MIAMI, Dec. 9, 2009 (GLOBE NEWSWIRE) -- Caribbean Casino and Gaming Corp. (Pink Sheets:CGAQ), with its partner Kenilworth Systems Corporation, plan to demonstrate the REMOTE REAL TIME LIVE CASINO TABLE GAME WAGERING system to the global public on December 10th, 2009 from the Sosua Bay Grand Casino.
This patented technology will allow gambling enthusiasts worldwide to play along with casino table games without actually having to be at the casino. For now, with a special interface, U.S. and foreign viewers may play along with the table players FOR FUN by logging onto www.sosuabaygrandcasino.com and follow the link to "Live Betting" between the hours of 8:00 p.m. and 2:00 a.m. U.S. Eastern Standard Time.
U.S. House Financial Services Committee Chairman Congressman Barney Frank's effort to repeal the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) and support his Internet Gambling Consumer Protection and Enforcement Act (HR 2267) to regulate and license online gambling sites in the United States could have a tremendous impact on the online gaming business.
In the future, if permitted in the United States, viewers will wager directly on the table game. Price Waterhouse Coopers and others recently estimated that Internet gambling in the U.S. could raise nearly $52-$65 billion in taxable revenue over the next decade (starting early in 2010).
Newsweek, in a November 23, 2009 article, asserts that as many as five percent (5%) of American adult residents gamble $100 billion annually on virtual (studios) number generated casino table action offered on foreign websites.
While the repeal of the UIGEA would offer a sizable impact on Caribbean Casino and Gaming Corp., there still is a tremendous international opportunity for the Company within the 51 countries worldwide in which Kenilworth Systems Corporation enjoys patent protection.
About Caribbean Casino and Gaming Corp.:
Caribbean Casino and Gaming Corp. (Pink Sheets: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.