SOURCE: Caribbean Casino and Gaming Corp.

December 28, 2010 10:29 ET

Caribbean Casino and Gaming Corp. Announces Casino Luperon Opening Schedule With Operations Details

MIAMI, FL--(Marketwire - December 28, 2010) - CGAQ announced today that it will bring in the New Year with the opening of its Casino Luperon. Initially, the event was scheduled for an earlier date. However, management made an executive decision to maintain its consistent course of action that provides a quality service to investors and clients alike, rather than push risk boundaries too far.

CEO Steven Swank stated, "We are an acquisition company which focuses on the gaming industry, we understand risk. As we have mentioned in past releases, it is a different world of business here in the Caribbean. Our job is to ensure we maintain a quality investment for our shareholders, which allows each to participate in the growth opportunities available, without leaving their desk."

CGAQ outlined the series of Caribbean events that encompass the reasoning for the executive decision to change the grand opening date until time of completion. The course of events had affected both the timing and risk of commencing operations at Casino Luperon on December 20th.

Mr. Swank continued, "When we originally posted the grand opening to take place, we were ahead of schedule. However, as happens in the Dominican Republic, Customs delayed material shipments for nearly a week after delivery. Upon receipt of the material, our timing was perfectly aligned with 2 weeks of torrential down pours of rain.

"The down pours we experienced were actually a gift in disguise. We noticed undisclosed leaks that risked the electrical system, lighting investment, slot machines and infrastructure of the location via electrical surges the leaks may have caused."

Upon the repairs made to the structure's ceiling, CGAQ continued its improvements to the electrical system including a UPS System with surge protectors. The carpets are being installed, the slot machines will be placed and the tables will be moved in thereafter. The company has its casino staff ready and excited to get to work.

Mr. Swank commented, "The challenges involved with a profit center in the Caribbean are vast, however patience and perseverance continue to lead us to an expansion rate beyond most companies' ability."

About Caribbean Casino and Gaming Corp:

Caribbean Casino and Gaming Corp (PINKSHEETS: CGAQ) is the owner and operator of the Sosua Bay Grand Casino. The corporation is focused on becoming a leader in the Caribbean for gaming and entertainment to include live betting in its partnership with Kenilworth Systems Corporation 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 largest and 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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