SOURCE: Caribbean Casino and Gaming Corp.

December 09, 2011 08:30 ET

Caribbean Casino Gaming Announces New Plans of Action

MIAMI, FL--(Marketwire - Dec 9, 2011) - Caribbean Casino Gaming Corp. (PINKSHEETS: CGAQ) ("the Company") is pleased to inform its shareholders of its new plans of action and to clarify its position going forward.

The plan to acquire the only thoroughbred racetrack in the Dominican Republic is moving forward as expected. The Company has received many informal confirmations regarding its bidding status and is awaiting formal confirmation of "good standing." The Company expects this notification early next week. "We feel we are the most qualified to operate this facility," said CEO Steven Swank. "I'm confident that this plan will move forward."

The Company has reevaluated its approach to arranging fights for broadcast. "Due to my inexperience in this field, I am forced to admit that there are things I can do better," stated Swank. "I have learned from these missteps and have developed a plan to remedy them."

The good news is that the success of the three ESPN Deportes bouts produced by the Company has generated requests for more of the same high quality fight. However, this time, fiscal commitments will be procured from the television networks and other sponsors first. "This will reduce our risk considerably," said Swank, "and generally make things go smoother."

The Company has decided that it will only promote fights with the potential of great reward for the company. A new deal, utilizing this new insight and strategy, is being negotiated in good faith as of the writing of this press release. The Company expects to release details of the signing of several, top flight fighters to promotional contracts. This means the Company will have the authority to arrange fights that best showcase this exciting new talent.

The Slot Machine Project is progressing well. The Company has completed several prototypes and will be making them available to those customers on its waiting list. "I'm very pleased with these machines," said Swank. "They have touch screen sports betting, real-time live dealing and all the standard slots games." The Company expects all the features of these high tech kiosks to be very attractive to customers and players alike. "We believe our price point will be extremely competitive, too. We expect to be able to offer them for $5995," said Swank. The Company will release sales figures of these machines as they occur.

Finally, the Company has begun vetting candidates to join its advisory board. "We are looking at highly qualified individuals with PHDs in economics and marketing," said Swank. One of the first tasks of this board will be to examine the feasibility and benefits of joining the Frankfurt Stock Exchange.

"We have been building value into the Company, slowly and steadily," said Swank. "The $2 million the Company raised has built a casino, remodeled a discotheque and purchased sport betting licenses. Our initial expenses are now beginning to generate profits from these operations. I'm very grateful to our shareholders for their support and patience."

About Caribbean Casino and Gaming Corp.: Caribbean Casino and Gaming Corp. 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 will 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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