Cantor Gaming CEO Under Possible Investigation by Feds
CEO Lee Amaitis (center) recently opened the Cantor Gaming Atlantis sports book; some say he is under federal scrutiny now
Maybe Not a day goes by in the gaming universe without someone in a position of power somewhere being scrutinized by the feds anymore, it appears. Now Cantor Gaming CEO Lee Amaitis is under the spotlight, according to the The Wall Street Journal, on the coat tail of colleague Michael Colbert Cantor’s now released vice president of risk management who pled guilty month that is just last knowingly accepting illegal bets.
Denial from the Top
Parent business Cantor Fitzgerald was quick to deny the rumor, however, saying within an issued statement: ‘We feel compelled to address this reckless and rumor that is baseless. The notion that Lee Amaitis is a target of federal prosecutors or he participated in unlawful bookmaking is false and baseless.’
Of program, Anthony Weiner additionally vehemently denied he was still sexting, so there you go in terms of denials of rumors.
Accepting wagers from ‘runners’ people whom destination wagers for an operation is illegal in Nevada, where Cantor Gaming is headquartered.
It would undoubtedly behoove the sports book company to distance themselves from any further insinuations of illegalities, given that Amaitis just attended opening ceremonies for the new Cantor Gaming competition and recreations books at the Atlantis Casino on Paradise Island in the Bahamas. The company now has eight sports books in Las Vegas, operates the Palms Casino poker room, and provides mobile betting apps, combined with the Atlantis that is new book which will be their first run outside of Nevada.
No Allegations Officially Made
Cantor Fitzgerald was quick to indicate that no actual allegations of any wrongdoing by Amaitis have been made by authorities. Yet.
33-year-old vice-president that is former has recently entered his guilty plea up to a single felony charge of conspiracy in A new york federal courthouse (bet we can guess which one). Based on court papers, he will receive sentencing Dec. 9, joining so many others who are having a fun vacation in the joint from the world that is wonderful of.
Colbert was acquired in a joint arrest 2 yrs ago, along side 24 others, when he had been caught red-handed for an illegal sports to his involvement betting ring in Queens, NY. He originally was looking at eights counts of conspiracy, corruption and money laundering, but the Queens case ended up being dismissed therefore the matter of his moving $100K in gambling profits from Las Vegas to New York was forwarded to the U.S. Attorney’s docket.
Although the ex-veep’s attorney of record refused to comment, The Wall Street Journal reports that Colbert is ‘cooperating’ in the Cantor Gaming matter; might that mean performing like a bird so he can fly free in December? Time will tell.
To his credit Amaitis did reportedly aid into the rebuilding of parent business Cantor Fitzgerald after the September attacks that are 11th the World Trade Center, in which the company lost about 2/3rds of their workers. Amaitis was in London during the time, heading up the business enterprise’s international dealings.
Wynn Eyes Philadelphia for Next Casino Resort Project
Wynn Resorts is certainly one of six casino companies pitching to enter the Philadelphia gaming market
The casino legend who started out back East with the property that is original has get to be the much-sought-after Atlantic Club in nj-new jersey’s video gaming mecca appears to be placing a lot of energy into reclaiming his stakes in that component of the entire world. While video gaming mogul Steve Wynn waits to see which way the wind will blow in Massachusetts for approval of their proposed Everett, Massachusetts project, he is also waiting getting word on another brand new resort casino destined for the Philadelphia, Pennsylvania area.
No Decisions Till Next Spring
Wynn will need to wait until early Spring 2014, from the looks of it, however; that is when chairman of the Pennsylvania Gaming Control Board William H. Ryan, Jr. claims the selected project for Philly’s coveted casino that is second should be determined. With six applicants waiting eagerly in the wings, you will have a public hearing held in January to simply help decide which one would be the best fit, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in Las Vegas.
‘The hearings will give applicants a possiblity to give the board and make their instance for why they should be awarded the license,’ Lerner stated in a research note that is released. ‘It is possible losing bidders could allure the board’s decision to their state Supreme Court, which could take approximately half a year.’
Wynn’s project is naturally planned out in-depth already, with Wynn Resorts teaming up with a bevy of lovers to build this Philadelphia that is second resort ( the HSP Gaming’s SugarHouse was up since 2010 in the town of Brotherly Love). Tower Entertainment LLC, Market East Associates, PHL Local Gaming LLC, PA Gaming Ventures LLC and Stadium Casino LLC will all join hands with Wynn, if provided the high sign, to create a 150,000-square-foot casino that would house 900 slot machines and 100 table games, next to a 300-room resort, all developed on a waterfront property that is 60-acre.
