Caribbean Casino & Gaming Issues Progress Report

MIAMI, FL--(Marketwire - Oct 8, 2012) - Caribbean Casino Gaming Corp. ( PINKSHEETS : CGAQ ), "the Company" is pleased to announce that it has received a written offer for the purchase of 100% of its Sosua Bay Grand Casino. The offer comes from a second buyer based in the USA. The Company has made two counter-offers in writing thus far. "We are hopeful to be able to hammer out the details of this deal this week," commented CEO Steven Swank, "but a deal of this magnitude cannot be rushed, so we will take as much time as needed to get it right."

As stated before, the Company intends to use some of the proceeds from the casino sale to finalize the deal on the Fun Tropicale resort. The seller of the resort has been kept apprised of the daily developments and is content to wait.

"This second offer has a big advantage for us," said Swank. "It allows us to hand over 100% of the casino and focus entirely on the resort acquisition."

In other news, the Company has decided to postpone its Big Boxing event (originally scheduled for October 19) to February 16th, 2013, which will be "High Season" in the Dominican Republic. The Arena in Santiago has agreed to this date change. The three primary reasons for this move are:

  • The television network that was originally lined up had a conflict, so the Company is searching for a different carrier for the new date. To receive Dominican tourism funds, the fight must be aired in the US.
  • The date change means a rescheduling of the fight card. The Company is hoping to have Roberto Duran as special guest at the event. The line-up will be released as soon as it is finalized.
  • The CEO's main focus needs to remain on the sale of the casino and the purchase of the resort. 

As mentioned in a previous PR, the Company has scheduled another fight in the Grand Ballroom above the Sosua Bay Grand Casino. That fight will occur on December 15th, 2012. Further details will be provided. "We expect this event to replicate the excellent results we had at our first event in April of this year," said Swank. "The sale of the casino will not affect our boxing event business, as we can still use the same venues, and when we make the move to the new resort, we will have an even better place for our fights rent free."

"As always, we are appreciative of our shareholder support," commented Swank. "We are proceeding as quickly as we can, but we will not be rushed into any mistakes pertaining to these deals. They are far too important to the future of this Company. The resort acquisition represents millions of dollars of additional assets to the Company, as well substantial increases of monthly revenue."

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 of 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.

  • Business

    Fox News calls ex-anchor Andrea Tantaros a 'wannabe' sexual harrassment victim

    Fox News on Monday denied claims made by former anchor Andrea Tantaros, who filed a lawsuit earlier this month saying she was taken off the air in April in retaliation for ignoring advances from former chairman Roger Ailes. The network said Tantaros is an "opportunist," piggybacking off the publicity of an earlier sexual harassment lawsuit filed against Ailes by former Fox News anchor Gretchen Carlson. In a filing made Monday in a New York state court, lawyers for Fox News said Tantaros's lawsuit "bears all the hallmarks of the 'wannabe,'" and said she signed an agreement to keep employment-related disputes out of court. The lawyers also asked to send her lawsuit to arbitration. In her lawsuit,

    The Week
  • Business

    J. Crew just made a desperate move to save itself

    J. Crew is making an unprecedented move to try and boost sales. Beginning on September 12, the company will be selling some of its apparel at Nordstrom, according to a release. J. Crew apparel will be available on Nordstrom's website and at 16 Nordstrom stores.

    Business Insider
  • Business

    Ford Offers 72 Month 0% Financing as Car Loan Defaults Surge

    Ford Motor Co. (NYSE: F) offers a 0% annual percentage rate (APR) for six years (72 months) across its entire model line, presumably to clear out 2016 models. The deals come at a time when car finance defaults, blamed to some extent on long loan repayment programs, have skyrocketed. Ford has taken on at least some degree of trouble because of the trends. The “Ford Freedom” sales event requires buyers to use Ford Credit APR financing. Ford Credit is part of Ford. That means it takes on either the benefit or problems with the loans. To put the loans in perspective, they will be paid through 2022. According to Carfax: Don’t be fooled into thinking depreciation slows much after the first year. The

    247wallst.com
  • News

    Takata troubles worsen as truck explodes, kills Texas woman

    Air bag maker Takata Corp.'s troubles worsened Monday as the company confirmed that a truck carrying its inflators and a volatile chemical exploded last week in a Texas border town, killing a woman and injuring four others. The truck, operated by a subcontractor, crashed, caught fire and exploded Aug. 22 in the small town of Quemado, about 140 miles from San Antonio, leveling the woman's house. Takata has a warehouse in nearby Eagle Pass, Texas, and it has an air bag inflator factory across the border in Monclova, Mexico.

