to taking
possession of the Vessel.

17.      CLOSING

The Closing of this transaction shall occur on May 1, 2001 or January 1, 2001
depending on which payment terms apply under Paragraph 7, unless otherwise
agreed by the parties in writing. Closing shall take place in Myrtle Beach,
South Carolina or in international waters or at such other location as is
agreed to by the parties in writing. Closing shall be effective as of 12:01
a.m. on the Closing Date. In the event that Buyer fails for any reason to close
on the Closing Date, Seller shall be deemed to have elected to terminate this
Agreement and shall be entitled to sell the Vessel, slot machines, equipment
and furnishings to any other buyer without further obligation or notice to the
Buyer. In the event that Buyer fails for any reason to close on or before the
Closing Date, any payments received will be forfeited to

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Seller. The Buyer shall remain liable for payments due under this Agreement and
for attorneys' fees and expenses incurred in collecting same.

18.      TITLE TO VESSEL IS NOT TO BE CONVEYED UNTIL CLOSING

It is understood that title to the Vessel, slot machines, equipment and
furnishings thereon will not be conveyed until the Closing Date. It is
understood that the Seller shall NOT convey title to the Vessel, slot machines,
equipment or furnishings being sold to Buyer until the Purchase Price has been
paid in full. The parties understand that certain entities have liens on the
Vessel and must release said liens prior to transfer of title. These include:
First Union National Bank of Florida and the Florida Department of Revenue. The
foregoing have agreed to release their liens upon payment of certain sums to
them which the Seller agrees to pay. Seller shall, at Seller's expense, convey
title to the Vessel at Closing or as soon as is possible after the Purchase
Price has been paid in full.

19.      OBLIGATIONS FOLLOWING DATE OF TRANSFER OF POSSESSION AND CLOSING

         (a)      TRANSFER OF LICENSES

         Seller shall cooperate with Buyer and take all reasonable steps
necessary for the transfer to Buyer of any and all transferable licenses and
permits necessary for the ownership and operation of the Vessel.

         (b)      BUYER TO PAY TAXES ON PURCHASE PRICE

         The purchase price of the Vessel, slot machines, equipment and
furnishings conveyed herein does not include any sales or use tax. Buyer
acknowledges that payment of these taxes is Buyer's obligation and that all
required tax returns will be filed and all taxes due will be remitted to the
appropriate tax authority when due. Buyer will indemnify and hold Seller
harmless from any liability for sales or use tax arising out of this purchase
and sale transaction and for any and all expenses incurred by Seller, including
attorneys' fees, should Buyer fail to pay taxes when due.

         (c)      SELLER TO PAY BROKER'S COMMISSIONS

         The Seller warrants to Buyer that Seller has not engaged or retained
the services of a broker regarding this Agreement except as follows and that in
the event a broker shall claim a commission due with regard to this Agreement
on account of the Seller, Seller shall protect, save harmless and indemnify
Buyer from and against any claim brought by said broker, whether founded or
unfounded.

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The Seller has agreed to pay a commission equal to three percent of the
Purchase Price (3% of $5,200,000) or a total commission in the amount of One
Hundred and Fifty-Six Thousand Dollars ($156,000) to:

Coastal Passenger Vessels, LTD., LLP
9363 Shady Lane Circle
Houston, Texas 77063

The commission will be due and paid upon receipt of payments received by Seller
from the Buyer on each portion of the payment received. The Buyer warrants to
Seller that Buyer has not engaged or retained the services of a broker
regarding this Agreement and that in the event a broker shall claim a
commission due with regard to this Agreement on account of the Buyer, Buyer
shall protect, save harmless and indemnify Seller from and against any claim
brought by said broker, whether founded or unfounded.

         (d)      DOCUMENTS

Seller and Buyer agree to execute all documents as may reasonably be required
to transfer the Vessel, slot machines, equipment and furnishings thereon owned
by Europa in accordance with the provisions hereof including, without
limitation, a Bill of Sale for the Vessel and any other documents and
instruments as may be necessary or appropriate for the consummation of the
transaction contemplated herein.

         (e)      COOPERATION IN DEFENSE OF LAWSUITS AND CLAIMS

The parties agree to cooperate fully and completely with each other in the
event either party or its officers, directors or employees are the subject of a
complaint, claim or lawsuit. Each party agrees to use its best efforts to
assist the other party in defending any claim or lawsuit filed against a party
or its officers, directors or employees, including, but not limited to, making
its employees, agents and representatives available for statements, depositions
or trial.

