Alliance to Strengthen Gaming Opportunities in the Caribbean and Latin America
Bob Washington, Co-Founder, Chairman & CEO of Caribbean CAGE LLC, ("CAGE") an RLJ majority-owned company and Robert L. Johnson, founder and chairman of The RLJ Companies today announced that CAGE has entered into a letter of intent with Hard Rock International ("Hard Rock ) regarding Hard Rock investing (subject to certain closing conditions) in CAGE and providing certain consulting services necessary for CAGE to expand its gaming and lottery opportunities in the Caribbean and Latin America. This investment and alliance will allow CAGE to continue to pursue licenses and management contracts to operate and manage online lotteries and video lottery terminal systems (VLTs) in the Caribbean and Latin America.
CAGE, an African-American owned company, is a premiere route gaming company that focuses on the installation, operation and management of VLTs, linked gaming systems and game content throughout the Caribbean and Latin America. Hard Rock, ultimately owned by the Seminole Tribe of Florida, is one of the most globally recognized music, entertainment, leisure and dining brands in the world. Together, this alliance joins two minority-owned companies who share a strong business interest in gaming and entertainment.
"I am very excited to bring CAGE together with Hard Rock for another venture," said Bob Johnson, founder and chairman of The RLJ Companies. "Hard Rock has the most iconic and successful brands in gaming, entertainment, and hospitality and has a unique entrepreneurial approach to develop gaming venues around the world. In working with Hard Rock and Jim Allen, Chairman of Hard Rock International, I am confident that CAGE will generate significant gaming revenues for the governments in the markets CAGE serves and provide a special gaming experience for our local customers," he concluded.
"This alliance and investment expands the opportunities that CAGE can pursue and allows the company to seriously entertain offers by governments in the Caribbean and Latin America to develop, manage and operate additional gaming route projects in these communities. We are looking forward to evaluating future gaming and hotel projects with Hard Rock International outside of this alliance," stated Bob Washington, Co-Founder, Chairman & CEO of CAGE. "Hard Rock has unique experiences in South Florida in providing real and sustainable business opportunities for local businesses to locate within its properties in Hollywood and Tampa and we are convinced that these experiences will be very valuable to CAGE in working with local businesses and operators in the Caribbean and Latin America," Washington concluded.
"We are thrilled to be working with Caribbean CAGE LLC and Bob Johnson, and this highlights our strong belief in the Caribbean and Latin America gaming markets, in association with a premier route gaming company in the region," said Jim Allen, Chairman, Hard Rock International. "This alliance joins three great companies together for another venture, and we look forward to the endless opportunities that this strategic relationship and investment provides to CAGE and the local governments it serves," Allen stated.
In July 2009, CAGE announced a strategic alliance as an investor in the Hard Rock Casino at Aqueduct Racetrack in Queens, New York. This project was proposed by New York-based SL Green Realty Corp. and Hard Rock. The successful bid is expected to generate more than $525 million annually in revenue to New York State. It includes a Hard Rock branded casino featuring 4,500 Video Lottery Terminals (VLT), a Hard Rock Live performance center, a Hard Rock Bar, iconic music memorabilia from Hard Rock International's unmatched collection, a VIP players club, retail shops, a 425-seat fresh harvest restaurant and a marketplace-style food court.
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