    Associated Press
  • Business

    This is No. 1 financial regret of older Americans

    Getty ImagesDMAMBMCMDMEMGZGZQZRZSZTZUMost Americans are filled with regrets — financial regrets.Fully three in four, in fact, admit they harbor financial regrets, according to a survey of more than 1,000 adults by Bankrate.com. Their biggest regret:

    MarketWatch
  • Business

    ‘Rich Dad’ author Robert Kiyosaki: If you’re investing for the long term, ‘you’re crazy’

    Robert Kiyosaki, author of several best-selling books including “Rich Dad Poor Dad,” joined MarketWatch for a live interview on Facebook today. He offered up insights on making money, becoming an entrepreneur and even touched on politics. Here are some highlights from the talk, or you can listen to the full interview here. His advice on how to get rich: “The rich do not work for money. Most people do not understand that, because they’re taught to go to school and get a job for money. The rich don’t work for money. And one of the reasons for that is money is no longer money. One of the reasons for that is in 1971, President Nixon took the U.S. Dollar off the gold standard and basically screwed

    MarketWatch
  • TSLA

    It’s just about time to buy Tesla—prepare for a 50 percent rally: Trader

    Tesla's year of ups and downs has left investors wary of its stock, but one trader believes that the electric automaker is set for a big jump-start to the upside. Todd Gordon of TradingAnalysis.com notes that Tesla (NASDAQ: TSLA) has stalled, staying "pretty much range bound over the last three trading years," he said Monday on CNBC's "Trading Nation." But the charts point to better times ahead for Tesla, and Gordon points out two trends in particular that signal that it could be time to buy the stock soon. On a daily chart of Tesla, Gordon first looks at the lows the company has hit this year.

    CNBC
  • Politics

    Last chance? Obama administration proposes health law fixes

    In one of its last chances to tinker with the president's signature health care law, the Obama administration Monday proposed a series of fixes and adjustments for 2018, when the White House will have a new occupant. The proposal would update the health insurance marketplace's premium stabilization system to reflect concerns that insurers have raised. It also proposes changes to a current five-year ban on companies returning to the health law's markets after they have left.

    Associated Press
  • News

    Hillary Clinton's Newest Trump Strategy

    Aug. 29 -- Bloomberg's Toluse Olorunnipa discusses Hillary Clinton's newest campaign strategy against Donald Trump. He speaks with Bloomberg's Joe Weisenthal, Nejra Cehic and Matt Miller on "What'd You Miss?"

    Bloomberg Video
  • Business

    Wheels up for China's new aero-engine group

    China officially launched a new multi-billion dollar jet engine conglomerate with almost 100,000 employees at the weekend, as Beijing seeks to become an aerospace power and compete with the likes of Rolls Royce and General Electric. The Aero Engine Corporation of China (AECC) has registered capital of 50 billion yuan ($7.5 billion), and previous reports said it would incorporate subsidiaries of a series of state-owned firms, including the Aviation Industrial Corp. of China (AVIC). President Xi Jinping said founding the company was a "strategic move" to make China an aviation power and modernise the military, the official Xinhua news agency reported.

    AFP
  • Business

    Tom Lee says the market is flashing a buy signal for this group of stocks

    Investors have been rewarded for following signals in credit and derivatives markets this year, and a new one recently started sending a buy signal for small-cap stocks, according to Fundstrat Global Advisors co-founder Tom Lee.

    CNBC
  • Business

    HP Inc., Hewlett Packard Enterprise Face Claims of Age Discrimination

    Whoever coined the phrase “40 is the new 30” probably never worked at a technology startup. Entrepreneurs are notorious for hiring tribes of 20-something workers apparently willing to work longer than the post-industrial, 40-hour work week. An age-discrimination lawsuit filed in mid-August against Inc. and Hewlett Packard Enterprise by four former employees accuses the pre-break versions of these companies of laying them off and transferring their jobs to younger workers.

    Fortune
  • ANF

    Abercrombie & Fitch might have made a huge mistake

    "While the shift to an older customer is a strategy for Abercrombie, we see limited reasons for older customers to shift back to a 'teen' brand and, frankly, there are better brands and lifestyles for the 20+ customer to focus on," Beder wrote. Abercrombie & Fitch had long been known for its overtly sexy marketing campaigns, and by focusing on an older demographic, it enabled the brand to do more than just titillate.

    Business Insider
  • Business

    4 Ways Successful Middle Class Families Invest

    Although the U.S. government clearly defines what it means to live in poverty, it doesn’t provide the same clarity for what it means to be “middle class." You tend to hear a lot about this group during presidential election years, as middle class families make up the majority of American households. What exactly is “middle class" ? Economists slice and dice it in many ways, but the most typical definition categorizes families as middle class by their annual household income. The Pew Research Center defines middle class families as those that earn between $46,960 and $140,900 annually. Other sources draw the line around typical middle class aspirations like home ownership, vacations, and college

    Investopedia
  • Business

    Money markets are undergoing huge changes. Here's why it matters

    A large portion of the financial markets, and one that played a pivotal role during the financial crisis, is about to undergo substantial changes. At the core of the rules is an effort to stabilize the $2.7 trillion industry, which provides a generally safe climate where both retail and institutional investors can park funds and earn modest returns with the bonus that they will never lose money. In 2008, as the financial world crumbled under the weight of the financial crisis that took down Wall Street and threatened to crush the global economy, one fund did the unthinkable: It "broke the buck." That means its share price fell below $1 due to heavy losses it experienced from the collapse of Lehman Brothers.