20.      SELLER'S REPRESENTATIONS, WARRANTIES AND COVENANTS.

The Seller represents, warrants and covenants to the Buyer the following:

         (a)      AUTHORITY

         Seller is a corporation duly organized, validly existing, and in good
standing under the laws of the State of Delaware. This

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Agreement and the transactions contemplated hereunder have been duly authorized
by the Board of Directors of the Seller, EuropaSky Corporation, as well as the
sole shareholder of the Seller, Europa Cruises Corporation, and constitute the
valid and binding obligation of the Seller.

         (b)      SOLE OWNERSHIP

         Seller is the sole owner of the vessel and has the full right and
power to sell and transfer it.

         (c)      LIENS ON VESSEL

         The Vessel will be transferred on the Date of Closing or as soon as is
possible thereafter, free from any security interest, lien or encumbrance.

         (d)      NO SUITS, CLAIMS, JUDGMENTS, ETC.

         Seller has no knowledge of any unsatisfied judgments against the
Vessel. Seller has no knowledge of any suits or claims pending against the
Vessel other than those identified in Attachment 3.

21.      BUYER'S REPRESENTATIONS, WARRANTIES AND COVENANTS

Buyer represents and warrants to the Seller that:

         (a)      AUTHORITY

         Purchaser is a corporation duly organized, validly existing, and in
good standing under the laws of the State of South Carolina. This Agreement and
the transactions contemplated hereunder have been duly authorized by all
necessary action of the Purchaser and its Board of Directors and constitute the
valid and binding obligation of the Purchaser.

         (b)      NO RELIANCE

         Seller has not made any representations as to the condition of the
Vessel or as to the past or present earnings or the prospects of future
earnings of the Vessel. The Seller has made no representations as to the past or
present earnings of the business or operation or prospects of future earnings
of the business or operation and Buyer has not relied upon any representation(s)
by Seller or others in entering into this Agreement.

         (c)      ADEQUATE OPPORTUNITY FOR INSPECTION

         Prior to signing this agreement, Buyer and its agents,
representatives, technicians and experts have been afforded adequate
opportunity to inspect the Vessel and all slot machines, equipment, fixtures,
and furnishings conveyed thereon and has had the opportunity to ascertain to
its satisfaction the physical

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condition of the Vessel, slot machines, equipment, fixtures and furnishings
thereon.

22.      RISK OF LOSS

Any risk of loss or destruction shall pass to Buyer upon taking possession of
the Vessel on the Date of Transfer of Possession. Buyer will take possession of
the Vessel at the Vessel's then location at Hubbard's Marina in Madeira Beach,
Florida, following payment of the first $1,600,000 due.

23.      CROSS INDEMNIFICATION

         (a)      SELLER'S INDEMNIFICATION

Seller agrees to indemnify Buyer, its shareholders, officers and directors and
their respective successors, heirs and assigns, and hold Buyer and them
harmless from and against claims of any nature relating to the Vessel and/or
operation of the Vessel prior to the Date of Transfer of Possession.

         (b)      BUYER'S INDEMNIFICATION

Buyer agrees to indemnify Seller, its shareholders, officers and directors and
their respective successors, heirs and assigns, and hold Seller and them
harmless from and against claims of any nature relating to the Vessel and/or
operation of the Vessel on and after the Date of Transfer of Possession.

24.      ASSIGNMENT

The Buyer shall have no right to assign this Agreement until the full Purchase
Price has been paid without the express, written consent of the Seller. It is
understood that the Seller may withhold consent for any reason and that consent
may be unreasonably withheld. It is understood that the Seller will have the
absolute right to assign this Agreement.

25.      PRORATION

The expenses associated with all leases, rents or other contracts which will be
utilized by the Buyer shall be prorated to the date of transfer of possession
of the Vessel.

All inventories of consumable products, including fuel, oil, liquor, beer, soft
drinks and mixers will be inventoried after the last cruise prior to transfer
of possession and the Buyer will reimburse Seller for the value at Seller's
cost of the consumable inventories.

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26.      WAIVER

No waiver of any breach or default under this Agreement by any party shall be
considered to be a waiver of any other breach or default under this Agreement.

27.      OWNERSHIP

The parties agree that, while the Seller shall retain title to the Vessel as
security until the full Purchase Price has been paid, that the Buyer shall be
deemed the Owner of the Vessel, slot machines equipment and furnishings thereon
for all purposes.

28.      TAXES

Although the Seller will retain title to the Vessel until payment of the full
Purchase Price, the Purchaser shall be deemed the owner of the Vessel for all
purposes and shall pay all taxes and assessments of any nature that may be
assessed against the title holder or owner of the Vessel or the Vessel in
connection with the use of the Vessel including, but not limited to, admissions
taxes, sales, taxes, special county taxes, use taxes, federal excise taxes,
registration fees, personal property taxes, liquor taxes, penalties and
interest thereon, and any attorneys fees incurred in connection with the
collection thereof and shall indemnify Europa against any claims, liens and
collection efforts in connection therewith.

