SOURCE: Caribbean Casino and Gaming Corp.

April 08, 2011 11:26 ET

Caribbean Casino and Gaming Corp. Submits Formal Proposals to Government Officials

MIAMI, FL--(Marketwire - Apr 8, 2011) - Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ). Thursday morning the company submitted all documents and formal proposals to government officials of the Dominican Republic. As per various state officials and their respective departments, CGAQ has submitted all documentation and proposals in order for them to be revised and investigated by these entities. After weeks of negotiations, meetings and careful follow ups, the company has fulfilled all requirements that the government of the Dominican Republic has asked for the formalization of all processes.

On this matter Mr. Steven Swank, CEO, stated, "Dealing with a government is not easy, you have to meet certain standards, provide detailed information about the company, financial credibility, have the knowhow and many other legal documents and they must perform background checks on all company executives." Mr. Swank also stated, "We spent days and days carefully elaborating detailed and proper documentation on the company and the business plan, now it's the government officials and their investigative departments to revise this and make a decision as to what is the next step."

Government officials have stated that this investigation period that started today has a time table that is no more than two (2) weeks. The business plan and all company information that was provided will be the main target of the investigations.

Mr. Swank stated, "We gave them what they asked, we did a very good job putting it all together, now we must wait for them to notify us."

We at CGAQ strongly advise all investors to wait on official information and trust your investor decisions.

Progress reports will be posted as new developments come.

About Caribbean Casino and Gaming Corp:

Caribbean Casino and Gaming Corp (PINKSHEETS: CGAQ) is the owner and operator of the Sosua Bay Grand Casino, Afterone Disco, the Luperon Bay Casino and Galactica 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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