SOURCE: Caribbean Casino and Gaming Corp.

March 30, 2011 15:11 ET

Caribbean Casino and Gaming Corp. Announces Meeting With Investor Group and Dominican Government Officials

MIAMI, FL--(Marketwire - March 30, 2011) - Mr. Swank, CEO of CGAQ (PINKSHEETS: CGAQ), joint venture partner GGL and new investor group will meet up with government officials of the Dominican Republic today, thursday and friday, to discuss deals on Kiosk project and 4th acquisition. These are the final details that are being done, after a few weeks of intense negotiations, all parties will meet in Santo Domingo, capital of the Dominican Republic, where the final touches will be made on the gamebase project and the 4th acquisition. The final outcome will be announced when all contracts are finalized, which we expect to be done in the next couple of days.

On this matter, Mr. Swank commented, "These deals are of immense importance for the company and government of the Dominican Republic." He also stated, "The 4th acquisition and the Gamebase project will bring in an enormous stream of revenue that will guarantee the company's growth for years to come."

The Luperon Casino and Disco have been shut down and all equipment moved to the Puerto Plata parlor in order to save money in opening this location, that offers a city base of around 500,000 people and a prime location and thus a significantly larger stream of revenue. This news comes after the company was mislead by an erroneous occupancy rate during the negotiation, which was much less than was originally provided.

Mr. Swank, CEO of CGAQ, stated on this matter, "After reviewing the true hotel occupancy rate and looking at the long term investment made, we decided to just move out, CGAQ is not in the business to break even and that would have been the best case scenario." Mr. Swank also stated, "By moving all the equipment to the Puerto Plata parlor we are cutting down the cost of this location thus reducing our overall investment."

Mr. Swank suggests that investors use good judgment and listen to official public information.

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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