29.      INSURANCE

The parties agree that the Seller currently carries insurance on the Vessel. It
is agreed that the Purchaser will maintain, at a minimum, the same insurance
coverage now being carried on the Vessel. The Purchaser will pay all insurance
premiums on the Vessel beginning with that date on which the Purchaser takes
possession of the Vessel. The Purchaser shall name EuropaSky Corporation and
Europa Cruises Corporation as insureds under all policies of insurance and shall
furnish proof of all insurance to be carried on the Vessel until the Purchase
Price has been paid in full.

30.      TIME IS OF THE ESSENCE

Time is of the essence of this agreement.

31.      EXPENSES OF SALE

Each party shall be responsible for its own costs, expenses and legal fees
relating to the transaction. Seller's expenses shall include preparation of the
bills of sale and preparation of Seller's instruments for the transfer of the
Vessel. Buyer's expenses shall include all financing costs, all costs of
registering the bill of sale with the United States Coast Guard,

                                      14
<PAGE>   15

preparation of any notes and liens hereunder, and preparation of Buyer's
instruments for the transfer of the Vessel.

32.      NOTICE

Any and all notices required or contemplated hereunder shall be provided by
delivery via Federal Express and via facsimile to the following:

AS TO SELLER:

EuropaSky Corporation
Deborah A. Vitale, President
1013 Princess Street
Alexandria, Virginia 22314
Tel: 703-683-6800
Fax: 703-683-6816

AND to:

Deborah A. Vitale, President
EuropaSky Corporation
150-153rd Avenue
Suite 200
Madeira Beach, Florida 33708
Tel: 727-393-2885
Fax: 727-319-9125

AS TO BUYER:

Sam Gray, President
Stardancer Casino, Inc.
1180 Highway 17
Little River, South Carolina 29566
Tel: 843-280-6711
Cell: 843-458-9572
Facsimile: 843-280-4860

33.      GOVERNING LAW

This Agreement shall be governed by the laws of the State of Florida and shall
be enforced only in a court of competent jurisdiction in Pinellas County,
Florida.

34.      SEVERANCE

The invalidity or unenforceability of any portion of this Agreement shall in
nowise affect the remaining provisions and portions hereof.

                                      15
<PAGE>   16

35.      BINDING EFFECT

This agreement shall bind the successors, heirs and assigns of the parties
hereto.

36.      CAPTIONS

The paragraph captions used throughout this agreement are for the purpose of
reference only and are not to be considered in the construction of this
agreement or in the interpretation of the rights or obligations of the parties
hereto.

37.      ENTIRE AGREEMENT

This Agreement supersedes all prior agreements and oral discussions and
constitutes the entire agreement between the parties and the agreement shall
not be modified in any respect except by an amendment in writing signed by all
parties hereto.

38.      REPRESENTATION AS TO AUTHORITY TO ACT

The undersigned represent and warrant that they are duly empowered and
authorized to execute this Agreement on behalf of their respective principals.

IN WITNESS WHEREOF the parties have caused this instrument to be executed as of
the date first above written in international waters at 78.30 degrees longitude
and 33.47 degrees latitude.

SELLER:

EUROPASKY CORPORATION

By: /s/ Deborah A. Vitale
   ----------------------------------
        Deborah A. Vitale, President

Date:   August 2, 2000
   ----------------------------------

BUYER:

STARDANCER CASINO, INC.

By: /s/ Sam Gray
   ----------------------------------
        Sam Gray, President

Date:   August 2, 2000
   ----------------------------------

                                      16
<PAGE>   17

                                A-D-D-E-N-D-U-M

This ADDENDUM to the AGREEMENT FOR THE PURCHASE AND SALE OF A VESSEL AND CERTAIN
ASSETS (hereinafter referred to as "The Agreement") dated as of the 2nd day of
August, 2000, between EUROPASKY CORPORATION, a Delaware corporation (hereinafter
referred to as "Seller"), and STARDANCER CASINO, INC., a South Carolina
corporation (hereinafter referred to as "Buyer" or "Purchaser"), is made and
entered into as of the 12th day of December, 2000, between Seller and Buyer for
the sole purposes expressed herein.

A.       Paragraph 18 of The Agreement notwithstanding, upon the execution of
this Addendum title to STARDANCER IV (ex. EUROPA SKY) official number 982256
(hereinafter referred to as "The Vessel), but nothing else, shall be conveyed
to Buyer by the delivery of a Bill of Sale by Seller to Buyer, upon which Buyer
shall deliver to Seller a Promissory Note in the principal amount of
$1,600,000.00 and a FIRST PREFERRED SHIP MORTGAGE covering the whole of The
Vessel to secure Buyer's obligations under the Promissory Note.

