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 day goes by in the gaming world without someone in a place of power somewhere being scrutinized by the feds anymore, it appears. Now Cantor Gaming CEO Lee Amaitis is under the limelight, according to the The Wall Street Journal, on the coat tail of colleague Michael Colbert Cantor’s now released vice president of risk management whom pled guilty just last month to knowingly accepting unlawful wagers.
Denial from the Top
Parent company Cantor Fitzgerald was fast to deny the rumor, however, saying in an issued statement: ‘We feel compelled to address this irresponsible and baseless rumor. The notion that Lee Amaitis is a target of federal prosecutors or which he participated in unlawful bookmaking is false and baseless.’
Of program, 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 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 Cantor that is new Gaming and recreations books at the Atlantis Casino on Paradise Island into the Bahamas. The company now has eight sports books in Las Vegas, operates the Palms Casino poker room, and provides mobile betting apps, combined 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 vice-president that is former has recently entered their guilty plea to a single felony fee of conspiracy in A new york federal courthouse (bet we can guess what type). According to court documents, he will get sentencing Dec. 9, joining so many others who are having an enjoyable visit to the joint from the world that is wonderful of.
Colbert was acquired in a joint arrest 2 yrs ago, along side 24 others, when he had been caught red-handed for their involvement with an illegal recreations betting ring in Queens, NY. He originally was searching at eights counts of conspiracy, corruption and money laundering, but the Queens case ended up being dismissed and also 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 performing like a bird so he can fly totally free in December? Time will tell.
To their credit Amaitis did reportedly aid into the rebuilding of parent business Cantor Fitzgerald after the September attacks that are 11th the entire world Trade Center, when the company destroyed about 2/3rds of their workers. 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 whom started out back East with the original property that has become the much-sought-after Atlantic Club in New Jersey’s gaming mecca is apparently placing a lot of energy into reclaiming their stakes in 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 obtain word on another new resort casino destined for the Philadelphia, Pennsylvania area.
No Decisions Till Next Spring
Wynn will need to wait until early Spring 2014, through the looks of it, nonetheless; that is when chairman of the Pennsylvania Gaming Control Board William H. Ryan, Jr. says the chosen project for Philly’s coveted second casino permit should be determined. With six applicants waiting eagerly in the wings, there will be a public hearing held in January to greatly help decide 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 give the board and make their instance for why they should be granted the permit,’ Lerner stated in a released research note. ‘It is possible losing bidders could impress the board’s decision to their state Supreme Court, which could take approximately six months.’
Wynn’s project is naturally planned out in-depth already, 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 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 in the running back in 2010 by having a $600 million project, but pulled out before a decision was made at that time.
The proposed Philly casino therefore 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 might now be tougher for Wynn to crack to 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 away in growth (a pattern that is being seen across the U.S. in the land video gaming markets today) within the past few years.
‘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 could be because it’s a $3 billion industry.’
But Schwartz adds that the situation is far from hopeless, noting similar dire predictions were connected to the Las Vegas market several 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 Launch Plan Formally Announced
Coming to New Jersey, just in time for Thanksgiving: Internet gambling enterprises
This has been a long wait, but as anticipated, nj-new jersey’s venture into the realm of online gambling will start on November 26, enabling 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 have a way to commence a ‘soft play’ launch on 21 november. When this occurs, merely a number that is limited of guests should be able to play regarding the sites. Presuming that all goes well with the websites in 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 nj’s gambling sites are going to be simple. In order to relax and play, users will physically have to be located within New Jersey, but are not essential to live there. All players may have become at the least 21 years of age.
Thus far, nine of the 12 casinos in Atlantic City have announced partnerships with computer software providers that will allow them to launch their online 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 are 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 first internet poker web 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 shall be dealing with Bally Technologies.
Dropping Revenues for AC Land Casinos
The web gambling launch will come as being a opportunity that is welcome 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, a number of new casino properties in Pennsylvania, New York, Maryland and other regionally competitive locations have 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 harm to the latest Jersey shore in late 2012. That has generated a lack of jobs and income tax revenue for their state.
Maybe Not everyone is convinced that on the web gambling will make much of an effect. Some are worried 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 internet effect are good, providing essential revenue for the floundering casinos there.
New Jersey’s Internet gambling legislation was passed 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 concerns that the bill might not pass constitutional muster. However the new version associated with law was approved after Christie first issued a veto that is conditional which permitted legislators to help make some small changes to the bill, including requiring it to expire in a decade making sure that legislators would have a chance to debate its merits again in ten years.
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