MIAMI, FL--(Marketwire - Nov 28, 2012) - Caribbean Casino Gaming Corp. (PINKSHEETS: CGAQ), "the Company" is pleased to announce that it signed a contract for the sale of its Sosua Bay Grand Casino last Friday and received a deposit of $100,000 yesterday.

The second payment of $500,000 is due no later than December 8th per the terms of the contract. The remaining balance due will be spread out and paid over the following four months. Per the buyer's request, other details of this transaction will not be disclosed at this time.

The Company has plans to use part of the casino down payment to finalize the negotiations for the acquisition of the 184 Unit Fun Tropicale Resort in Puerto Plata.

As announced earlier, Planet Athlete, Inc., the leading promoter in the US and Canada for Prep and Post Graduate Sports, has agreed to enter into a Joint Venture relationship with Steven Swank, and Caribbean Casino and Gaming Corp. for the development of sports related events, activities, and conferences at the Fun Tropicale Resort.

The joint venture with Planet Athlete has also provided other projects that would serve as back up to the resort. "We are still very interested in the resort, and we have kept the seller apprised at every turn of the casino sale," stated CEO Steven Swank, "but, due to circumstances beyond our control, we were delayed in closing." Swank is meeting with the seller this week to hammer out the final details of the acquisition.


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.

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Caribbean Casino and Gaming Corp.
Investor Relations