B.       Buyer, upon the execution of this Addendum, shall deliver to Seller a
signed and notarized Bill of Sale conveying the vessel together with all
necessaries and appurtenances, including masts, bowsprit, sails, boats,
anchors, cables, tackle, furniture, and all other necessaries there unto
appertaining and belonging. Seller or Seller's agent shall hold the Bill of
Sale in escrow and shall redeliver it to Buyer upon the full payment of the
Promissory Note and satisfaction of the FIRST PREFERRED SHIP MORTGAGE. In the
even of default in the Promissory Note or FIRST PREFERRED SHIP MORTGAGE, Seller
may, in Seller's sole discretion, record the Bill of Sale and take immediate
possession of the vessel together with all necessaries and appurtenances.

EXCEPT AS PROVIDED ABOVE, The Agreement shall otherwise remain in full force
and effect, and Seller shall retain each and every power or remedy granted in
the Agreement in addition to all powers or remedies now or hereafter existing
in admiralty, in equity, at law, or by statute. No delay or omission by seller
shall impair any

                                  PAGE 1 OF 2

<PAGE>   18

right, power, or remedy, and no waiver of default shall waive any other
default.

         Signed at Alexandria, Virginia the 12th day of December, 2000.

EUROPASKY CORPORATION                    STARDANCER CASINO, INC.

By: /s/ Deborah A. Vitale                By: /s/ Sam Gray
   ----------------------------------       ----------------------------------
        Deborah A. Vitale, President             Sam Gray, President

                                  Page 2 of 2<PAGE>   1

                                                                 Exhibit 10.3.4

                  AGREEMENT FOR PURCHASE AND SALE OF A VESSEL

         THIS AGREEMENT FOR THE PURCHASE SALE OF A VESSEL (hereafter
"Agreement") is made and entered into as of the 2nd day of August, 2000, by and
between EUROPA CRUISES OF FLORIDA 1, INC., a Delaware corporation (hereinafter
referred to as "Seller" or "Europa"), and Stardancer Casino, Inc., a South
Carolina corporation (hereinafter referred to as the "Buyer" or "Purchaser.").

                                  WITNESSETH:

         WHEREAS, the Seller and/or its parent company, Europa Cruises
Corporation, and/or its subsidiaries, own, inter alia, two vessels and other
property and operate a gaming business out of Madeira Beach, Florida; and

         WHEREAS, the Seller desires to sell a single vessel, IMO number
7722047, known as the Europa Star (the "Vessel") which is currently docked at
Oyster Bay Land Co., 1711 Main Street, Fort Myers Beach, Florida 33931,
together with certain equipment thereon which is owned by Seller and used on
said Vessel, subject to the terms, conditions and provisions contained herein;
and

         WHEREAS, the Buyer desires to purchase the Vessel and that equipment
on the Vessel owned by Europa subject to the terms, conditions and provisions
contained herein.

         NOW, THEREFORE, for and in consideration of the mutual covenants
herein contained, together with other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, the parties hereto do
agree as follows:

1.       RECITALS

         The above recitals are true and correct and are incorporated herein by
         reference.

2.       PURCHASE AND SALE OF A SINGLE VESSEL

Seller agrees to sell, transfer, convey and deliver to Buyer, and Buyer agrees
to purchase from Seller, that Vessel commonly known as the M/V Europa Star and
any equipment thereon for the consideration set forth in this Agreement.

It is understood and agreed by the parties that Seller is not selling or
conveying to Buyer any other Vessel, business or assets owned or used by
Seller, by its parent, Europa Cruises Corporation, or by any affiliate or
subsidiary of Seller and/or its parent. It is understood and agreed by the
parties that Seller is not selling or conveying to Buyer any real property
pursuant to this Agreement.

                                       1
<PAGE>   2

3.       ASSUMPTION OF VESSEL LIABILITIES

The Buyer will take possession of the Vessel forty-eight hours after the Vessel
enters drydock (hereafter "Time of Transfer of Possession.")

Upon taking possession of the Vessel, the Buyer will assume all rights,
obligations and liabilities arising out of or relating to Buyer's possession or
operation of the Vessel from the Time of Transfer of Possession subject to (i)
the Seller's agreement to indemnify the Buyer against obligations and
liabilities incurred prior to the Time of Transfer of Possession and (ii) the
Buyer's agreement to indemnify the Seller against obligations and liabilities
incurred on and after the Time of Transfer of Possession.

4.       PURCHASE PRICE AND TERMS

         (a)      The total purchase price is $2,100,000.

