Caribbean Casino and Gaming Corp. Completes, Signs Final Contract With Hotasa Hoteles for Its Second Casino Location, Casino Luperon Bay and the…

MIAMI, FL–(Marketwire – October 15, 2010) –  Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ) announced today they completed and signed the contract for their second casino location. Located in the esteemed resort of Hotasa Hoteles, the complex features 890 rooms upon its waterfront location. The self contained location offers CGAQ an exclusive for guests and residents to participate in gaming and entertainment at the establishment. This is a landmark accomplishment for CGAQ and Hotasa Hoteles as it is the first casino to operate within the 17 hotels owned by the company throughout Spain, the Canary Islands and the Dominican Republic. It presents a great opportunity for CGAQ’s expansion. In addition, the acquisition includes the Galactic Night Club, setting the stage for CGAQ to duplicate their business model. 

CEO Steven Swank stated, “This is a great acquisition for CGAQ’s portfolio of assets which upholds the caliber of our gaming experience while maintaining an exclusive location to offer our entertainment services. The 890 rooms are booked at 100% occupancy from November 17, 2010 through Easter 2011.”

During the final negotiations consideration for additional construction were deemed necessary to uphold the level of CGAQ’s standards. Construction will start immediately, while the furniture has been ordered and table games have been placed in storage in advance preparation. CGAQ will update the grand opening schedule during the construction phase with additional information to follow. 

CGAQ’s portfolio of acquisitions and products include its Sosua Bay Grand Casino, its Live Video Gaming Website licensed in 52 countries, its manufactured Kiosk Gaming division for convenience stores and restaurants around the world, the After One Night Club and the celebrated international boxing matches it has broadcast on ESPN Deportes featuring two of its own fighters. 

Mr. Swank continued, “We have come a long way within our 355 days of business. We invite all interested investors to our One Year Anniversary Party Week from October 24 thru October 31, 2010.” 

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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