The Puerto Rican gaming company introduced a renovation plan to boost the local gaming sector.
Puerto Rico.- Robert Johnson, founder of Black Entertainment Television and majority owner of Caribbean CAGE company, presented a project to install over 30,000 licensed Video Lottery Terminals. CAGE is one of the biggest gaming companies for the Caribbean market, providing superior Video Lottery Terminal (VLT) system and exclusive content.
The installation of thousands of gambling terminals will bring to the country expected employment opportunities and will boost the regional market and its economy. As the plan details, CAGE has introduced a US$14 billion revenue project to enhance the gaming sector within the next 20 years. The Puerto Rico Department of Treasury could approve the proposal immediately.
Over 100,000 gambling machines are operated illegally in Puerto Rico. The CAGE’s project is aiming to replace those machines with “30,000 fully regulated and government authorized video lottery terminals (VLTs) connected by a system to the Puerto Rico Treasury Department for tax transparency, compliance and collection purposes,” according to a statement.
Johnson detailed: “The CAGE team has spent several years researching and developing a legal VLT-gaming platform and operational system for Puerto Rico, much like those that exist in 12 states in the United States. Not only is the CAGE team committed to investing in Puerto Rico and the people of Puerto Rico, we are also encouraged by the political and business leaders in Puerto Rico who recognise the necessity for Puerto Rico to rid itself of its underground economy, like non-taxable gambling, and deploy a legal system that would generate much-needed revenue for economic development, job creation, and improve education and social services.”
“I am convinced that the government of Puerto Rico is committed to a transparent and accountable economic and financial system and will welcome the business opportunity we propose,” Johnson added.