         (b)      The purchase price will be allocated as follows:

                  (i)      M/V Europa Star                  $2,080,000

                  (ii)     Furniture, Fixtures, Equipment
                           and Inventory                    $   20,000
                                                            ----------

                           TOTAL PURCHASE PRICE:            $2,100,000

The parties agree to use the above allocation for purposes of filing their
local, state and federal income tax returns.

5.       PAYMENT OF PURCHASE PRICE

The full amount of the Purchase Price shall be paid to the Seller in full in
cash or good certified checks in the amount of Two Million, One Hundred
Thousand Dollars ($2,100,000) as follows:

         1)  On or before August 4, 2000:                         $  300,000.00
         2)  60 calendar days after the Vessel enters drydock:       300,000.00
         3)  90 calendar days after the Vessel enters drydock:       300,000.00
         4)  120 calendar days after the Vessel enters drydock:      300,000.00
         5)  150 calendar days after the Vessel enters drydock:      300,000.00
         6)  180 calendar days after the Vessel enters drydock:      300,000.00
         7)  210 calendar days after the Vessel enters drydock:      300,000.00
             Total:                                               $2,100,000.00

OPTION TO TERMINATE THIS AGREEMENT

International Ship Repair & Marine Services, Inc. (hereafter "International")
has provided both parties to this Agreement with a Drydocking and Repair
estimate dated July 14, 2000. The estimate provided totaled approximately
$655,000. The parties to this Agreement understand that this is International's
"estimate of costs for repairs to bring the Europa Star into compliance with
United States Coast Guard requirements, ready for operation as a vessel
carrying passengers

                                       2
<PAGE>   3

for hire." The parties to this Agreement agree that International has explained
to both parties that it cannot estimate the full amount required for any
steelwork absent an out-of-water inspection of the hull of the ship which must
be conducted in drydock.

The Purchaser desires to protect itself from a large increase in the estimated
cost of any additional steelwork that might be required following an inspection
of the hull in drydock. Therefore, the Purchaser shall have the option of
terminating this Agreement to purchase the Vessel and equipment thereon if and
only if the total estimated cost of drydocking the Vessel following an
out-of-water inspection of the hull of the ship by Atlantic Drydock
Corporation, exceeds $750,000. The Purchaser agrees that the election to
terminate this Agreement based on an estimate exceeding $750,000 must be made
no later than September 1, 2000.

In the event the Purchaser elects to terminate this Agreement for the foregoing
reason, all funds which the Purchaser paid for drydocking the Star and all
funds which the Purchaser paid to Seller for the purchase of the Star will be
applied to the purchase price due for the Europa Sky.

6.       OFFSETS

The parties agree that they are entitled to no offsets, credits or refunds
arising out of any prior transaction between the parties.

7.       DATE VESSEL "ENTERS DRYDOCK"

The date on which the Vessel "enters drydock" will be that calendar date on
which the Vessel enters a drydock facility, but in no event shall said date be
later than August 15, 2000. The Buyer agrees to take the Vessel to drydock on
or before August 15, 2000.

8.       LETTER OF CREDIT

The Buyer will provide the Seller, prior to taking possession of the Vessel,
with an irrevocable Letter of Credit on terms acceptable to the Seller in the
amount of $2,100,000, to secure payment of the full amount due for the purchase
of the Vessel and to secure payment of all drydock-related costs. The Letter of
Credit will be returned to the issuer of the Letter of Credit upon payment of
the full $2,100,000 due to Seller and upon payment in full of all costs and
expenses related to drydock of the Vessel.

9.       DEFAULT

In the event a payment to be made herein to Seller is not received when due,
the Purchaser shall be deemed to be in default. In the event the default is not
cured within ten calendar days after the Seller delivers written notice of
Default to Purchaser, the Seller will, without further notice, present the
Letter of Credit for payment. In the event the Seller realizes any problem
collecting the amount due under the Letter of Credit or the default has not
been cured, Europa shall be entitled to take possession of the Vessel, but
Europa shall be entitled to all sums due pursuant to this Agreement, pursuant
to the Letter of Credit, and attorneys fees and costs incident to collection of
any sums payable under this Agreement or Letter of Credit.

In the event a payment to be made for drydock related costs or expenses is not
made when due, the Purchaser shall be deemed to be in default. In the event the
default is not cured within ten

                                       3
<PAGE>   4

calendar days after the Seller delivers written notice of Default to Purchaser,
the Seller will, without further notice, present the Letter of Credit for
payment. In the event the Seller realizes any problem collecting the amount due
under the Letter of Credit or the default has not been cured, Europa shall be
entitled to take possession of the Vessel, but Europa shall be entitled to all
sums due pursuant to this Agreement, pursuant to the Letter of Credit, and
attorneys fees and costs incident to collection of any sums payable under this
Agreement or Letter of Credit.

