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 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 through the Top

Parent company Cantor Fitzgerald was fast to deny the rumor, however, saying within an 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 which he participated in unlawful bookmaking is baseless and false.’

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

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

It would 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 activities 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 offers mobile betting apps, combined with the new Atlantis guide, which can be their first run outside of Nevada.

No Allegations Officially Made

Cantor Fitzgerald ended up being 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 already entered his guilty plea up to a single felony fee of conspiracy in A new york federal courthouse (bet we can guess what type). Based on documents, he’ll receive sentencing Dec. 9, joining so many others who is going to be having a fun visit to the joint from the wonderful world of gaming.

Colbert was picked up in a joint arrest two years ago, along with 24 others, when he had been caught red-handed for his involvement with an illegal activities 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 plus the matter of his moving $100K in gambling profits from Las 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 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 entire world Trade Center, where the company destroyed about 2/3rds of their workers. Amaitis was at London at the right time, heading up the company’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 out back East with the property that is original has get to be the much-sought-after Atlantic Club in nj’s gaming mecca appears to be placing a lot of energy into reclaiming his stakes for the reason that component of the world. 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 normally waiting getting word on another brand new resort casino destined for the Philadelphia, Pennsylvania area.

No Decisions Till Next Spring

Wynn will need to hold back until early Spring 2014, through the looks of it, nonetheless; that’s when chairman of 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 applicants waiting eagerly in the wings, you will have a public hearing held in January to greatly help determine what type is the best fit, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in Las Vegas.

‘The hearings gives applicants a possiblity to give the board and make their case for why they should be awarded the permit,’ Lerner stated in a released research note. ‘It is possible bidders that are losing allure the board’s choice to the 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 offered 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 into the operating right back in 2010 by having a $600 million task, but pulled out before a decision ended up being made at that time.

The proposed Philly casino as well as the possible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the drawing board; they are also working 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 really blockbuster growth, now it seems 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 specific situation is definately not hopeless, noting equivalent dire predictions were attached to the Las Vegas market a few times, in 1989, 1993, and again in 1998. He states a brand new wynn resorts property 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

It has been a long wait, but as expected, nj-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. When this occurs, just a limited quantity of invited guests will be able to play regarding the sites. Presuming that all goes well with the sites in that period, then complete scope, a real income online gambling will begin at 9 a.m. local time on the 26th.

The rules for playing on nj-new jersey’s gambling sites will likely be simple. In order to relax and play, users will physically have to be located within brand New Jersey, but are not required to reside there. All players has become free indian dreaming slot games at the least 21 years of age.

Thus far, nine of the 12 casinos in Atlantic City have announced partnerships with software providers that allows them to launch their online casinos, 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 known become working with bwin.party, while Caesars Entertainment which owns four Atlantic City properties will 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 internet poker site hitting in Nevada (Caesars Interactive has now launched a second site there). Meanwhile, the Tropicana Casino and Resort will partner with Gamesys Limited. Finally, the Golden Nugget has announced that it will be dealing with Bally Technologies.

Dropping Revenues for AC Land Casinos

The online 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 couple of years, lots of brand new casino properties in Pennsylvania, nyc, Maryland and other regionally competitive areas have actually chipped away at that revenue, which endured at just over $3 billion last 12 months and could fall below that mark in 2013. This fall became much more precipitous after Hurricane Sandy caused damage that is heavy the latest Jersey shore in belated 2012. That has led to a loss of jobs and taxation revenue for the state.

Perhaps Not everyone is convinced that online gambling shall make much of an effect. Some are involved 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 industry officials that are most think the net impact will likely be good, providing necessary income for the floundering casinos there.

New Jersey’s Internet gambling legislation ended up being passed 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 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 conditional veto, which permitted legislators in order to make some small changes to the bill, including requiring it to expire in a decade so that legislators would have an opportunity to debate its merits again in ten years.

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