A combination cap and dispensing spout assembly for a carbonated beverage bottle. It is designed to stay on the beverage bottle until it is empty. It is pressed onto the original sealing cap of the carbonated beverage bottle and it is detachably snapped over the annular shoulder on the neck of the bottle. When it is desired to dispense some of the beverage, the bottle is turned upside down and the combination cap and dispensing spout assembly is rotated about 1/4-3/4 of a turn which allows the carbonated beverage to pour out of the tubular spout of the combination cap and dispensing spout assembly. The carbonated gas that has escaped from the liquid beverage cannot readily escape from the carbonated beverage bottle but instead rises into the space above the liquid beverage in the bottles upside down position. When the desired amount of carbonated beverage has been poured, the combination cap and dispensing spout assembly is rotated back to its original sealing position and the beverage bottle is returned to its upright position.