Cantor Gaming CEO Under Possible Investigation by Feds

Cantor Gaming CEO Under Possible Investigation by Feds

Cantor Gaming CEO Under Possible Investigation by Feds

CEO Lee Amaitis (center) recently launched 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 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 wagers.

Denial through the Top

Parent business Cantor Fitzgerald was fast to deny the rumor, however, saying within an issued statement: ‘We feel compelled to address this reckless and rumor that is baseless. The notion that Lee Amaitis is a target of federal prosecutors or he participated in unlawful bookmaking is false and baseless.’

Of course, Anthony Weiner additionally vehemently denied he was still sexting, therefore there you go regarding denials of rumors.

Accepting wagers from ‘runners’ people who place bets 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 the Cantor that is new Gaming and recreations books at the Atlantis Casino on Paradise Island in the Bahamas. The company now has eight sports books in Las Vegas, runs 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 had been quick to point out that no actual allegations of any wrongdoing by Amaitis have been made by authorities. Yet.

33-year-old vice-president that is former has recently entered their guilty plea to a solitary felony fee of conspiracy in A new york federal courthouse (bet we can guess what type). Based on court documents, he will receive sentencing Dec. 9, joining so many more who will likely be miss kitty slots having an enjoyable visit to the joint from the wonderful world of video gaming.

Colbert had been acquired in a joint arrest 2 yrs ago, along with 24 others, whenever he had been caught red-handed for his 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 was dismissed and 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 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 company Cantor Fitzgerald after the September 11th attacks on the planet Trade Center, when the company destroyed about 2/3rds of their employees. Amaitis was at London during the 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 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 their stakes in that component of the planet. While gaming mogul Steve Wynn waits to see which means the wind will blow in Massachusetts for approval of his proposed Everett, Massachusetts project, he is also waiting to have 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, however; that is when chairman of the Pennsylvania Gaming Control Board William H. Ryan, Jr. states the chosen project for Philly’s coveted 2nd casino permit should be determined. With six applicants waiting eagerly in the wings, you will see a public hearing held in January to simply help decide what type will be the best fit, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in nevada.

‘The hearings can give applicants a chance to give the board and make their situation for why they should be awarded the permit,’ Lerner stated in a research note that is released. ‘It is possible bidders that are losing allure the board’s choice 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 lovers to build this Philadelphia that is second resort ( the HSP Gaming’s SugarHouse was 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, next 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 operating back in 2010 by having a $600 million task, but pulled out before a decision ended up being made at that point.

The proposed Philly casino plus the possible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the board that is drawing they are 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 actually blockbuster development, 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 problem is far from hopeless, noting exactly the same predictions that are dire connected to the Las Vegas market several times, in 1989, 1993, and again in 1998. He says a new wynn resorts property in Philadelphia could very possibly reinvigorate the industry there.

Nj Online Gambling Publish Plan Officially Announced

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

It’s been a wait that is long but as anticipated, nj-new jersey’s venture into the world of Web gambling will start on November 26, allowing state residents to start 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 start a ‘soft play’ launch on November 21. When this occurs, only a limited number of invited guests should be able to play in the sites. Presuming that all goes well with the websites for the reason that period, then complete 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 will be easy. In order to relax and play, users will physically have to be located within New Jersey, but are not essential to reside there. All players may have to be at the least 21 years of age.

To date, nine of the 12 casinos in Atlantic City have announced partnerships with pc software providers that will allow 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 Hotel has announced a partnership with PokerStars, whilst the Taj Mahal will use Ultimate Gaming, which already has experience now running the first internet poker web site to hit 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 Profits for AC Land Casinos

The online gambling launch will come being a welcome possibility for the struggling Atlantic City casino gambling industry. In 2006, Atlantic City’s gambling revenues peaked at an all-time high of $5.2 billion. But in the previous couple of years, lots of new casino properties in Pennsylvania, ny, Maryland and other regionally competitive places have chipped away at that revenue, which endured at only over $3 billion year that is last could fall below that mark in 2013. This autumn became all the more precipitous after Hurricane Sandy caused damage that is heavy the New Jersey coast in belated 2012. That has resulted in a lack of jobs and income tax revenue for the state.

Maybe Not everyone is convinced that on the web gambling will make much of an impact. Some are involved so it may just shift players whom ordinarily arrived to gamble in the casino to online gaming, which could also be harmful, as they will not be purchasing resort rooms and food or shopping at the casino resorts. But most industry officials believe the internet effect will likely be positive, providing necessary revenue for the floundering casinos there.

New Jersey’s Internet gambling law had been 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 12 months before, citing issues that the bill might not pass muster that is constitutional. Nevertheless the new version associated with law was approved after Christie first issued a conditional veto, which allowed legislators to help make some minor changes to the bill, including requiring it to expire in a decade making sure that legislators would have a way to debate its merits again in ten years.

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