MIAMI, FL--(Marketwire - May 10, 2010) - Caribbean Casino and Gaming Corp (
CEO Steven Swank stated, "The Dominican Republic continues to maintain a lower cost of living per capita with a middle class population that can afford to spend. The government and people are continually improving as the per capita income continues to rise."
The Dominican Republic's population growth has surged with an estimated 26% increase during the last 20 years. Approximately 69% live in urban areas, as of 2008. Property values continue to rise while typical property values in other countries have diminished to values below that of the underlying debt securing the property.
Mr. Swank continued, "With the inevitable tax increases to fund bailouts in other countries, the Dominican Republic becomes more attractive for all generations. The Dominican Republic is an emerging market full of opportunity. During the last 5 years, and similar to Costa Rica's influx of new residents, the Dominican Republic has increased its population with people from abroad looking for new opportunity."
In comparison to the United States' Debt to Gross Domestic Product ratio forecasted to be at 100% over the next decade and the near defaulted Greece at 170%, the Dominican Republic stands at 41.5% with its national debt at $18.8 billion and its GDP at $45.42 billion. As other countries including Italy, Germany, Spain, Portugal, France, Austria and Sweden exceed Greece's debt ratio to a range of over 240% Debt to GDP, it is simple to consider how the Dominican Republic offers the ability to be the new land of opportunity. Considering the comparison, the Dominican Republic appears to be an infant with a great future ahead. Mr. Swank stated, "The opportunities here are tremendous while the demand for employment continues. We are focused on expanding our operations to the most populated cities to ensure our growth pattern throughout the country while other countries continue to maneuver within the credit crisis."
Central Banker for the Dominican Republic, Hector Valdez Albizu, recently announced that the economy continues to be on track. The Dominican Republic economy grew by 7.5% with construction rising by 19.4%, retail sales up 15.7%, local manufacturing growing 9.3% along with communications up by 9.3%.
About Caribbean Casino and Gaming Corp:
Caribbean Casino and Gaming Corp (
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 Information:
Contact:
Caribbean Casino and Gaming Corp
Tyler Cornell
Investor Relations