BET founder proposes $14 billion revenue solution for Puerto Rico
SAN JUAN, Puerto Rico -- Robert Johnson, founder of Black Entertainment Television (BET) and majority owner of Caribbean CAGE LLC, in a letter dated October 25, 2016 to the Puerto Rican Control Board, outlined a $14 billion revenue plan over the next 20 years that the Puerto Rico Department of Treasury can immediately implement.
The proposal calls for the elimination and conversion of approximately 100,000 illegal gambling machines to be replaced with approximately 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.
Johnson's letter details the financial capability and professional expertise of the CAGE team, which includes four of the largest gaming companies in the world – Scientific Games, IGT/GTECH, Aristocrat Gaming, and Inspire Gaming. In addition, the CAGE proposal includes local Puerto Rico firms including Banco Popular and telecommunications company Claro.
Johnson stated, "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 recognize 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."
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