Cantor Gaming CEO Under Possible Investigation by Feds

CEO Lee Amaitis (center) recently exposed the Cantor Gaming Atlantis sports book; some say he is under federal scrutiny now
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 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 unlawful wagers.
Denial from the Top
Parent company Cantor Fitzgerald was fast to deny the rumor, however, saying in a 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 also vehemently denied he was still sexting, therefore there you go with regards to denials of rumors.
Accepting wagers from ‘runners’ people who spot bets for an operation is illegal in Nevada, where Cantor Gaming is headquartered.
It might certainly 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 activities books at the Atlantis Casino on Paradise Island within 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 Atlantis that is new book which 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 former vice-president Colbert has entered his guilty plea up to a solitary felony charge of conspiracy in a ny federal courthouse (bet we can guess which one). In accordance with documents, he’ll get sentencing Dec. 9, joining so many others who is going to be having a great holiday in the joint from the world that is wonderful of.
Colbert was acquired in a joint arrest 2 yrs ago, along with 24 others, whenever he had been caught red-handed for their participation with an illegal recreations betting ring in Queens, NY. He originally was looking at eights counts of conspiracy, money and corruption laundering, but the Queens case had been dismissed therefore the matter of his moving $100K in gambling profits from Las Vegas to New York was forwarded to the U.S. Attorney’s docket.
Even though 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 singing like a bird so he can fly totally free in December? Time will tell.
To his credit Amaitis did apparently aid within the rebuilding of parent company Cantor Fitzgerald after the September attacks that are 11th the planet Trade Center, in which the company destroyed about 2/3rds of their workers. 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 whom started off back East with the property that is original has become the much-sought-after Atlantic Club in New Jersey’s gaming mecca appears to be putting a lot of energy into reclaiming his stakes for the reason that part 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 be waiting getting 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, however; that is when chairman of the Pennsylvania Gaming Control Board William H. Ryan, Jr. claims the selected project for Philly’s coveted second casino license should be determined. With six applicants waiting eagerly in the wings, you will have a public hearing held in January to simply help determine which one would be the fit that is best, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in vegas.
‘The hearings will give applicants a chance to present to the board and make their case for why they should be granted the license,’ Lerner stated in a released research note. ‘It is possible losing bidders could impress the board’s choice to their 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 has been 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, 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 within the operating right back in 2010 having a $600 million task, but pulled out before a decision had been made at that point.
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 are focusing on a $4 billion casino for Macau’s Cotai Strip.
Is Pennsylvania Market Leveling Out?
Since 2010, it would likely 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 significantly leveled down in growth (a pattern that is being seen across the U.S. within the land gaming markets these days) within the past few years.
‘After six years of actually blockbuster growth, now it appears to have leveled off,’ Schwartz said. ‘Remember, it went from zero to $3 billion. It might be because it is a $3 billion industry.’
But Schwartz adds that the problem is far from hopeless, noting the exact same dire predictions were attached to the Las Vegas market a few 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-new Jersey Online Gambling Publish Plan Formally 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, New Jersey’s venture into the world of online gambling will begin on November 26, permitting 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 begin a ‘soft play’ launch on 21 november. At that point, just 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 range, a real income online gambling will begin at 9 a.m. local time on the 26th.
The guidelines for playing on nj-new jersey’s gambling sites are going to be simple. In order to try out, users will need to be physically located within New Jersey, but are not essential to live there. All players may have to be at the least 21 years of age.
Up to now, nine of the 12 casinos in Atlantic City have announced partnerships with computer software providers that allows 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.
One of the confirmed partnerships, the Borgata is known to be working together with bwin.party, while Caesars Entertainment which owns four Atlantic City properties will likely be partnering with 888 Holdings. Meanwhile, Resorts Casino Hotel has announced a partnership with PokerStars, even though the Taj Mahal will use Ultimate Gaming, which already has experience now running the first online poker site hitting in Nevada (Caesars Interactive has launched a 2nd site there). Meanwhile, the Tropicana Casino and Resort will partner with Gamesys Limited. Finally, the Golden Nugget has announced that it shall be using Bally Technologies.
Dropping Revenues for AC Land Casinos
The internet gambling launch will come as 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 last few years, a number of new casino properties in Pennsylvania, nyc, Maryland and other regionally competitive locations have actually chipped away at that revenue, which endured at just over $3 billion last year and could fall below that mark in 2013. This autumn became much more precipitous after Hurricane Sandy caused heavy injury to the latest Jersey coast in late 2012. That has led to a lack of jobs and income tax revenue for hawaii.
Maybe Not everyone is convinced that on the web gambling will make much of an effect. 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 most industry officials believe the internet impact is going to be positive, providing essential 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 comparable law the 12 months before, citing concerns that the bill might not pass constitutional muster. But the new version associated with the law was approved after Christie first issued a veto that is conditional which allowed legislators to produce 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 zorro slot game in ten years.