Cantor Gaming CEO Under Possible Investigation by Feds

Cantor Gaming CEO Under Possible Investigation by Feds

CEO Lee Amaitis (center) recently opened 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 coating tail of colleague Michael Colbert Cantor’s now released vice president of risk management whom pled guilty month that is just last knowingly accepting illegal 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 false and baseless.‘

Of course, Anthony Weiner additionally vehemently denied he was still sexting, so 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 definitely 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 provides mobile betting apps, combined with the new Atlantis book, which will be 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 already entered his guilty plea to a single felony fee of conspiracy in a ny federal courthouse (bet we can guess what type). In accordance with court documents, he will receive sentencing Dec. 9, joining so many others who is going to be having an enjoyable vacation in the joint from the world that is wonderful of.

Colbert had been acquired in a joint arrest couple of years ago, along side 24 others, whenever he had been caught red-handed for their participation with an illegal sports betting ring in Queens, NY. He originally was looking at eights counts of conspiracy, corruption and money laundering, but the Queens case ended up being dismissed and 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 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 reportedly aid within the rebuilding of parent business Cantor Fitzgerald after the September attacks that are 11th the planet Trade Center, when the company destroyed about 2/3rds of their workers. 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 end up being 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 component of the world. While video gaming mogul Steve Wynn waits to see which way the wind will blow in Massachusetts for approval of his 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 wait until early Spring 2014, from the looks from 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, there will be a public hearing held in January to simply help decide which one is the fit that is best, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in Las Vegas.

‚The hearings will give applicants a chance to give the board and make their instance for why they should be awarded the permit,‘ Lerner stated in a research note that is released. ‚It is possible losing bidders could impress the board’s decision to hawaii Supreme Court, which could take approximately half a year.‘

Wynn’s project is naturally planned out in-depth currently, 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 second go at a Philly property; they were within the operating back in 2010 having a $600 million task, but pulled out before a decision had been made at that time.

The proposed Philly casino plus 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 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 notably leveled out in growth (a pattern that is being seen across the U.S. in the land gaming markets these days) within the past several years.

‚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 could be because it is a $3 billion industry.‘

But Schwartz adds that the problem is far from hopeless, noting equivalent predictions that are dire attached to the Las Vegas market a few 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.

New Jersey Online Gambling Publish Plan Formally Announced

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

It has been a long wait, but as anticipated, New Jersey’s endeavor into the realm of Web gambling will begin on November 26, allowing 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 be able to begin a ’soft play‘ launch on November 21. At that time, just a limited wide range of invited guests should be able to play on the sites. Assuming that all goes well with web sites for the reason that period, then complete 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 easy. In order to try out, users will have to be actually located within New Jersey, but are not necessary to live there. All players has become 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 will allow them to launch their Internet casinos, while a 10th the Trump Plaza is rumored to have partner with Betfair, though that has yet to be confirmed.

Among the list of confirmed partnerships, the Borgata is understood become 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, as the Taj Mahal will make use of Ultimate Gaming, which already has experience now running the online that is first web site to hit 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 will be using 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 lucky nugget casino montreal peaked at an all-time high of $5.2 billion. But in the previous few years, lots of new casino properties in Pennsylvania, New York, Maryland and other regionally competitive areas have actually chipped away at that revenue, which stood at only over $3 billion last 12 months and could fall below that mark in 2013. This fall became much more precipitous after Hurricane Sandy caused heavy harm to the New Jersey shore in late 2012. That has led to a loss in jobs and tax revenue for the state.

Maybe Not everyone is convinced that on the web gambling will make much of an impact. Some are involved that it might just shift players whom usually arrived to gamble in the casino to online gaming, which could even be harmful, while they will never be buying hotel rooms and food or shopping at the casino resorts. But most industry officials think the internet impact are positive, providing necessary income for the floundering casinos there.

New Jersey’s Internet gambling law was passed 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 constitutional muster. Nevertheless the new version regarding the law was approved after Christie first issued a veto that is conditional which permitted legislators to make some minor changes to the bill, including requiring it to expire in a decade to ensure that legislators would have an opportunity to debate its merits again in ten years.

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