10.      INSPECTION

The parties agree that the Buyer and/or its representatives, technicians or
experts shall have complete access to the Vessel for the purpose of informing
themselves of the condition of the Vessel at any time or times prior to taking
possession of the Vessel.

11.      DRYDOCK

The Purchaser understands that the Vessel's certifications have expired and
have not been renewed. The Purchaser understands that the Vessel must be
drydocked and that substantial steel replacement, hull and other work will be
required in drydock. However, the Seller makes no warranties, express or
implied, as to the costs relating to drydocking of the Vessel. The Purchaser
agrees to take the Vessel to a drydock of its choice on or before August 15,
2000. The Purchaser agrees to pay for all costs and expenses relating to the
repair and drydock of the Vessel. The Parties agree that the Purchaser shall
pay the cost of transporting the Vessel to and from drydock regardless of
whether the Purchaser elects to terminate this Agreement.

12.      CLOSING

The Closing of this transaction shall occur 210 days from the date on which the
Vessel enters drydock unless otherwise agreed by the parties in writing.
Closing shall take place in Myrtle Beach, South Carolina, or in international
waters or at such other location as is agreed to by the parties in writing. In
the event that Buyer fails for any reason to close on the Closing Date, Seller
shall be deemed to have elected to terminate this Agreement and shall be
entitled to sell the Vessel to any other Buyer without further obligation or
notice to the Buyer. In the event that Buyer fails for any reason (other than
having exercised its option to terminate this Agreement under Paragraph 5 by
September 1, 2000), to close on or before the Closing Date, any payments
received will be forfeited to Seller. The Buyer shall remain liable for
payments due under this Agreement, for all costs and expenses relating to
drydock, and for attorneys' fees and expenses incurred in collecting same.

TITLE TO VESSEL NOT TO BE CONVEYED UNTIL CLOSING

It is understood that title to the Vessel and equipment thereon will not be
conveyed until Closing. It is understood that the Seller shall NOT convey title
to the Vessel or equipment being sold to Buyer until the Purchase Price has
been paid in full and all drydock costs and expenses have been paid in full.
The parties understand that certain entities have liens on the Vessel and must
release said liens prior to transfer of title. These include: First Union
National Bank of

                                       4
<PAGE>   5

Florida and the Florida Department of Revenue. The foregoing have agreed to
release their liens upon payment of certain sums to them which the Seller
agrees to pay. Seller shall, at Seller's expense, convey title to the Vessel at
Closing or as soon as is possible after the Purchase Price has been paid in
full and all drydock costs and expenses have been paid in full.

13.      POST-CLOSING OBLIGATIONS

         (a)      TRANSFER OF LICENSES.

         Seller shall cooperate with Buyer and take all reasonable steps
         necessary for the transfer to Buyer of any and all transferable
         licenses and permits necessary for the ownership and operation of the
         Vessel.

         (b)      BUYER TO PAY TAXES ON PURCHASE PRICE.

         The purchase price of the Vessel and the Acquired Assets does not
         include any sales or use tax. Buyer acknowledges that payment of these
         taxes is Buyer's obligation and that all required tax returns will be
         filed and all taxes due will be remitted to the appropriate tax
         authority when due. Buyer will indemnify and hold Seller harmless from
         any liability for sales or use tax arising out of this purchase and
         sale transaction and for any and all expenses incurred by Seller,
         including attorneys' fees, should Buyer fail to pay taxes when due.

         (c)      SELLER TO PAY BROKER'S COMMISSIONS.

         The Seller warrants to Buyer that Seller has not engaged or retained
         the services of a broker regarding this Agreement except as follows
         and that in the event a broker shall claim a commission due with
         regard to this Agreement on account of the Seller, Seller shall
         protect, save harmless and indemnify Buyer from and against any claim
         brought by said broker, whether founded or unfounded:

         The Seller has agreed to pay a commission equal to three percent of
         the Purchase Price (3% of $2,100,000) or a total commission in the
         amount of Sixty-Three Thousand Dollars ($63,000) upon receipt of each
         payment towards the purchase price to:

         Coastal Passenger Vessels, LTD., LLP
         9363 Shady Lane Circle
         Houston, Texas 77063

         The Buyer warrants to Seller that Buyer has not engaged or retained
         the services of a broker regarding this Agreement and that in the
         event a broker shall claim a commission due with regard to this
         Agreement on account of the Buyer, Buyer shall protect, save harmless
         and indemnify Seller from and against any claim brought by said
         broker, whether founded or unfounded.

                                       5
<PAGE>   6

         (d)      DOCUMENTS.

         Seller and Buyer agree to execute all documents as may reasonably be
         required to transfer the Vessel and equipment owned by Europa thereon
         in accordance with the provisions hereof including, without
         limitation, a Bill of Sale for the Vessel in the form of Exhibit A
         attached hereto and any other documents and instruments as may be
         necessary or appropriate for the consummation of the transaction
         contemplated herein.

