The RLJ Companies Appoints Scott Royster as CFO of Caribbean CAGE
CAGE is licensed to operate video lottery and video gaming terminals, Sports Betting, Virtual Sports and iGaming around the Caribbean Community and South America
by DaMarko Webster
The CAGE Companies have announced the appointment of Scott Royster as their new Chief Financial Officer (CFO), effective October 1, 2023. Royster is set to bring a wealth of experience to the company and play a crucial role in driving financial growth and strategies.
Robert L. Johnson, the Founder of The RLJ Companies and the majority owner of the CAGE Companies, expressed excitement about Scott Royster’s appointment. He mentioned that Royster had previously served as a Director of one of his companies, RLJ Entertainment.
Scott Royster’s background includes experience in the private equity and radio industries. He was involved in the private equity industry in the late 1980s and later moved to the radio industry. During his time as CFO of a small radio company, the company rapidly grew to become one of the largest radio companies in the United States within five years.
Robert B. Washington, the Co-Founder, Chairman, and CEO of the CAGE Companies, stated that Scott’s addition to the management team would bring strength and leadership in key areas such as accounting, finance, investments, banking, and wealth generation. He looked forward to working with Royster and anticipated added value for the CAGE Companies and their stakeholders.
Scott Royster spent a significant portion of his career at Radio One, Inc. (now Urban One, Inc.), a major media company targeting the African American market. He joined Radio One as its CFO in 1996 when it owned seven radio stations in two cities. Over the next 12 years, he contributed to building the company into a diverse media conglomerate, which included radio stations, a cable channel (TV One), content and publishing assets, and an online presence. Royster was instrumental in the company’s 1999 IPO and subsequent offerings, raising over $3 billion in capital during his tenure. In 2006, he was named the Broadcasting Industry’s CFO of the Year by Institutional Investor magazine.
More recently, Scott Royster has been involved in the education industry, particularly in addressing the educational needs of the African American market in the United States. He developed an education partnership business model and was the first CEO of Maarifa Education, an owner and operator of private universities in Africa, backed by a major private equity investor on the continent.
Apart from his business interests, Scott Royster is active in philanthropy and has served on the boards of institutions like the Arena Stage Theatre in Washington, DC, the Board of Visitors of Duke University, and the Visiting Committee of the Harvard Business School. He is a graduate of Duke University and HBS (Harvard Business School) and has homes in Washington, DC, and Nairobi, Kenya.
Scott Royster expressed his honor and excitement at joining the CAGE Companies at a pivotal time in their history. He emphasized his enthusiasm for working with the company’s leadership and talented team and looked forward to the organization’s dynamic future.
