Caribbean Casino and Gaming Corp. Announces the Grand Opening of Its Live Video Online Gaming & Sports Wagering in 52 Countries Is Set for August…

MIAMI, FL–(Marketwire – August 9, 2010) –  Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ) announced today that the Grand Opening of its state of the art Live Video Online Gaming and Sports Wagering is set to launch on August 21^st, 2010 at 4:00 PM. The company expects to multiply its revenues from the ESPN Deportes Fight Club Series significantly with sports wagers made on the event. In addition, it has forecast the Live Video Online Gaming to increase monthly revenues by as much as $250,000 per month during its implementation throughout the 52 countries it is licensed in. The state of the art technology offers customers around the world the ability to view the game and customers playing via live video while providing the comfort of knowing that they are playing at a licensed, physical location.

CEO Steven Swank stated, “After initial tests we realized we would have to increase the memory and bandwidth to maximize the customer experience and our revenues. The final equipment is delivered, the final tests are near completion and the ESPN Deportes Fight makes this is a fantastic time to launch our state of the art technology.”

In addition to the highly anticipated launch of CGAQ’s Live Video Online Gaming, the company has reported that the due diligence is being performed on the additional brick and mortar locations located in Santiago and Santa Domingo. Based on the outcome of the due diligence, CGAQ plans to move forward with the expansion efforts as soon as possible. 

Mr. Swank continued, “The due diligence portion of the final negotiations are extremely important to the company to ensure the purchase prices reflect an increase in shareholder value. We look forward to making our way throughout the Dominican Republic as we entertain new opportunities each day.” 

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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