14.      SELLER'S REPRESENTATIONS, WARRANTIES AND COVENANTS.

The Seller represents, warrants and covenants to the Buyer the following:

         (a)      Authority. Seller is a corporation duly organized, validly
existing, and in good standing under the laws of the State of Delaware. This
Agreement and the transactions contemplated hereunder have been duly authorized
by the Board of Directors of the sole shareholder (Europa Cruises Corporation)
of the Seller, Europa Cruises of Florida 1, Inc., and constitute the valid and
binding obligation of the Seller.

         (b)      Sole Ownership. Seller is the sole owner of the Vessel and
has the full right and power to sell and transfer it.

         (c)      Liens on Vessel. The Vessel will be transferred free from any
security interest, lien or encumbrance.

         (d)      No Suits, Judgments, Etc. Seller has no knowledge of any
unsatisfied judgments against the Vessel nor does Seller have any knowledge of
any suits pending against the Vessel.

15.      BUYER'S REPRESENTATIONS, WARRANTIES AND COVENANTS

Buyer represents and warrants to the Seller that:

         (a)      Authority. Purchaser is a corporation duly organized,
validly existing, and in good standing under the laws of the State of South
Carolina. This Agreement and the transactions contemplated hereunder have been
duly authorized by all necessary action of the Purchaser, and constitute the
valid and binding obligation of the Purchaser.

         (b)      No Reliance. Seller has not made any representations as to
the condition of the Vessel or as to the past or present earnings or the
prospects of future earnings of the Vessel and Buyer has not relied upon any
such representations by Seller or others.

         (c)      Adequate Opportunity for Inspection. Prior to signing this
agreement, Buyer has been afforded adequate opportunity to inspect the Vessel
and all equipment, fixtures, and inventory conveyed thereon and has had the
opportunity to ascertain to its satisfaction the physical condition of the
Vessel and equipment thereon.

                                       6
<PAGE>   7

16.      RISK OF LOSS

Any risk of loss or destruction shall pass to Buyer forty-eight hours after the
Vessel enters a drydock facility. Buyer will take possession of the Vessel at
the drydock facility.

17.      CROSS INDEMNIFICATION

         (a)      Seller's Indemnification. Seller agrees to indemnify Buyer,
its shareholders, officers and directors and their respective successors, heirs
and assigns, and hold Buyer and them harmless from and against claims of any
nature relating to Seller's operation of the Vessel prior to the Time of
Transfer of Possession.

         (b)      Buyer's Indemnification. Buyer agrees to indemnify Seller,
its shareholders, officers and directors and their respective successors, heirs
and assigns, and hold Seller and them harmless from and against claims of any
nature relating to the Vessel and/or operation of the Vessel on and after the
Time of Transfer of Possession.

18.      ASSIGNMENT

The Buyer shall have no right to assign this Agreement until the full Purchase
Price has been paid, including any amount due for drydock, without the express,
written consent of the Seller. The Buyer may assign this Agreement provided the
irrevocable Letter of Intent remains in place to secure the payment of the
Purchase Price and the cost of vessel repairs and drydock expenses and provided
the assignment is made to a person, partnership or entity controlled by or
under common control of Stardancer Casino, Inc. or a subsidiary, parent or
affiliate thereof. The Buyer may also assign this Agreement provided the
irrevocable Letter of Intent remains in place to any other Purchaser approved
by Seller.

It is understood that the Seller will have the absolute right to assign this
Agreement.

19.      WAIVER

No waiver of any breach or default under this Agreement by any party shall be
considered to be a waiver of any other breach or default under this Agreement.

20.      OWNERSHIP

The parties agree that, while the Seller shall retain title to the Vessel as
security until the full Purchase Price has been paid, that the Buyer shall be
deemed the Owner of the Vessel and equipment thereon for all purposes after the
Time of Transfer of Possession.

21.      TAXES

Although the Seller will retain title to the Vessel until payment of the full
Purchase Price, the Purchaser shall be deemed the Owner of the Vessel for all
purposes and shall pay all taxes and assessments of any nature that may be
assessed against the title holder or owner of the Vessel or the Vessel in
connection with the use of the Vessel including, but not limited to, admissions

                                       7
<PAGE>   8

taxes, sales, taxes, special county taxes, use taxes, federal excise taxes,
registration fees, personal property taxes, liquor taxes, penalties and
interest thereon, and any attorneys fees incurred in connection with the
collection thereof and shall indemnify Europa against any claims, liens and
collection efforts in connection therewith.

