Cantor Gaming CEO Under Possible Investigation by Feds

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 universe without someone in a place of power someplace being scrutinized by the feds anymore, it appears. Now Cantor Gaming CEO Lee Amaitis is under the spotlight, 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 illegal bets.

Denial from the Top

Parent business 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 he participated in illegal bookmaking is baseless and false.’

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

Accepting wagers from ‘runners’ people whom place wagers for an operation is illegal in Nevada, where Cantor Gaming is headquartered.

It might undoubtedly behoove the sports book company to distance themselves from any further insinuations of illegalities, given that Amaitis just attended opening ceremonies for a new Cantor Gaming race and recreations books at the Atlantis Casino on Paradise Island into the Bahamas. The company now has eight sports publications in Las Vegas, operates the Palms Casino poker room, and provides mobile betting apps, combined with the new Atlantis guide, that 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 entered his guilty plea up to a solitary felony cost of conspiracy in A new york federal courthouse (bet we can guess which one). Based on court documents, he can get sentencing Dec. 9, joining so numerous others who are going to be having a great vacation in the joint from the world that is wonderful of.

Colbert had been picked up in a joint arrest couple of years ago, along side 24 others, when he had been caught red-handed for an illegal sports to his involvement betting ring in Queens, NY. He originally was searching at eights counts of conspiracy, corruption and cash laundering, but the Queens case had been dismissed as well as 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 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 totally free in December? Time will tell.

To his credit Amaitis did reportedly aid within the rebuilding of parent business Cantor Fitzgerald after indian dreaming slot game the September attacks that are 11th the planet Trade Center, in which the company lost about 2/3rds of their employees. Amaitis was at London at 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 whom started off back East with the property that is original has get to be the much-sought-after Atlantic Club in nj-new jersey’s gaming mecca appears to be placing a lot of energy into reclaiming their stakes for the reason that component of the planet. 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 also be waiting to get 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, through the looks of it, nonetheless; that is when chairman for the Pennsylvania Gaming Control Board William H. Ryan, Jr. says the selected project for Philly’s coveted casino that is second should be determined. With six candidates waiting eagerly in the wings, you will have a public hearing held in January to help determine what type will be the fit that is best, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in Las Vegas.

‘The hearings gives applicants a possiblity to give the board and make their situation 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 hawaii 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 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 provided 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 60-acre waterfront property.

This will be Wynn Resorts second go at a Philly property; they had been within the operating right back in 2010 having a $600 million task, but pulled out before a decision was made at that point.

The proposed Philly casino and the possible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the board that is drawing they will also be taking care of 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 to the Pennsylvania market; industry expert David Schwartz who heads up the Gaming Research Center at Las vegas, nevada’ University of Nevada (UNLV), says that region has significantly leveled down in growth (a pattern that is being seen across the U.S. within the land video gaming areas these days) into the past couple of 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 might be because it’s a $3 billion industry.’

But Schwartz adds that the problem is definately not hopeless, noting equivalent predictions that are dire attached to the Las Vegas market several times, in 1989, 1993, and again in 1998. He claims A wynn that is new resorts in Philadelphia could very possibly reinvigorate the industry there.

Nj Online Gambling Establish Plan Officially Announced

Coming to New Jersey, just in time for Thanksgiving: Internet gambling enterprises

This has been a long wait, but as expected, New Jersey’s endeavor into the world of online gambling will start on November 26, permitting state residents to begin 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 start a ‘soft play’ launch on November 21. At that point, merely a number that is limited of guests will be able to play regarding the sites. Presuming that all goes well with web sites for the reason that period, then full range, real money online gambling will begin at 9 a.m. local time on the 26th.

The guidelines for playing on nj’s gambling sites will likely be easy. In order to try out, users will need to be actually located within brand New Jersey, but are not required to reside there. All players has to be at the least 21 years of age.

To date, nine of the 12 casinos in Atlantic City have announced partnerships with software providers that will allow them to launch their online casinos, 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, as the Taj Mahal will use Ultimate Gaming, which already has experience now running the online that is first site hitting 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 will be working with Bally Technologies.

Dropping Profits for AC Land Casinos

The web 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 a high that is all-time of5.2 billion. However in the previous few years, lots of brand new casino properties in Pennsylvania, New York, Maryland and other regionally competitive areas have actually chipped away at that income, which stood at only 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 newest Jersey coast in late 2012. That has generated a loss in jobs and taxation revenue for hawaii.

Perhaps Not everyone is convinced that online gambling shall make much of an impact. Some are concerned so it may just shift players who usually arrived to gamble in the casino to online video gaming, which could also be harmful, while they will never be purchasing resort rooms and meals or shopping at the casino resorts. But industry officials that are most believe the internet impact is going to be good, providing much needed income for the floundering casinos there.

New Jersey’s Internet gambling legislation 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 year before, citing concerns that the bill might not pass muster that is constitutional. But the new version associated with the law was approved after Christie first issued a veto that is conditional which allowed legislators to help make some small changes to the bill, including requiring it to expire in a decade to make certain that legislators would have a way to debate its merits again in ten years.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *

one × 2 =