SOURCE: Caribbean Casino and Gaming Corp.

July 29, 2011 13:02 ET

Caribbean Casino and Gaming Corp. Progress Report

MIAMI, FL--(Marketwire - Jul 29, 2011) - Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ). At the moment, the company is involved in many ventures. Some of the aspects of these deals are detail sensitive, and the company cannot take the risk of information leaks. All matters are being handled in the best interest of the company and its share holders. Negotiations involving the kiosk "Gamebase" project are currently in process, the Dominican Government has already given CGAQ the license to import, export and manufacture these devices, and the company is presently negotiating to find the best avenue for distribution other than their own facilities.

The horse track deal is a very sensitive project and the information that the company can publish on this matter is very limited, and government officials have required that all details remain confidential until a final agreement has been signed. At that time all details can be released. The company has made excellent progress and everything in our power is being done to get this contract.

Online roulette is currently operating but until the company can accept bets from users or rent out the services we cannot expect to get revenue from this source. Negotiations are in progress for this and we should have this service available soon.

Mr. Steven Swank, CEO, stated, "CGAQ is in the acquisition business, and that is exactly what we have been doing. Many of our projects require time and strategic planning; we cannot risk losing them as they are the essential part of our business model." Mr. Swank also stated, "Share holders must have confidence in what we are doing and know for a fact that we are working hard to get this company to the level it should be."

Aspects of most deals are kept confidential to ensure that competitors don't have an edge and try to beat us out of many of these projects. We ask share holders to wait on official company news. More information will be posted in future progress reports as events occur.

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 Afterone 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.

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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