SOURCE: Caribbean Casino and Gaming Corp.

May 23, 2011 08:30 ET

Caribbean Casino and Gaming Corp. CEO Announces Plans for Horse Track in Dominican Republic

MIAMI, FL--(Marketwire - May 23, 2011) - Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ) A formal offer has been made in the form of a thirty page bound book, outlining our intent, and our offer to lease and purchase. Protocol prevails in this type of lease or sale; however, to our knowledge as per the commissioner himself, we are the only bidder. The horse racing commission is currently surveying the property and other legal documents in order to proceed. CGAQ has received its formal receipt of acceptance, via a signed and stamped letter, by the president and vice president of the horse racing commission. This acceptance recognizes the offer, and starts the process to lease. A separate agency handles the sale, and we are working with them to comply with all formalities and legal procedures. We intend to purchase, if they accept our offer. This is not some hokey process that can be done over night, by making some clandestine deal. We are following all the rules in order to avoid any illegality that could jeopardize the validness of the contract. There may be additional bidders, but we feel confident that our proposal will prevail. Everything being done is following Dominican law.

To make this business successful, we proposed the following:

1. We intend to renovate the facility per our agreement.
2. We intend to build a casino, and poker rooms.
3. We intend to set up breeding programs in numerous states, and countries.
4. We intend to add 200 new stables.
5. We intend to hold major boxing events, and have the support of the boxing commission, and tourism.
6. We are attempting to align ourselves with the IBF, WBF, and others to bring world class boxing to the stadium, as you know we have signed two fighters, who are 7 and 0. We are attempting to get US visas for the Dominican fighters; there are six potential fights in the US.
7. We intend to hold concerts with top entertainers in the venue.
8. We can seat 15,000 people, and another 10,000 standing in the infield.
9. We have asked for hundreds of lottery licenses, which we intend to sell and use for our own purposes, and profit centers.

The company has spent thousands of dollars to push this project this far, and we intend for all these things to happen. We have made arrangement for the funds needed per our offer.

Mr. Steven Swank, CEO, stated, "This deal is of great importance for the company and we intend to follow all legal guidelines to ensure that we don't incur in any unlawful situation, CGAQ has been complying with all necessary steps." Mr. Swank also stated, "I want everyone to know that we aren't going blind into this, we have setup teams and we have made the necessary contacts with horse racing officials from all over the United States so we can make this business as successful as it can be."

Picture of Mr. Steven Swank and the horse racing commission president:

http://s267.photobucket.com/albums/ii296/vayrus/?action=view&current=IMG-20110514-00047.jpg

About Caribbean Casino and Gaming Corp:

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