10 Feb Cantor Gaming CEO Under Possible Investigation by Feds
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 goes by in the gaming universe without someone in a position of power somewhere being scrutinized by the feds anymore, it seems day. Now Cantor Gaming CEO Lee Amaitis is under the limelight, according to the The Wall Street Journal, on the layer tail of colleague Michael Colbert Cantor’s now released vice president of danger management who pled guilty month that is just last knowingly accepting unlawful bets.
Denial from the Top
Parent company Cantor Fitzgerald was quick to deny the rumor, however, saying in a issued statement: ‘We feel compelled to address this irresponsible and baseless rumor. The notion that Lee Amaitis is a target of federal prosecutors or that he participated in unlawful bookmaking is false and baseless.’
Of course, Anthony Weiner also vehemently denied he was still sexting, so there you go regarding denials of rumors.
Accepting wagers from ‘runners’ people whom place wagers for an operation is illegal in Nevada, where Cantor Gaming is headquartered.
It could definitely behoove the sports book company to distance themselves from any further insinuations of illegalities, given that Amaitis just attended opening ceremonies for a new Cantor Gaming race and sports books at the Atlantis Casino on Paradise Island into the Bahamas. The company now has eight sports publications in Las Vegas, runs the Palms Casino poker space, and provides mobile betting apps, combined with new Atlantis book, which is their first run outside of Nevada.
No Allegations Officially Made
Cantor Fitzgerald ended up being 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 entered their guilty plea to a solitary felony charge of conspiracy in a ny federal courthouse (bet we can guess which one). In accordance with documents, he’ll get sentencing Dec. 9, joining so many more who is having an enjoyable holiday in the joint from the world that is wonderful of.
Colbert was acquired in a joint arrest couple of years ago, along with 24 others, whenever he was caught red-handed for his involvement with an illegal sports betting ring in Queens, NY. He originally was looking at eights counts of conspiracy, corruption and cash laundering, but the Queens case had been dismissed plus the matter of his moving $100K in gambling profits from vegas to New York was forwarded to the U.S. Attorney’s docket.
Even though 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 totally free in December? Time will tell.
To their credit Amaitis did reportedly aid within the rebuilding of parent business Cantor Fitzgerald after the September attacks that are 11th the World Trade Center, in which the company destroyed about 2/3rds of their employees. Amaitis was in London at the right time, heading up business’s international dealings.
Wynn Eyes Philadelphia for Next Casino Resort Project
Wynn Resorts is one of six casino companies pitching to enter the Philadelphia gaming market
The casino legend whom started off back East with the property that is original has get to be the much-sought-after Atlantic Club in nj’s gaming mecca is apparently putting a lot of energy into reclaiming his stakes for the reason that component of the planet. While gaming mogul Steve Wynn waits to see which method the wind will blow in Massachusetts for approval of their proposed Everett, Massachusetts project, he can be waiting to get 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, nonetheless; that’s when chairman associated with Pennsylvania Gaming Control Board William H. Ryan, Jr. says the chosen project for Philly’s coveted second casino permit should be determined. With six candidates waiting eagerly in the wings, you will see a general public hearing held in January to greatly help determine which one is the fit that is best, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in Las vegas, nevada.
‘The hearings can give applicants an opportunity to show the board and make their instance for why they should be granted the license,’ Lerner stated in a research note that is released. ‘It is possible losing bidders could charm the board’s decision to the state Supreme Court, which could take roughly 6 months.’
Wynn’s project is naturally planned out in-depth currently, with Wynn Resorts teaming up with a bevy of partners to build this second Philadelphia resort casino ( the HSP Gaming’s SugarHouse has been up since 2010 in the City 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 given the high sign, to create a 150,000-square-foot casino that would house 900 slot machines and 100 table games, adjacent to a 300-room resort, all developed on a 60-acre waterfront property.
This will be Wynn Resorts go at a second Philly property; they were within the running straight back in 2010 having a $600 million task, but pulled out before a decision had been made at that point.
The proposed Philly casino therefore the feasible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the board that is drawing they are also focusing on a $4 billion casino for Macau’s Cotai Strip.
Is Pennsylvania Market Leveling Out?
These days) in the past few years since 2010, it may now be tougher for Wynn to crack into the Pennsylvania market; industry expert David Schwartz who heads up the Gaming Research Center at Las Vegas’ University of Nevada (UNLV), says that region has somewhat leveled out in growth (a casino-online-australia.net/ pattern that is being seen across the U.S. in the land gaming markets.
‘After six years of actually blockbuster growth, now it appears to have leveled off,’ Schwartz said. ‘Remember, it went from zero to $3 billion. It could be because it’s a $3 billion industry.’
But Schwartz adds that the specific situation is far from hopeless, noting exactly the same dire predictions were connected to the Las Vegas market several times, in 1989, 1993, and again in 1998. He claims a brand new wynn resorts property in Philadelphia could very possibly reinvigorate the industry there.
Nj-new Jersey Online Gambling Establish Plan Officially 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 realm of online gambling begins on November 26, permitting state residents to start 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 be able to start a ‘soft play’ launch on November 21. At that point, merely a limited quantity of invited guests will be able to play regarding the sites. Assuming that all goes well with web sites for the reason that period, then full scope, real money online gambling will begin at 9 a.m. local time on the 26th.
The rules for playing on nj-new jersey’s gambling sites will likely be simple. In order to try out, users will physically have to be located within New Jersey, but are not required to reside there. All players will have to be at least 21 years of age.
Thus far, nine of the 12 casinos in Atlantic City have announced partnerships with pc software providers that allows them to launch their Web casinos, while a 10th the Trump Plaza is rumored to have partner with Betfair, though which includes 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 resort has announced a partnership with PokerStars, although the Taj Mahal will use Ultimate Gaming, which already has experience now running the online that is first site going to in Nevada (Caesars Interactive has now launched a 2nd site there). Meanwhile, the Tropicana Casino and Resort will partner with Gamesys Limited. Finally, the Golden Nugget has announced that it will be using Bally Technologies.
Dropping Revenues for AC Land Casinos
The web gambling launch will come as a opportunity that is welcome the struggling Atlantic City casino gambling industry. In 2006, Atlantic City’s gambling revenues peaked at a high that is all-time of5.2 billion. However in the previous few years, a number 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 much more precipitous after Hurricane Sandy caused heavy damage to this new Jersey shore in late 2012. That has resulted in a lack of jobs and taxation revenue for the state.
Perhaps Not everyone is convinced that on the web gambling will make much of an impact. Some are concerned it may just shift players who normally arrived to gamble in the casino to online video gaming, which could also be harmful, because they will not be purchasing rooms in hotels and meals or shopping at the casino resorts. But most industry officials believe the internet impact is going to be positive, providing essential revenue for the floundering casinos there.
New Jersey’s Internet gambling legislation had been passed by both houses and signed into law by Governor Chris Christie earlier this year. That came after Christie had previously vetoed a similar law the year before, citing concerns that the bill might not pass constitutional muster. Nevertheless the new version regarding the law was approved after Christie first issued a conditional veto, which permitted legislators in order to make some small changes to the bill, including requiring it to expire in a decade making sure that legislators would have an opportunity to debate its merits again in ten years.