Caribbean Casino & Gaming Sells Sosua Bay Grand Casino and
Caribbean Casino & Gaming Sells Sosua Bay Grand Casino and Enters Joint Venture Agreement
MIAMI, FL -- (Marketwire) -- 11/13/12 -- Caribbean Casino Gaming Corp. (PINKSHEETS: CGAQ), "the Company" is pleased to announce that it has agreed to terms with the buyer of 100% of its Sosua Bay Grand Casino. There is has been some delay thanks to the DR attorneys (required by DR Law), but both buyer and seller are eager to consummate the deal. The Company will receive a deposit of $100,000. The second payment of $500,000 is due two weeks after the contract signing. 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.
As stated earlier, the Company will use part of the casino down payment to finalize the acquisition of the 184 Unit Fun Tropicale Resort in Puerto Plata. Final negotiations for the resort are underway. The Company expects to close this deal as soon as possible after the close of escrow on the casino.
Looking forward, the Company has been busy making plans for the resort's future. Planet Athlete, Inc., a State of New Jersey based corporation, and the leading promoter in the United States of America 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 in Playa Dorada, Puerto Plata, Dominican Republic.
Specifically, Planet Athlete, which has the largest sports travel network in the United States, will develop a grass multi-use soccer and football complex, an ocean front beach soccer complex, and a covered multi-use basketball and volleyball complex on property within the Tropical Resort. It is our intent to host various events, showcases, as well as the creation of a professional soccer league for beach and grass soccer. The facilities will also be used to rehab injured athletes, and to train and develop athletes in various sports disciplines.
"We are very excited about entering this joint agreement with Steven and the Caribbean Casino and Gaming Corp, and about the facility in itself. The Fun Tropicale Resort is lik e finding a natural diamond; it just needs polishing and marketing to reach its fullest potential," stated Eric Bowman, CEO of Planet Athlete.
An entirely new concept for the property is being developed to broaden its scope and appeal. Local authorities have recently ruled that building height restrictions have been raised to 20 stories. This decision dramatically affects the future value of the resort.
Plans and details of the Joint Venture will be released as they are finalized.
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.
Contact: Caribbean Casino and Gaming Corp. Investor Relations PiecemakerPR@sbcglobal.net