MIAMI, FL--(Marketwire -08/07/12)- Caribbean Casino Gaming Corp. (CGAQ), "the Company" announces that the purchase of the 184 Unit Resort, Fun Tropicale in Puerto Plata, DR, is moving ahead as planned. CEO Steven Swank will be in Puerto Plata this week to meet with the seller and some investment banks. "Everything is falling into place," said Swank, "We've been working with several potential lenders and it looks very promising; now it's about choosing the best one." Mr. Swank will also be conducting the final due diligence examination of the property. He will be accompanied by his structural engineer to examine the condition of the resort's many buildings and to get an engineer's perspective on possible building sites.
"The Fun Tropicale has it all; it's even better than we thought," said Swank. The CGAQ executive team sees this acquisition as a major turning point for the Company. Last week, Fun Tropicale's "next-beach-neighbor" announced the redevelopment of its property with an initial investment of $30 million. The neighbor's upgrade will attract new buyers and shoppers to the area, including the Fun Tropicale's two restaurants, beach house & bar, and numerous shops.
"Everything is coming together quite nicely; we could not be more pleased with our prospects," stated Team Member Dr. Frank Leiber, adding, "This property will provide us operating capital from the hotel business or we can slowly sell off the remaining 100 condos for debt service and funding for other projects like the Racetrack and Bionic Tonic."
IR Team Member, Carl Mueller commented, "This is what investors had been waiting for; a great deal that will establish a permanent income base to help push our other projects through to profitability." The Team could not be happier with the terms of the deal, and apparently, the lenders like the equity already existent in the property.
The Fun Tropicale sits on a little less than 10 acres and has two restaurants, two swimming pools, gorgeous beach club (with restaurant &bar) on 600 meters of white sand and turquoise water. It has two bars, two tennis courts, volleyball court, soccer field, gymnasium, sauna, medical clinic, front desk, office space, meeting rooms, retail shops, playground and more. It also boasts the largest outdoor theater in northern Dominican Republic. "Saturday Night Jazz at the Pavilion" will be a "must see" for tourists.
"Our dream and goal was to be Number One in the Caribbean," stated CEO Swank. "This will be the turning point that helps us out of the 'great recession'. With new talent on our team, new investors, and a world of opportunities CGAQ will become stronger every day."
The CGAQ team wants to thank all of our share holders who have been patient with us. With this deal moving forward we would like to say: "El Caribe es mi hogar, y mi hogar es su hogar." ("The Caribbean is my home, and my home is your home.")
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.
Caribbean Casino and Gaming Corp.