22.      INSURANCE

The parties agree that Europa currently carries insurance on the Vessel. It is
agreed that the Purchaser will maintain, at a minimum, the same insurance
coverage now being carried on the Vessel. The Purchaser will pay all insurance
premiums on the Vessel beginning with that date on which the Buyer takes
possession of the Vessel. The Purchaser shall name Europa Cruises of Florida 1,
Inc. and Europa Cruises Corporation as insureds under all policies of insurance
and shall furnish proof of all insurance to be carried on the Vessel until the
Purchase Price and any amount due for drydock has been paid in full.

23.      MISCELLANEOUS

         (a)      Time is of the Essence. Time is of the essence of this
agreement.

         (b)      Condition of the Vessel. The Buyer acknowledges that Seller
has made no representations or claims as to the condition of the Vessel or
equipment or acquired assets which are the subject of this agreement.

SELLER SPECIFICALLY DISCLAIMS ANY WARRANTIES, EXPRESS OR IMPLIED, AND ANY
WARRANTIES AS TO THE PHYSICAL OR MECHANICAL CONDITION OF THE VESSEL. BUYER
ACKNOWLEDGES THAT BUYER IS PURCHASING THE VESSEL "AS IS" "WHERE IS" "TOGETHER
WITH ALL FAULTS." ALL IMPLIED WARRANTIES, INCLUDING THE IMPLIED WARRANTY OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, ARE HEREBY DISCLAIMED. IT
IS EXPRESSLY UNDERSTOOD THAT THE VESSEL IS SOLD "AS IS," "WHERE IS" "TOGETHER
WITH ALL FAULTS."

         (c)      Expenses of Sale. Each party shall be responsible for its own
closing costs. Seller's expenses shall include preparation of the bills of
sale, preparation of Seller's instruments for the transfer of the Vessel and
attorney's fees. Buyer's expenses shall include all financing and closing
costs, all costs of registering the Bill of Sale with the United States Coast
Guard, preparation of any notes and liens hereunder, preparation of Buyer's
instruments for the transfer of the Vessel and Buyer's attorney's fees.

         (d)      Default. If either the Buyer or Seller refuses to complete
the transaction at the time and place set for Closing, the aggrieved party
shall be entitled to all remedies provided under this Agreement and to seek all
relief available to it in law or equity or both.

         (e)      Notice. Any and all notices required or contemplated
hereunder shall be provided by delivery via Federal Express and via facsimile
to the following:

                                       8
<PAGE>   9

         AS TO SELLER:

         Europa Cruises of Florida 1, Inc.
         Deborah A. Vitale, President
         1013 Princess Street
         Alexandria, Virginia 22314
         Tel: 703-683-6800
         Fax: 703-683-6816

         AND to:

         Deborah A. Vitale, President
         Europa Cruises of Florida 1, Inc.
         150-153rd Avenue
         Suite 200
         Madeira Beach, Florida 33708
         Tel: 727-393-2885
         Fax: 727-319-9125

         AS TO BUYER:

         Sam Gray, President
         Stardancer Casino, Inc.
         1180 Highway 17
         Little River, South Carolina 29566
         Tel: 843-280-7731
         Facsimile: 843-281-9741

         (f)      Governing Law. This Agreement shall be governed by the laws
of the State of Florida and shall be enforced only in a court of competent
jurisdiction in Pinellas County, Florida.

         (g)      Severance. The invalidity or unenforceability of any portion
of this Agreement shall in nowise affect the remaining provisions and portions
hereof.

         (h)      Binding Effect. This agreement shall bind the successors,
heirs and assigns of the parties hereto.

         (i)      Captions. The paragraph captions used throughout this
agreement are for the purpose of reference only and are not to be considered in
the construction of this agreement or in the interpretation of the rights or
obligations of the parties hereto.

         (j)      Entire Agreement. This Agreement supersedes all prior
agreements and oral discussions and constitutes the entire agreement between
the parties as to the matters contained herein and the agreement shall not be
modified in any respect except by an amendment in writing signed by all parties
hereto.

                                       9
<PAGE>   10

         (k)      Representation as to Authority to Act. The undersigned
represent and warrant that they are duly empowered and authorized to execute
this Agreement on behalf of their respective principals.

         IN WITNESS WHEREOF the parties have caused this instrument to be in
international waters at 78.30 degrees longitude and 36.47 degrees latitude.

SELLER:

EUROPA CRUISES OF FLORIDA 1, INC.

By: /s/ Deborah Vitale
   ----------------------------------
        Deborah Vitale, President

Date:   August 2, 2000
     --------------------------------

BUYER:

STARDANCER CASINO, INC.

By: /s/ Sam Gray
   ----------------------------------
        Sam Gray, President

Date:   August 2, 2000
     --------------------------------

                                      10

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