SOURCE: Caribbean Casino and Gaming Corp.

May 09, 2011 13:02 ET

Caribbean Casino and Gaming Corp. CEO Negotiating for Better Terms on Horse Track

MIAMI, FL--(Marketwire - May 9, 2011) - Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ), because of a series of events that have taken place in the past two weeks, which have caused some controversy; CEO Steven Swank has made arrangements to renegotiate the terms on the final contract involving the Hipodromo V Centenario. At the moment heavy pressure has been leveled on the horse track officials from the press because of all the problems, including the death of a jockey, which was a product of inadequate maintenance of the track and the absence of emergency health units at the facility. Horse owners association, members of the press, and other groups of interest have expressed their discontent with current operations. All this has brought new tools of negotiation for the company to its benefit.

Mr. Steven Swank CEO stated, "All these events have lead to the death of a jockey because, there wasn't an adequate medical presence during the race. The track needs to be better operated, and we have the tools to make it work." Mr. Swank also stated, "We have met with the horse owners association president, and we are up to date on what the horse track needs to run efficiently, we will bring a huge benefit to the horse racing community in the Dominican Republic."

National Media in the Dominican Republic has been very active on this subject for the past two weeks; please review the following articles that have been published. (Information on the website will allow you to translate to English).

http://listindiario.com/el-deporte/2011/5/3/186767/Jinetes-responsabilizan-gerencia-falta-ambulancia

http://listindiario.com/el-deporte/2011/5/3/186673/Fallece-jinete-Miguel-Sanchez-al-caer-en-plena-carrera-en-el-V

http://listindiario.com/el-deporte/2011/4/25/185841/Carreras-caballos-se-reanundaran

http://listindiario.com/el-deporte/2011/4/20/185405/Solo-corrieron-3-ejemplares-de-34-inscritos

CGAQ proudly announces the opening of the Slot parlor in Puerto Plata, operations should begin sometime this week; all construction has been finished, and most of the slot machines have been installed and tested. The parlor has a very elegant design and is very compatible for players. This parlor represents a great revenue source that will include not only slots, but also, bingo, sports betting, lottery sales and other electronic games. The outside decorations are very striking, causing many of the people that pass by to stop and ask when it's going to be open. The variety of games will ensure that users will have a great time at the parlor and will return and recommend it to friends and family.

Mr. Swank CEO stated, "It's incredible the amount of people who stop and ask and want to look inside, we expect this location to be very active." Mr. Swank also stated, "We plan to deliver an all around gaming site, where no matter what you like we have a game for you."

Here are pictures of the outside, and once it is open and operating we will post pictures of the inside:

http://s267.photobucket.com/albums/ii296/vayrus/?action=view&current=IMG-20110508-00038.jpg

About Caribbean Casino and Gaming Corp:

Caribbean Casino and Gaming Corp (PINKSHEETS: CGAQ) is the owner and operator of the Sosua Bay Grand Casino and After One Disco. The corporation is focused on becoming a leader in the Caribbean for gaming and entertainment, including live betting from cameras located above tables within the Sosua Bay Grand Casino. Not only will Caribbean Casino and Gaming Corp. offer world class gaming and accommodations within its facilities for those visiting our properties, but also allow patrons to wager (where allowed) from the comfort of their own home or hotel room. The casino is now the centerpiece in the Sosua Bay Resort at Puerto Plata, Dominican Republic, the most populated Caribbean Island.

FORWARD-LOOKING STATEMENT

This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this report are made as of the date hereof and Caribbean Casino and Gaming Corporation undertakes no obligation to update such statements.

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