Caribbean Casino and Gaming Corp Is Off to the Races as New Jersey Senate Panel Passes Bill for Online Gaming and Sets Precedent for US Online Gaming…

SOURCE: Caribbean Casino and Gaming Corp

MIAMI, FL–(Marketwire – August 12, 2010) –  Caribbean Casino and Gaming Corp (PINKSHEETS: CGAQ) announced today that it is considering opening up an online gaming location in New Jersey pursuant to the new legislation passed by the New Jersey Senate Panel on June 3rd, 2010. The company, as well as the industry, expects New Jersey and the United States to follow suit with the world, as the economic environment for governments continue to command additional tax revenue sources to fund its daily budget deficits. The company feels that the proposed tax regulations for online gaming companies is high, yet still lucrative to its business, while helping New Jersey’s current deficit.

CEO Steven Swank stated, “We’ve raced to ensure we were in the position to take advantage of such a great opportunity within the US while ensuring success around the world. As the US market opens up, we will have the most unique technology and ability to penetrate the markets available, offer the entertainment people desire with integrity utilizing our live video gaming and help governments build out of their deficits.”

Although the NJ State Senate Bill S-490 currently requires a Permit fee of $200,000 and an annual renewal fee of $100,000, it appears to encompass the idea of how much revenue can be made, with online gaming within a single state of the US. CGAQ is considering raising their forecasts of $250,000 per month for worldwide online live video gaming based on recent discussions.

Mr. Swank continued, “Our efforts, matched with our ability, continue to keep us at the forefront of opportunity and growth. We look forward to participating in the growth of the American Online Gaming Industry. Senator Frank, Former Senator Al D’Amato and the NJ Senate Panel continue to lead the US with foresight, in an effort to rebuild the current economy. We are excited to build our company in cooperation with their efforts and intentions.”

CGAQ is launching their international Live Video Online Gaming and Sports Wagering Internet Site throughout 52 countries on August 21, 2010, previous to its internationally televised Fight Club Series broadcast on ESPN Deportes. The sports wagering alone is expected to increase the event revenue by 100% as Felix Diaz enters the ring and the Brothers Valdez, make their professional debut. The Brothers Valdez were recently signed by CGAQ and their manager to represent 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. 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.

Contact:
Caribbean Casino and Gaming Corp
Tyler Cornell
Investor Relations
[email protected]

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