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 day goes by in the gaming universe without someone in a place of power someplace being scrutinized by the feds anymore, it seems. 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 who pled guilty month that is just last 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 irresponsible and rumor that is baseless. The notion that Lee Amaitis is a target of federal prosecutors or that he participated in illegal bookmaking is false and baseless.’
Of program, Anthony Weiner also vehemently denied he was still sexting, therefore there you go when it comes to denials of rumors.
Accepting wagers from ‘runners’ people whom place wagers 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 brand new Cantor Gaming race 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 provides mobile betting apps, combined with new Atlantis guide, which is their first run outside of Nevada.
No Allegations Officially Made
Cantor Fitzgerald was quick to point out 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 his guilty plea to a single felony fee of conspiracy in a ny federal courthouse (bet we can guess which one). According to court documents, he can receive sentencing Dec. 9, joining so many others who is having a fun holiday in the joint from the wonderful world of gaming indian dreaming slot game.
Colbert had been picked up in a joint arrest two years ago, along with 24 others, whenever he was caught red-handed for their involvement with an illegal sports 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 while the matter of his moving $100K in gambling profits from 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 totally free in December? Time will tell.
To his credit Amaitis did reportedly aid within the rebuilding of parent business Cantor Fitzgerald after the September 11th attacks on the planet Trade Center, when the company destroyed about 2/3rds of their workers. Amaitis was at London during the right time, heading up 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 off back East with the original property that has end up being the much-sought-after Atlantic Club in nj-new jersey’s gaming mecca appears to be putting a lot of energy into reclaiming his stakes in that component of the entire world. While video gaming mogul Steve Wynn waits to see which means the wind will blow in Massachusetts for approval of their proposed Everett, Massachusetts project, he can be waiting to have word on another new resort casino destined for the Philadelphia, Pennsylvania area.
No Decisions Till Next Spring
Wynn will have to hold back until early Spring 2014, from the looks of it, nevertheless; that’s when chairman of the Pennsylvania Gaming Control Board William H. Ryan, Jr. states the selected project for Philly’s coveted 2nd casino permit should be determined. With six applicants waiting eagerly in the wings, you will have a general public hearing held in January to simply help decide which one will be the fit that is best, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in Las vegas, nevada.
‘The hearings will give applicants an opportunity to show the board and make their situation for why they should be awarded the permit,’ 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 approximately 6 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 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 given 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 in the running straight back in 2010 with a $600 million task, but pulled out before a decision ended up being made at that point.
The proposed Philly casino therefore the possible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the drawing board; they may also be focusing on 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 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 situation is not even close to hopeless, noting the exact same 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.
Nj Online Gambling Establish Plan Formally Announced
Coming to nj-new Jersey, just in time for Thanksgiving: Internet casinos
This has been a long wait, but as expected, nj-new jersey’s endeavor into the realm of Web gambling will begin on November 26, enabling state residents to start 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 the ability to commence a ‘soft play’ launch on 21 november. At that point, merely a limited number of invited guests should be able to play regarding the sites. Assuming that all goes well with the websites for the reason that period, then full 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 will likely be simple. In order to relax and play, users will need to be actually located within brand New Jersey, but are not essential to live there. All players may have to be at the very least 21 years of age.
Up to now, nine of the 12 casinos in Atlantic City have announced partnerships with software providers that enables them to launch their Internet gambling enterprises, while a 10th the Trump Plaza is rumored to have partner with Betfair, though which includes yet to be confirmed.
Among the list of confirmed partnerships, the Borgata is understood to be using bwin.party, while Caesars Entertainment which owns four Atlantic City properties are going to be partnering with 888 Holdings. Meanwhile, Resorts Casino Hotel has announced a partnership with PokerStars, as 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 now 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 Profits for AC Land Casinos
The internet gambling launch will come 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 brand new casino properties in Pennsylvania, ny, Maryland and other regionally competitive locations have actually chipped away at that income, which stood at only over $3 billion year that is last could fall below that mark in 2013. This autumn became much more precipitous after Hurricane Sandy caused damage that is heavy the latest Jersey coast in late 2012. That has generated a lack of jobs and taxation revenue for their state.
Maybe Not everyone is convinced that online gambling will make much of an impact. Some are concerned it may just shift players who usually arrived to gamble in the casino to online video gaming, which could even be harmful, while they will not be purchasing hotel rooms and food or shopping at the casino resorts. But industry officials that are most believe the net effect will be positive, providing much needed income for the floundering casinos there.
New Jersey’s Internet gambling law 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 similar law the 12 months before, citing issues that the bill might not pass constitutional muster. But the new version associated with law was approved after Christie first issued a veto that is conditional which permitted legislators to help make some minor 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.