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
Perhaps 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 simply last month to knowingly accepting illegal wagers.
Denial through the Top
Parent business Cantor Fitzgerald was quick 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 that he participated in illegal bookmaking is baseless and false.’
Of program, Anthony Weiner also vehemently denied he was still sexting, so there you go regarding denials of rumors.
Accepting wagers from ‘runners’ people who spot wagers 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 new Cantor Gaming battle and recreations 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 offers mobile betting apps, combined with the Atlantis that is new book that will 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 former vice-president Colbert has entered their guilty plea to a single felony fee of conspiracy in A new york federal courthouse (bet we can guess which one). In accordance with documents, he can get sentencing Dec. 9, joining so many others who is having a great vacation in the joint from the world that is wonderful of.
Colbert had been picked up in a joint arrest two years ago, along side 24 others, when he was caught red-handed for their participation with an illegal sports 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 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 performing like a bird so he can fly free in December? Time will tell.
To their credit Amaitis did apparently aid in the rebuilding of parent business Cantor Fitzgerald after the September 11th attacks on the entire world Trade Center, when the company lost about 2/3rds of their workers. Amaitis was at London at the time, heading up the business’s international playboy slot free 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 original property that has now become the much-sought-after Atlantic Club in nj-new jersey’s video gaming mecca appears to be putting a lot of energy into reclaiming his stakes for the reason that component of the planet. 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, however; that is when chairman associated with the Pennsylvania Gaming Control Board William H. Ryan, Jr. claims the chosen project for Philly’s coveted casino that is second should be determined. With six candidates waiting eagerly in the wings, there will be a general public hearing held in January to help decide what type will be the fit that is best, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in vegas.
‘The hearings will give applicants an opportunity to show the board and make their case for why they should be awarded the license,’ Lerner stated in a released research note. ‘It is possible bidders that are losing attract the board’s choice to their state Supreme Court, which could take roughly 6 months.’
Wynn’s project is naturally planned out in-depth currently, with Wynn Resorts teaming up with a bevy of lovers to build this Philadelphia that is second resort ( 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, next 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 right back in 2010 with a $600 million project, but pulled out before a decision had been made at that time.
The proposed Philly casino while the possible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the board that is drawing they will 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 in to 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 notably leveled out in growth (a pattern that is being seen across the U.S. into the land gaming areas these days) within the past couple of years.
‘After six years of actually blockbuster development, now it generally seems to have leveled off,’ Schwartz said. ‘Remember, it went from zero to $3 billion. It may be because it’s a $3 billion industry.’
But Schwartz adds that the specific situation is far from hopeless, noting the exact same predictions that are dire connected to the Las Vegas market several times, in 1989, 1993, and again in 1998. He says a brand new wynn resorts property 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 casinos
This has been a long wait, but as anticipated, nj’s endeavor into the world of Internet gambling will start on November 26, enabling state residents to begin playing a common 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 November 21. When this occurs, only a number that is limited of guests should be able to play in the sites. Presuming that all goes well with web sites for the reason that period, then full scope, 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 is simple. In order to play, users will have to be physically located within brand New Jersey, but are not required to reside there. All players need become at least 21 years of age.
So far, nine of the 12 casinos in Atlantic City have announced partnerships with software providers that will allow them to launch their Web casinos, while a 10th the Trump Plaza is rumored to have partner with Betfair, though which includes yet to be confirmed.
Among the confirmed partnerships, the Borgata is understood 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, whilst the Taj Mahal will utilize Ultimate Gaming, which already has experience now running the online that is first web 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 shall be dealing with Bally Technologies.
Dropping Profits for AC Land Casinos
The online gambling launch will come as a welcome possibility for 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. But in the previous couple of years, a number of brand new casino properties in Pennsylvania, New York, Maryland and other regionally competitive areas have actually chipped away at that revenue, which endured just over $3 billion year that is last could fall below that mark in 2013. This autumn became much more precipitous after Hurricane Sandy caused heavy damage to the New Jersey coast in belated 2012. That has generated a lack of jobs and tax revenue for the state.
Maybe Not everyone is convinced that online gambling shall make much of an impact. Some are worried so it may just shift players who typically came to gamble in the casino to online gaming, which could also be harmful, as they will not be buying hotel rooms and food or shopping at the casino resorts. But industry officials that are most think the net impact will likely be good, providing essential revenue for the floundering casinos there.
New Jersey’s Internet gambling legislation had been 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 make some minor changes to the bill, including requiring it to expire in a decade to ensure legislators would have an opportunity to debate its merits again in ten years.