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 somewhere being scrutinized by the feds anymore, this indicates. 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 whom pled guilty simply last month to knowingly accepting illegal bets.
Denial through the Top
Parent business Cantor Fitzgerald was fast to deny the rumor, however, saying in an issued statement: ‘We feel compelled to address this reckless and baseless rumor. The notion that Lee Amaitis is a target of federal prosecutors or which he participated in unlawful bookmaking is baseless and false.’
Of program, Anthony Weiner also vehemently denied he was still sexting, therefore there you go in terms of denials of rumors.
Accepting wagers from ‘runners’ people whom place bets for an operation is illegal in Nevada, where Cantor Gaming is headquartered.
It might definitely 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 into the Bahamas. The company now has eight sports books in Las Vegas, runs the Palms Casino poker space, and provides mobile betting apps, along with the Atlantis that is new book that 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 former vice-president Colbert has already entered their guilty plea to a single felony cost of conspiracy in a ny federal courthouse (bet we can guess which one). In accordance with court papers, he can receive sentencing Dec. 9, joining so many more who are having a fun vacation in the joint from the wonderful world of video gaming.
Colbert was picked up in a joint arrest 2 yrs ago, along side 24 others, whenever he had been caught red-handed for an illegal sports to his involvement betting band in Queens, NY. He originally was looking at eights counts of conspiracy, money and corruption laundering, but the Queens case had been 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.
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 free in December? Time will tell.
To their credit Amaitis did reportedly aid in the rebuilding of parent business Cantor Fitzgerald after the September 11th attacks on the World Trade Center, when the company lost about 2/3rds of their employees. Amaitis was at London during the right 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 who started off back East with the property that is original has now end up being the morechillislot.com much-sought-after Atlantic Club in nj-new jersey’s gaming mecca is apparently putting a lot of energy into reclaiming his stakes for the reason that component of the world. The wind will blow in Massachusetts for approval of his proposed Everett, Massachusetts project, he is also waiting to get word on another new resort casino destined for the Philadelphia, Pennsylvania area while gaming mogul Steve Wynn waits to see which way.
No Decisions Till Next Spring
Wynn will need to wait until early Spring 2014, through the looks from it, nonetheless; that is when chairman associated with the Pennsylvania Gaming Control Board William H. Ryan, Jr. says 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 general public hearing held in January to simply help decide what type is the fit that is best, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in nevada.
‘The hearings gives applicants an opportunity to give the board and make their situation for why they should be granted the license,’ Lerner stated in a released research note. ‘It is possible losing bidders could charm the board’s choice to their state 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 lovers 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 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 60-acre waterfront property.
This will be Wynn Resorts go at a second Philly property; they were within the running back in 2010 with a $600 million project, but pulled out before a decision was made at that point.
The proposed Philly casino plus the feasible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the drawing board; they will also be 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 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 specific situation is not even close to hopeless, noting similar dire predictions were 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 Launch Plan Officially Announced
Coming to New Jersey, just in time for Thanksgiving: Internet gambling enterprises
This has been a long wait, but as anticipated, nj-new jersey’s venture into the world of online gambling will start 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 a way to commence a ‘soft play’ launch on 21 november. At that time, just a limited quantity of invited guests will be able to play on 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 principles for playing on nj’s gambling sites are going to be simple. In order to try out, users will physically have to be located within New Jersey, but are not necessary to reside there. All players may have become at the very least 21 years of age.
To date, nine of the 12 casinos in Atlantic City have announced partnerships with computer software providers that enables them to launch their online gambling enterprises, while a 10th the Trump Plaza is rumored to have partner with Betfair, though which has 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 Hotel has announced a partnership with PokerStars, although the Taj Mahal will use Ultimate Gaming, which already has experience now running the first online poker web site hitting 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 using Bally Technologies.
Dropping Profits for AC Land Casinos
The web gambling launch will come as being a welcome opportunity for 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 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 stood just over $3 billion last year and could fall below that mark in 2013. This fall became even more precipitous after Hurricane Sandy caused damage that is heavy the brand new Jersey shore in belated 2012. That has led to a loss of jobs and tax revenue for hawaii.
Maybe Not everyone is convinced that on line gambling shall make much of an effect. Some are worried 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 net effect are good, providing necessary revenue for the floundering casinos there.
New Jersey’s Internet gambling law 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 12 months before, citing issues that the bill might not pass muster that is constitutional. However the new version of this 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 so that legislators would have an opportunity to debate its merits again in ten years.