Medieval Attractions N.V - Page 78

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          III.  Continued Development                                                 
               The Florida castle opened in December 1983.  Several                   
          improvements and changes were made from 1985 to 1989, including             
          demolition of a ramp and a new entry to the existing building; a            
          new lounge; new heating and air conditioning; a new ticket                  
          office; new offices; a new kitchen, including marinating tubes;             
          replacing electric stoves with gas stoves; new stables; and a               
          medieval village.                                                           
               The annual Florida attendance figures were as follows:                 
          Year           Attendance          Year      Attendance                     
          1984           183,272             1989      470,000                        
          1985           257,350             1990      525,200                        
          1986           308,391             1991      550,000                        
          1987           388,071             1992      575,000                        
          1988           399,776             1993      600,000                        
               The California castle opened in June 1986.  From 1986 to               
          1989, many renovations and additions were made to the California            
          castle.  A formal gift shop, Hall of Flags/Arms, and a torture              
          museum were added.  Renovations included a redesign of the                  
          existing facility, remodeling the banquet facility with a dance             
          floor, and remodeling the kitchen, museum, and bathroom.                    
               RC and MDT entered into a Management Agreement that was                
          dated December 1, 1987.  A. Gelabert was the owner and president            
          of RC.  The agreement called for RC to manage its food and                  
          beverage operation.  MDT was to provide all of the kitchen                  
          facilities and to employ all of the wait staff.  RC was to                  
          receive 5 percent of gross profits, and MDT was to reimburse RC             




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