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Caribbean Casino and Gaming Corp. Announces Dominican Republic Updates Racetrack Leasing(January 09, 2012)
MIAMI, FL -- (Marketwire) -- 01/09/12 -- Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ) ("the Company") has received formal notification from the Dominican National Horseracing Commission regarding the leasing of the Hippodrome V Centenario. The Company has waited 7 months for official word regarding this venture. Evidently, the delay has been caused by a survey and audit of the racetrack which, according to the letter, is still underway. "We assume that the authorities want to know exactly what they have to lease before putting this out for bid," said CEO Steven Swank, adding, "but it's good to know why there's been a delay and to have tacit confirmation that we are still in the running."
A translation of the salient part of the letter reads:
"Regarding the letter dated December 26, 2011 of the proposal to lease the V Centenario Racetrack, this commission wishes to inform you once the survey of the racetrack (including its assets and liabilities) is executed and complete, and it is understood by the Dominican State to be prudent to lease the racetrack, that we will notify you of the conditions and procedures of the public bidding."
A full copy of the letter (in Spanish) may be seen at:
"The consulting firm we retained in this matter assures us the lease is moving forward, but the survey and audit is taking longer than expected," said Swank. "I believe we have reason to be optimistic here."
The Company submitted a comprehensive tender offer to the Commission which was accepted approximately 6 months ago. It included a detailed proposal, full corporate disclosures and proof of a $1,000,000 operations guarantee. The one inch thick document has been reviewed and presented to the President for his approval. The Company has not been asked to make any modifications or submit any further documentation. "We have been quick to comply with every request they have made. This letter, in my opinion, tells me we are in good standing," said Swank. "Our persistence is paying off and we will continue our active dialogue with them." Therefore, the Company has determined it would be prudent to wait patiently for the Commission to work through its bureaucratic process of leasing the track. "The ball is in their court now. So, in the meantime, we will continue with our other ventures," concluded Swank.
Towards that end, the Company is pleased to announce that the prototype Kiosk has passed its beta test with flying colors. The unit was linked to our joint venture partner, Global Gaming Labs, who provides the software and runs the interface website. The Company reports that the machine worked perfectly. "I couldn't be happier with our Kiosk's performance," said Swank. "Potential customers will now be able to visit and try out the Kiosk for themselves."
The company is also working to reestablish its online roulette game. "The DOJ's ruling reversal is good news for us," said Swank. "We are exploring now how we might maximize the potential revenue from this change in regulation."
The Company will be well represented at the CE Totally Gaming Conference in London (January 24-26) where conference attendees will have a chance to play on the Kiosk interface. It expects to expand its current business relationships and establish new ones as well. http://www.totallygaming.com/ice-2012
About Caribbean Casino and Gaming Corp.:
Caribbean Casino and Gaming Corp. is the owner and operator of the Sosua Bay Grand Casino and After One Disco. The corporation is focused on becoming a leader in the Caribbean for gaming and entertainment, including live betting 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 will 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 most populated Caribbean Island.
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.
Caribbean Casino and Gaming Corp.
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