    CNBC
  • Business

    Nutanix, the company driving VMware crazy, just made a brilliant acquisition

    On Monday, Nutanix officially confirmed that it bought a startup called PernixData. This is a brilliant move by Nutanix and a curious one by PernixData's leadership. Nutanix's products works with VMware's hypervisor, of course, but the company also built its own to take on VMware head on, a hypervisor product known as Acropolis.

    Business Insider
  • Business

    Half of the high-paying jobs in America now require this skill

    If terms like SQL, Python and JavaScript aren’t on your radar, employers may not be interested in hiring you. Roughly half of the jobs in the top income quartile — defined as those paying $57,000 or more per year — are in occupations that commonly require applicants to have at least some computer coding knowledge or skill, according to an analysis of 26 million U.S. online job postings released this month by job market analytics firm Burning Glass and Oracle Academy, the philanthropic arm of Oracle focused on computer science education, in Redwood City, Calif. In simple terms, coders write the instructions that tell computers what to do; in-demand programming languages include SQL, Java, JavaScript,

    MarketWatch
  • News

    How Much Trump's Campaign Pays Trump-Owned Companies

    Donald Trump's campaign has directed at least $15 million to companies linked to him or his children or to reimbursing his children's travel. WSJ takes a look at which companies have been recipients of the campaign's cash. Photo: Getty

    WSJ Live
  • Politics

    Cleaning Up After Trump Talks About Race: Worst Job in Politics?

    Jobs don’t get much more thankless than being the person designated to clean up after Donald Trump. Campaign manager Kellyanne Conway found that out this morning in a deeply uncomfortable interview with Fox News Sunday host Chris Wallace focused largely on the GOP nominee’s supposed outreach to African-Americans. The discussion was civil and measured, but Wallace was unsparing when he asked Conway to account for the way Trump has positioned himself thus far in the race with respect to the black community.

    The Fiscal Times
  • Health

    Mylan Launching Generic Version of EpiPen

    Mylan will start selling a cheaper version of its EpiPen after absorbing waves of criticism over a list price for the emergency allergy treatment that has grown to $608 for a two-pack, making it unaffordable for many patients. The drugmaker says it will launch in several weeks a generic EpiPen version that is identical to the branded option but will have a list price of $300 for a two-pack. Consumers and politicians have accused the company of price-gouging, since the list price for a pair of EpiPens has climbed repeatedly from around $94 in 2007, when Mylan acquired the product. Mylan CEO Heather Bresch defended the price hikes last week, saying the company only received $274 of the total price for a twin-package while insurers, pharmacies and other parties divvy up the rest.

    ABC News
  • Business

    7 Healthy Dividend Stocks for Quality and Security

    When it comes to finding great dividend stocks, some sectors are just natural winners. Steady and growing demand, big-time cash flows and large economic moats are hallmarks of these prime dividend stock sectors. Those factors enable some sectors to throw off plenty of big-time dividends. Healthcare stocks meet those requirements and then some. Demand for treatment continues to grow exponentially as our overall population increases and ages. Meanwhile, long patent timelines of various drugs, delivery and other medical products provides plenty of stable cash flows. These factors enable healthcare stocks to produce enviable cash flows and earnings, which translate into hefty dividends for their

    Kiplinger.com
  • Business

    Liz Weston: 5 money myths you probably believe

    If you believe any of these five money myths, it's time to take a closer look at the financial realities. Certified financial planners typically recommend clients have enough savings to cover expenses for three to six months. A better course: Shoot for a starter emergency fund of $500, which would cover small car repairs or an insurance deductible.

    Associated Press
  • News

    Japan government finds Mitsubishi overstated mileage for eight more models

    Japan's transport ministry on Tuesday ordered Mitsubishi Motors Corp to stop domestic sales of eight vehicle models after an investigation found the automaker overstated their fuel economy, the second such order in a matter of months. The ministry said its investigation found the fuel economy on models including the Pajero, Outlander and RVR SUV models were lower than stated in marketing catalogues. "Our investigation confirmed that the fuel economy on eight models ... were as much as 8.8 percent and on average 4.2 percent lower than advertised," the ministry said in a statement.

    Reuters
  • Business

    Tim Cook cashed in $36 million in Apple stock

    Nearly 1 million of those shares were earned because Cook lasted five years as Apple CEO. The remainder was awarded because Apple has outperformed two-thirds of the companies in the  S&P 500. In the five years since Cook has taken over Apple, revenue and profit have doubled, and Apple stock has outpaced the broader market when taking into account dividends and stock buybacks.

    Business Insider
  • Politics

    You'll Be Shocked That Most People Don't Know These 4 Things About Social Security -- The Motley Fool

    Social Security is one of the most important social program for seniors in retirement. Research from Gallup suggests that almost 60% of current retirees rely on Social Security income to comprise a major part of their monthly income, while another 30% rely on Social Security as a minor income source. In theory, 90% of today's retirees could be in some degree of financial trouble if they didn't have Social Security in their corner. But the honest truth is that most people -- especially those who've yet to retire -- aren't well versed on the ins and outs of Social Security. When it comes to Social Security, ignorance is far from bliss, as ignorance to the program's rules could wind up costing you

    The Motley Fool