SOURCE: Caribbean Casino and Gaming Corp.

November 17, 2010 11:38 ET

Caribbean Casino and Gaming Corp. Turns a Profit in Less Than 3 Fiscal Quarters While Maximizing Tax Deductions

MIAMI, FL--(Marketwire - November 17, 2010) - Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ), announced today that the company has turned a profit within 3 fiscal quarters of operation and during the slowest season of the year. The company, which had its grand opening with its Sosua Bay Grand Casino location on October 24, 2009, recently reported a profit before utilizing nearly $60,000 in tax deductions due and maximizing its cash flows to continue its expansion across the world on the Internet, a new physical location, a deposit on a third location and its new integrated kiosk system.

CEO Steven Swank stated, "Our work has been evident of our ability to create a profit within these time frames while continuing our expansion efforts. The long term shareholders will continue to be rewarded in the future as we make our way throughout the Caribbean and the world."

The company had considered deferring the tax deductions in an effort to support the recent surge in share prices but decided the long term investors would see the obvious production levels CGAQ had attained while continuing to maintain higher support levels for the share price. The latest quarterly report does not reflect the increase in the company's book value created through its recent expansion efforts, yet has increased once again within the realm of its first acquisition, the Sosua Bay Grand Casino. 

Mr. Swank continued, "It is with great pride that we have literally beaten the odds and time frames of most any other start up business by creating a profit during the slowest season of the year. From here on out, it only gets bigger and better."

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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