Cantor Gaming CEO Under Possible Investigation by Feds
Cantor Gaming CEO Under Possible Investigation by Feds
CEO Lee Amaitis (center) recently exposed the Cantor Gaming Atlantis sports book; some say he is under federal scrutiny now
Perhaps 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 spotlight, according to the The Wall Street Journal, on the coating tail of colleague Michael Colbert Cantor’s now released vice president of risk 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 reckless and baseless rumor. The notion that Lee Amaitis is a target of federal prosecutors or which he participated in illegal bookmaking is baseless and false.’
Of program, Anthony Weiner additionally vehemently denied he was still sexting, therefore there you go regarding denials of rumors.
Accepting wagers from ‘runners’ people who place wagers for an operation is illegal in Nevada, where Cantor Gaming is headquartered.
It would truly behoove the sports book company to distance themselves from any further insinuations of illegalities, given that Amaitis just attended opening ceremonies for a brand 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 space, and offers mobile betting apps, along with the new Atlantis guide, which is their first run outside of Nevada.
No Allegations Officially Made
Cantor Fitzgerald ended up being quick to point out that no actual allegations of any wrongdoing by Amaitis have been made by authorities. Yet.
33-year-old former vice-president Colbert has already entered their guilty plea up to a single felony charge of conspiracy in a ny federal courthouse (bet we can guess which one). In accordance with documents, he’ll receive sentencing Dec. 9, joining so many more who is having a fun vacation in the joint from the wonderful world of gaming.
Colbert had been acquired in a joint arrest two years ago, along with 24 others, when he was caught red-handed for an illegal sports to his involvement betting ring in Queens, NY. He originally was looking at eights counts of conspiracy, money and corruption laundering, but the Queens case was 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 singing like a bird so he can fly totally free in December? Time will tell.
To their credit Amaitis did apparently aid within the rebuilding of parent company Cantor Fitzgerald after the September 11th attacks on the World Trade Center, where the company lost about 2/3rds of their workers. Amaitis was at London at the right 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 began back East with the original property that has get to be the much-sought-after Atlantic Club in New Jersey’s video gaming mecca is apparently placing a lot of energy into reclaiming their stakes in aristocrat indian dreaming slot machine download that part of the entire world. The wind will blow in Massachusetts for approval of his proposed Everett, Massachusetts project, he is also waiting to get word on another new resort casino destined for the Philadelphia, Pennsylvania area while gaming mogul Steve Wynn waits to see which way.
No Decisions Till Next Spring
Wynn will need to hold back until early Spring 2014, through the looks from it, however; that is when chairman for 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 candidates waiting eagerly in the wings, there will be a general public hearing held in January to simply help determine which one will be the fit that is best, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in Las Vegas.
‘The hearings can give applicants an opportunity to show the board and make their situation for why they should be granted the license,’ Lerner stated in a released research note. ‘It is possible bidders that are losing impress the board’s choice to the state Supreme Court, which could take approximately half a year.’
Wynn’s project is naturally planned out in-depth currently, with Wynn Resorts teaming up with a bevy of lovers to build this second Philadelphia resort casino ( the HSP Gaming’s SugarHouse was 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 offered 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 waterfront property that is 60-acre.
This will be Wynn Resorts second go at a Philly property; they were within the operating straight back in 2010 with a $600 million project, but pulled out before a decision had been made at that time.
The proposed Philly casino and the feasible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the drawing board; they may also be working 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 pattern that is being seen across the U.S. in the land gaming markets.
‘After six years of actually 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 definately not hopeless, noting exactly the same dire predictions were connected to the Las Vegas market several times, in 1989, 1993, and again in 1998. He states a brand new wynn resorts property in Philadelphia could very possibly reinvigorate the industry there.
Nj Online Gambling Launch Plan Formally Announced
Coming to nj-new Jersey, just in time for Thanksgiving: Internet gambling enterprises
This has been a wait that is long but as anticipated, New Jersey’s venture into the world of Internet gambling begins on November 26, permitting state residents to begin with playing a common 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 the ability to commence a ‘soft play’ launch on 21 november. When this occurs, only a limited amount of invited guests should be able to play regarding the sites. Presuming that all goes well with the websites in that period, then complete range, a real income online gambling will begin at 9 a.m. local time on the 26th.
The guidelines for playing on nj-new jersey’s gambling sites is easy. In order to relax and play, users will need to be physically located within brand New Jersey, but are not essential to reside there. All players has become at the very least 21 years of age.
So far, nine of the 12 casinos in Atlantic City have announced partnerships with pc software providers that allows them to launch their Internet gambling enterprises, while a 10th the Trump Plaza is rumored to have partner with Betfair, though which 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, although the Taj Mahal will make use of Ultimate Gaming, which already has experience now running the first internet poker site going to in Nevada (Caesars Interactive has launched a 2nd site there). Meanwhile, the Tropicana Casino and Resort will mate with Gamesys Limited. Finally, the Golden Nugget has announced that it will be dealing with 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. But in the previous couple of years, lots of brand new casino properties in Pennsylvania, nyc, Maryland and other regionally competitive places have chipped away at that revenue, which stood at 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 heavy damage to the latest Jersey shore in late 2012. That has resulted in a loss in jobs and income tax revenue for hawaii.
Not everyone is convinced that online gambling will make much of an effect. Some are involved that it might just shift players who ordinarily arrived to gamble in the casino to online video gaming, which could even be harmful, because they will not be buying rooms in hotels and food or shopping at the casino resorts. But most industry officials think the internet effect are going to be positive, providing much needed revenue for the floundering casinos there.
New Jersey’s Internet gambling legislation was passed away 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 issues that the bill might not pass constitutional muster. However the new version of this law was approved after Christie first issued a veto that is conditional which permitted legislators to create some small changes to the bill, including requiring it to expire in a decade to ensure that legislators would have an opportunity to debate its merits again in ten years.