SOURCE: Caribbean Casino and Gaming Corp.

November 29, 2011 08:30 ET

Caribbean Casino and Gaming Corp. (CGAQ) Announces: Shareholder Update on Racetrack, HBO/ESPN Fights and New Casino Location

MIAMI, FL--(Marketwire - Nov 29, 2011) - Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ) -- On the heels of the successful IBF fight last week CEO Steven Swank will released a Company Newsletter to update shareholders and investors outlining the substantial progress that has been made over the course of the year and discuss the future of the company in the coming new year.

The fight last week which was televised on ESPN Deportes, showcased some of the top boxing talent from the Dominican Republic and has generated interest by ESPN's "Friday Night Fights" as well as HBO and the potential of hosting more events in the DR. The Government is also very excited about the return of the IBF Caribbean Championship Title to the Dominican Republic.

Mr. Swank also announced that the negotiations to manage the state owned Thoroughbred Race Track Hippodrome V Centenario are progressing at a rapid pace; let us hope we receive the winning bid in December.

Along with the expansion of the existing locations Mr. Swank continues to explore new gaming venues in the DR and Colombia.

High season has just started and with the numbers coming in for the last seven days it appears the casino could easily double its income revenue. There has been higher than normal tourism this year and table action until 8am EST in the morning. Increased airline travel coming from many new destinations has increased the number of tourists on the streets and in turn visiting the casino.

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 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 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.

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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