CGAQ Completes 2ND CASINO Negotiation
Date : 06/02/2010 @ 3:19PM
Source : MarketWire
Stock : Caribbean Casino and Gaming Corp (CGAQ)
Quote : 0.053 0.0 (0.00%) @ 2:55PM
Caribbean Casino and Gaming Corp Completes Negotiation of the Santiago Location, Deal Expected to Close in Coming Weeks With Lau
MIAMI, FL -- (Marketwire)
06/02/10
Caribbean Casino and Gaming Corp (PINKSHEETS: CGAQ) announced today, that it has completed its negotiation for its second location in Santiago, Dominican. The launch of the new casino will be expedited utilizing existing assets already in place that are included within the purchase negotiation.
CEO Steven Swank stated, "Our negotiations will certainly increase our stockholders wealth. The casino has minimal improvements needed and will be expedited extremely quickly. The staffing is in place and upon 4 weeks of operations we will hold our grand opening."
The negotiations for the new location were made within the realm of a liquidation sale. CGAQ estimates the final purchase price will be at a 65% discount.
Mr. Swank continued, "Making a purchase like this at such a discount affords a greater ability for growth in a shorter period of time. The economies of scale offered by having multiple locations include greater buying power for equipment, supplies, management and advertising. We are extremely happy and expect the deal to close in the next few weeks."
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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Contact:
Caribbean Casino and Gaming Corp
Tyler Cornell
Investor Relations
Email Contact
631-765-8762
