SOURCE: Caribbean Casino and Gaming Corp.

November 10, 2010 09:56 ET

Caribbean Casino and Gaming Corp. Announces Payment for Casino Luperon Has Been Made With a Grand Opening Scheduled for December 20th, 2010

MIAMI, FL--(Marketwire - November 10, 2010) - Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ) announced today that payment has been made for the 2nd casino location situated on the waterfront adjacent to Lou Perone Marina Resort within an exclusive, self reliant resort community. The Luperon Marina Resort, considered the most desirable marina on the North Coast Waterfront of the Dominican Republic, is stationed along a tranquil bay that hosts nearly a 100 yachts. Numerous residents live aboard these yachts while the marina has become a fantastic transient destination for sea going vessels.

CEO Steven Swank stated, "This is a gold mine for CGAQ as the overhead expense and investment are minimal compared to the Sosua Bay location and includes a captive audience in a remote waterfront location."

The hotel features 860 rooms that have been reserved at 100% occupancy until Easter 2011 and is expected to produce 1500 - 2000 visitors per day. The location includes the Galactic Night Club and is the only casino and nightclub within a 40 mile drive. 

Mr. Swank continued, "Our conservative preliminary revenue estimates initially expected to equal or exceed the Sosua Bay location which made it an obvious acquisition, however taking into consideration the final costs and economies of scale, we expect the revenues from the Luperon location to far exceed that of the Sosua Bay location. Further, it continues to increase the book value of our company."

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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