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
Perhaps Not a day goes by in the gaming world without someone in a position of energy someplace being scrutinized by the feds anymore, this indicates. 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 risk management who pled guilty month that is just last knowingly accepting unlawful bets.
Denial through 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 also vehemently denied he was still sexting, therefore there you go in terms of denials of rumors.
Accepting wagers from ‘runners’ people whom 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 the brand new Cantor Gaming race and recreations books at the Atlantis Casino on Paradise Island within the Bahamas. The company now has eight sports publications in Las Vegas, runs the Palms Casino poker room, and offers mobile betting apps, combined with Atlantis that is new book that is their first run outside of Nevada.
No Allegations Officially Made
Cantor Fitzgerald had been 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 their guilty plea up to a solitary felony cost of conspiracy in A new york federal courthouse (bet we can guess which one). In accordance with court documents, he can get sentencing Dec. 9, joining so many others who is having an enjoyable visit to the joint from the wonderful world of video gaming.
Colbert had been acquired in a joint arrest couple of years ago, along with 24 others, whenever he was caught red-handed for their participation with an illegal sports betting band in Queens, NY. He originally was looking at eights counts of conspiracy, money and corruption laundering, but the Queens case had been dismissed and also 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 apparently aid into the rebuilding of parent company Cantor Fitzgerald after the September 11th attacks on the entire world Trade Center, when the company destroyed about 2/3rds of their employees. Amaitis was in London during 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 who started out back East with the original home that has get to be the much-sought-after Atlantic Club in New Jersey’s video gaming mecca appears to be placing a lot of energy into reclaiming his stakes in that part of the entire 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 can also be waiting getting word on another brand 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 of it, but; that’s when chairman regarding the Pennsylvania Gaming Control Board William H. Ryan, Jr. states 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 general public hearing held in January to simply help determine what type is the best fit, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in vegas.
‘The hearings gives applicants an opportunity to show the board and make their situation for why they should be granted the permit,’ Lerner stated in a released research note. ‘It is possible bidders that are losing charm the board’s decision to the state Supreme Court, which could take roughly half a year.’
Wynn’s project is naturally planned out in-depth already, 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 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 waterfront property that is 60-acre.
This will be Wynn Resorts go at a second Philly property; they had been into the running right 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 board that is drawing they may also be working on a $4 billion casino for Macau’s Cotai Strip.
Is Pennsylvania Market Leveling Out?
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 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 several years.
‘After six years of really blockbuster growth, now it appears 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 specific situation is definately not hopeless, noting similar dire predictions were connected 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.
Nj Online Gambling Publish Plan Formally Announced
Coming to New Jersey, just in time for Thanksgiving: Internet gambling enterprises
It’s been a wait that is long but as expected, New Jersey’s venture into the realm of Web gambling will start on November 26, permitting 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 start a ‘soft play’ launch on 21 november. At that point, only a limited amount of invited guests should be able to play on the sites. Presuming that all goes well with web sites in that period, then full scope, real money online gambling will begin at 9 a.m. local time on the 26th.
The principles for playing on New Jersey’s gambling sites is going to be simple. In order to play, users will physically have to be located within New Jersey, but are not necessary to live there. All players will 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 Web gambling enterprises, while a 10th the Trump Plaza is rumored to have partner with Betfair, though who has yet to be confirmed.
One of the confirmed partnerships, the Borgata is understood to be using bwin.party, while Caesars Entertainment which owns four Atlantic City properties is going to be partnering with 888 Holdings. Meanwhile, Resorts Casino resort has announced a partnership with PokerStars, as the Taj Mahal will make use of Ultimate Gaming, which already has experience now running the online that is first 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 using Bally Technologies.
Dropping Profits for AC Land Casinos
The internet gambling launch will come as being 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 previous few years, lots of brand new casino properties in Pennsylvania, nyc, Maryland and other regionally competitive areas have chipped away at that income, which stood at just over $3 billion last 12 months and could fall below that mark in 2013. This autumn became much more precipitous after Hurricane Sandy caused damage that is heavy the New Jersey shore in belated 2012. That has led to a loss in jobs and tax revenue for the state.
Maybe Not indian dreaming slot everyone is convinced that on line gambling will 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 industry officials that are most think the internet effect is good, providing much needed income for the floundering casinos there.
New Jersey’s Internet gambling law ended up being passed away 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 issues that the bill might not pass constitutional muster. But the new version of the law was approved after Christie first issued a conditional veto, which allowed legislators to create some minor changes to the bill, including requiring it to expire in a decade to ensure that legislators would have a way to debate its merits again in ten years.