Caribbean CAGE and Hard Rock International Enter Into a Strategic Letter of Intent for Hard Rock Investment Into Caribbean CAGE
SAN JUAN, Puerto Rico, Nov. 2 /PRNewswire/ — 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.
About The RLJ Companies
The RLJ Companies, founded by Robert L. Johnson, owner of the NBA Charlotte Bobcats and founder of Black Entertainment Television, is a diverse portfolio of companies in the financial services, asset management, real estate, hospitality, professional sports, film production, and gaming industries. An innovative business network, The RLJ Companies seeks to target undiscovered or underserved markets; then exercise solid management to achieve results. The RLJ Companies is headquartered in Bethesda, Maryland, with operations in Charlotte, Los Angeles, Florida, Puerto Rico, and Monrovia, Liberia. For further information about The RLJ Companies, please visit www.rljcompanies.com.
The RLJ Companies Media Relations Contact: Traci Otey Blunt, 240.744.7858 or press@rljcompanies.com
About Caribbean CAGE, LLC
Caribbean CAGE, LLC (“CAGE”) is a gaming and lottery company focused on the design, installation, operation and management of video lottery terminals, linked gaming systems, online lotteries and game content throughout the Caribbean and Latin America. CAGE was founded in 2004 by Bob Washington and Bob Johnson for the purpose of bringing a superior VLT system and exciting, new game content to targeted Caribbean and Latin America countries with the goal of enhancing local economies and creating local entrepreneurial and employment opportunities. CAGE is headquartered in St. Thomas, US Virgin Islands with offices in Puerto Rico, the Dominican Republic, St. Kitts and Nevis and Barbados. For further information about CAGE, please visit www.caribbeancage.com.
Caribbean CAGE Media Contact for Spanish only: Dianne Caban, (787) 758-8650 or dcaban@cagepuertorico.com
About Hard Rock International
With a total of 157 venues in 53 countries, including 127 cafes and 12 Hotels/Casinos, Hard Rock International is one of the world’s most globally recognized brands. Beginning with an Eric Clapton guitar, Hard Rock owns the world’s greatest collection of music memorabilia, which is displayed at its locations around the globe. Hard Rock is also known for its collectible fashion and music-related merchandise, Hard Rock Live performance venues and an award-winning website. In addition to the two flagship Seminole Hard Rock Hotels and Casinos in Tampa and Hollywood, Fla., Hard Rock Hotels/Casinos are located in Las Vegas, Biloxi, Orlando, Chicago, San Diego, Tulsa, Pattaya, Bali, Macau and Penang. Additional hotel and casino projects have been announced in; Singapore, scheduled to open in 2010; Atlanta and Panama, both scheduled to open in 2012; and Hungary, Dubai and Abu Dhabi, scheduled to open in 2013. Hard Rock International is owned by Seminole Hard Rock Entertainment, Inc. For further details on Hard Rock Hotels and Casinos, visit www.hardrockhotels.com. For more information on Hard Rock International, visit www.hardrock.com.
SOURCE The RLJ Companies