Cantor Gaming CEO Under Possible Investigation by Feds
CEO Lee Amaitis (center) recently started 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 spotlight, according to more chilli slot sound 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 just last month to knowingly accepting illegal wagers.
Denial through the Top
Parent company Cantor Fitzgerald was fast to deny the rumor, however, saying in an 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 course, Anthony Weiner also vehemently denied he was still sexting, therefore there you go regarding denials of rumors.
Accepting wagers from ‘runners’ people who spot bets 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 a Cantor that is new Gaming and recreations books at the Atlantis Casino on Paradise Island within 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 Atlantis that is new book which is 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 former vice-president Colbert has recently entered their guilty plea up to a single felony fee of conspiracy in a ny federal courthouse (bet we can guess what type). In accordance with court documents, he’ll get sentencing Dec. 9, joining so many more who will likely be having an enjoyable visit to the joint from the world that is wonderful of.
Colbert had been picked up in a joint arrest two years ago, along with 24 others, when 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 was dismissed while 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.
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 free in December? Time will tell.
To their credit Amaitis did reportedly aid into the rebuilding of parent company Cantor Fitzgerald after the September 11th attacks on the entire 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’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 original property that has get to be the much-sought-after Atlantic Club in nj-new jersey’s video gaming mecca appears to be putting a lot of energy into reclaiming his stakes for the reason that component of the world. 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 normally waiting to get word on another brand new resort casino destined for the Philadelphia, Pennsylvania area.
No Decisions Till Next Spring
Wynn will have to wait until early Spring 2014, from the looks of it, but; that’s when chairman regarding 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 help decide which one is the fit that is best, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in Las Vegas.
‘The hearings can give applicants a possiblity to give the board and make their case for why they should be granted the license,’ Lerner stated in a research note that is released. ‘It is possible bidders that are losing allure the board’s decision to the state Supreme Court, which could take approximately 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 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 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 go at a second Philly property; they were into the operating right back in 2010 with a $600 million task, but pulled out before a decision was 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 may also be taking care of 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 really blockbuster development, now it seems to have leveled off,’ Schwartz said. ‘Remember, it went from zero to $3 billion. It may be because it’s a $3 billion industry.’
But Schwartz adds that the 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 states A wynn that is new resorts in Philadelphia could very possibly reinvigorate the industry there.
New Jersey Online Gambling Publish Plan Formally Announced
Coming to nj-new Jersey, just in time for Thanksgiving: Internet casinos
It’s been a long wait, but as anticipated, New Jersey’s endeavor into the world of Web gambling begins on November 26, enabling state residents to begin 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 a way to commence a ‘soft play’ launch on November 21. At that time, merely a limited quantity of invited guests will be able to play in the sites. Presuming that all goes well with the sites for the reason that period, then full range, a real income online gambling will begin at 9 a.m. local time on the 26th.
The guidelines for playing on New Jersey’s gambling sites is simple. In order to play, users will need to be actually located within New Jersey, but are not essential to reside there. All players could have to be at least 21 years of age.
To date, nine of the 12 casinos in Atlantic City have announced partnerships with computer software providers that allows them to launch their online gambling enterprises, 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, whilst 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 partner with Gamesys Limited. Finally, the Golden Nugget has announced that it shall be dealing with Bally Technologies.
Dropping Profits for AC Land Casinos
The online 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 couple of years, lots of new casino properties in Pennsylvania, ny, Maryland and other regionally competitive locations have actually chipped away at that income, which endured at just over $3 billion last year and could fall below that mark in 2013. This fall became even more precipitous after Hurricane Sandy caused heavy injury to the brand new Jersey shore in belated 2012. That has generated a loss in jobs and taxation revenue for their state.
Maybe Not everyone is convinced that on line gambling will make much of an effect. Some are involved 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 think the net effect is good, providing much needed income for the floundering casinos there.
New Jersey’s Internet gambling legislation had been passed away by both houses and finalized into law by Governor Chris Christie earlier this year. That came after Christie had previously vetoed a comparable law the 12 months before, citing issues that the bill might not pass muster that is constitutional. Nevertheless the new version of the law was approved after Christie first issued a veto that is conditional which permitted legislators in order to make some small changes to the bill, including requiring it to expire in a decade in order that legislators would have a way to debate its merits again in ten years.