SOURCE: Caribbean Casino and Gaming Corp.
MIAMI, FL--(Marketwire - Oct 8, 2012) - Caribbean Casino Gaming Corp. (PINKSHEETS: CGAQ), "the Company" is pleased to announce that it has received a written offer for the purchase of 100% of its Sosua Bay Grand Casino. The offer comes from a second buyer based in the USA. The Company has made two counter-offers in writing thus far. "We are hopeful to be able to hammer out the details of this deal this week," commented CEO Steven Swank, "but a deal of this magnitude cannot be rushed, so we will take as much time as needed to get it right."
As stated before, the Company intends to use some of the proceeds from the casino sale to finalize the deal on the Fun Tropicale resort. The seller of the resort has been kept apprised of the daily developments and is content to wait.
"This second offer has a big advantage for us," said Swank. "It allows us to hand over 100% of the casino and focus entirely on the resort acquisition."
In other news, the Company has decided to postpone its Big Boxing event (originally scheduled for October 19) to February 16th, 2013, which will be "High Season" in the Dominican Republic. The Arena in Santiago has agreed to this date change. The three primary reasons for this move are:
- The television network that was originally lined up had a conflict, so the Company is searching for a different carrier for the new date. To receive Dominican tourism funds, the fight must be aired in the US.
- The date change means a rescheduling of the fight card. The Company is hoping to have Roberto Duran as special guest at the event. The line-up will be released as soon as it is finalized.
- The CEO's main focus needs to remain on the sale of the casino and the purchase of the resort.
As mentioned in a previous PR, the Company has scheduled another fight in the Grand Ballroom above the Sosua Bay Grand Casino. That fight will occur on December 15th, 2012. Further details will be provided. "We expect this event to replicate the excellent results we had at our first event in April of this year," said Swank. "The sale of the casino will not affect our boxing event business, as we can still use the same venues, and when we make the move to the new resort, we will have an even better place for our fights rent free."
"As always, we are appreciative of our shareholder support," commented Swank. "We are proceeding as quickly as we can, but we will not be rushed into any mistakes pertaining to these deals. They are far too important to the future of this Company. The resort acquisition represents millions of dollars of additional assets to the Company, as well substantial increases of monthly revenue."
This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of 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.