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 limelight, 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 just last month to knowingly accepting illegal wagers.

Denial from the Top

Parent business Cantor Fitzgerald was fast 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 he participated in unlawful 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 whom place bets for an operation is illegal in Nevada, where Cantor Gaming is headquartered.

It could certainly behoove the sports book company to distance themselves from any further insinuations of illegalities, given that Amaitis just attended opening ceremonies for a brand casino-online-australia.net/ new Cantor Gaming race and activities 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, combined with the Atlantis that is new book that 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 already entered his guilty plea to a single felony charge of conspiracy in a ny federal courthouse (bet we can guess what type). In accordance with court documents, he can get sentencing Dec. 9, joining so many others who will be having a fun visit to the joint from the world that is wonderful of.

Colbert had been found in a joint arrest two years ago, along with 24 others, when he had been caught red-handed for an illegal sports to his involvement betting ring in Queens, NY. He originally was searching at eights counts of conspiracy, money and corruption laundering, but the Queens case had been dismissed as well as the matter of his moving $100K in gambling profits from Las vegas, nevada 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 free in December? Time will tell.

To their credit Amaitis did reportedly aid within the rebuilding of parent business Cantor Fitzgerald after the September 11th attacks on the World Trade Center, where the company lost about 2/3rds of their employees. Amaitis was in London at the right time, heading up the company’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 off back East with the property that is original has now get to be the much-sought-after Atlantic Club in nj’s gaming mecca is apparently placing a lot of energy into reclaiming his stakes for the reason that part of the world. While gaming mogul Steve Wynn waits to see which method the wind will blow in Massachusetts for approval of his proposed Everett, Massachusetts project, he is also waiting to have word on another new resort casino destined for the Philadelphia, Pennsylvania area.

No Decisions Till Next Spring

Wynn will need to hold back until early Spring 2014, through the looks from it, but; that’s when chairman for the Pennsylvania Gaming Control Board William H. Ryan, Jr. says the selected project for Philly’s coveted casino that is second should be determined. With six candidates waiting eagerly in the wings, you will see a public hearing held in January to simply help decide which one is the best fit, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in vegas.

‘The hearings can give applicants a chance to give the board and make their case for why they should be awarded the license,’ Lerner stated in a released research note. ‘It is possible losing bidders could appeal the board’s choice to hawaii Supreme Court, which could take roughly half a year.’

Wynn’s project is naturally planned out in-depth currently, with Wynn Resorts teaming up with a bevy of partners to build this Philadelphia that is second resort ( the HSP Gaming’s SugarHouse has been 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 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 had been in the running right back in 2010 with a $600 million project, but pulled out before a decision was made at that time.

The proposed Philly casino therefore the possible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the board that is drawing they will also be focusing on a $4 billion casino for Macau’s Cotai Strip.

Is Pennsylvania Market Leveling Out?

Since 2010, it could 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, nevada’ University of Nevada (UNLV), says that region has notably leveled down in growth (a pattern that is being seen across the U.S. into the land video gaming areas today) within the past couple of years.

‘After six years of really blockbuster growth, now it seems to have leveled off,’ Schwartz said. ‘Remember, it went from zero to $3 billion. It might be because it’s a $3 billion industry.’

But Schwartz adds that the problem is not even close to hopeless, noting similar dire predictions were attached 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 Online Gambling Publish Plan Formally Announced

Coming to nj-new Jersey, just in time for Thanksgiving: Internet gambling enterprises

It has been a long wait, but as expected, nj’s venture into the world of online 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 be able to start a ‘soft play’ launch on November 21. At that time, just a limited wide range of invited guests will be able to play regarding the sites. Assuming that all goes well with the sites for the reason that period, then complete scope, a real income online gambling will begin at 9 a.m. local time on the 26th.

The rules for playing on nj’s gambling sites are going to be easy. In order to play, users will physically have to be located within brand New Jersey, but are not required to reside there. All players could have become at the 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 Web casinos, 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 resort has announced a partnership with PokerStars, while the Taj Mahal will use Ultimate Gaming, which already has experience now running the first online poker site going to in Nevada (Caesars Interactive has launched a second site there). Meanwhile, the Tropicana Casino and Resort will partner with Gamesys Limited. Finally, the Golden Nugget has announced that it will be working with Bally Technologies.

Dropping Profits for AC Land Casinos

The internet gambling launch will come as a welcome possibility for 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 last few years, a number of brand new casino properties in Pennsylvania, ny, Maryland and other regionally competitive places have actually chipped away at that revenue, which endured just over $3 billion last year and could fall below that mark in 2013. This fall became all the more precipitous after Hurricane Sandy caused heavy injury to the New Jersey coast in belated 2012. That has resulted in a loss in jobs and taxation revenue for the state.

Not everyone is convinced that on line gambling shall make much of an effect. 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 industry officials that are most believe the net impact will be good, providing much needed revenue for the floundering casinos there.

New Jersey’s Internet gambling law ended up being 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 12 months before, citing concerns that the bill might not pass constitutional muster. But the new version regarding the law was approved after Christie first issued a veto that is conditional which allowed legislators to produce some minor changes to the bill, including requiring it to expire in a decade to ensure legislators would have a chance to debate its merits again in ten years.