This will be Wynn Resorts second go at a Philly property; they had been into the running back in 2010 having a $600 million task, but pulled out before a decision had been made at the period.
The proposed Philly casino plus the feasible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the drawing board; they are taking care of a $4 billion casino for Macau’s Cotai Strip.
Is Pennsylvania Market Leveling Out?
Since 2010, it might probably now be tougher for Wynn to crack in to the Pennsylvania market; industry expert David Schwartz who heads up the Gaming Research Center at Las vegas, nevada’ University of Nevada (UNLV), says that region has notably leveled down in growth (a pattern that is being seen across the U.S. within the land gaming markets today) into the past couple of years.
‘After six years of really blockbuster development, now it appears to have leveled off,’ Schwartz said. ‘Remember, it went from zero to $3 billion. It may be because it is a $3 billion industry.’
But Schwartz adds that the specific situation is far from hopeless, noting equivalent predictions that are dire attached to the Las Vegas market a few times, in 1989, 1993, and again in 1998. He says A wynn that is new resorts in Philadelphia could very possibly reinvigorate the industry there.
Nj Online Gambling Publish Plan Formally Announced
Coming to nj-new Jersey, just in time for Thanksgiving: Internet casinos
It’s been a wait that is long but as expected, New Jersey’s endeavor into the world of Internet gambling begins on November 26, allowing state residents to begin with playing their favorite casino games online just in time for Thanksgiving.
Soft Launch First
According to New Jersey’s Gaming Enforcement Division, Atlantic City’s 12 casinos will have a way to commence a ‘soft play’ launch on 21 november. When this occurs, only a limited wide range of invited guests will be able to play on the sites. Presuming that all goes well with the sites in that period, indian dreaming slot machine free play then complete range, real money online gambling will begin at 9 a.m. local time on the 26th.
The principles for playing on nj-new jersey’s gambling sites are simple. In order to play, users will physically have to be located within New Jersey, but are not necessary to live there. All players has become at the least 21 years of age.
Thus far, nine of the 12 casinos in Atlantic City have announced partnerships with software providers that enables them to launch their Internet gambling enterprises, while a 10th the Trump Plaza is rumored to have partner with Betfair, though that has yet to be confirmed.
The Borgata is known to be working with bwin.party, while Caesars Entertainment which owns four Atlantic City properties will be partnering with 888 Holdings among the confirmed partnerships. Meanwhile, Resorts Casino Hotel has announced a partnership with PokerStars, even though the Taj Mahal will utilize Ultimate Gaming, which already has experience now running the online that is first site hitting in Nevada (Caesars Interactive has launched a second site there). Meanwhile, the Tropicana Casino and Resort will mate with Gamesys Limited. Finally, the Golden Nugget has announced that it will be working together with Bally Technologies.
Dropping Profits for AC Land Casinos
The web gambling launch will come being a welcome possibility for the struggling Atlantic City casino gambling industry. In 2006, Atlantic City’s gambling revenues peaked at an all-time high of $5.2 billion. But in the previous few years, lots of new casino properties in Pennsylvania, nyc, Maryland and other regionally competitive areas have chipped away at that revenue, which stood just over $3 billion last year and could fall below that mark in 2013. This autumn became all the more precipitous after Hurricane Sandy caused damage that is heavy this new Jersey shore in late 2012. That has resulted in a loss of jobs and income tax revenue for hawaii.
Perhaps Not everyone is convinced that on line gambling shall make much of an impact. Some are concerned as they will not be purchasing hotel rooms and food or shopping at the casino resorts that it may just shift players who normally came to gamble in the casino to online gaming, which could even be harmful. But most industry officials believe the net effect is good, providing essential revenue for the floundering casinos there.
New Jersey’s Internet gambling legislation was passed by both houses and signed into law by Governor Chris Christie earlier this year. That came after Christie had previously vetoed a comparable law the year before, citing concerns that the bill might not pass muster that is constitutional. But the new version of the law was approved after Christie first issued a veto that is conditional which permitted legislators to make some small changes to the bill, including requiring it to expire in a decade to make certain that legislators would have an opportunity to debate its merits again in ten years.