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
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 coating tail of colleague Michael Colbert Cantor’s now released vice president of risk management who pled guilty just last month to knowingly accepting unlawful bets.
Denial through the Top
Parent company Cantor Fitzgerald was quick to deny the rumor, however, saying in a issued statement: ‘We feel compelled to address this reckless 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 program, Anthony Weiner also vehemently denied he was still sexting, so there you go regarding 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 truly 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 sports books at the Atlantis Casino on Paradise Island within the Bahamas. The company now has eight sports publications in Las Vegas, runs the Palms Casino poker space, and offers mobile betting apps, along with the new Atlantis book, that is their first run outside of Nevada.
No Allegations Officially Made
Cantor Fitzgerald was 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 entered their guilty plea to a solitary felony charge of conspiracy in A new york federal courthouse (bet we can guess which one). In accordance with court documents, he’ll get sentencing Dec. 9, joining so many others who will be having an enjoyable vacation in the joint from the wonderful world of video gaming.
Colbert was acquired in a joint arrest two years ago, along with 24 others, when he had been caught red-handed for their involvement with an illegal activities betting ring in Queens, NY. He originally was searching at eights counts of conspiracy, corruption and cash laundering, but the Queens case was dismissed plus the matter of his moving $100K in gambling profits from nevada to New York was forwarded to the U.S. Attorney’s docket.
Even though 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 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 entire 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 one of six casino companies pitching to enter the Philadelphia gaming market
The casino legend whom started out back East with the original home that has now end up being the much-sought-after Atlantic Club in nj-new jersey’s gaming mecca appears to be putting a lot of energy into reclaiming his stakes in that part 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 have to hold back until early Spring 2014, through the looks from it, nevertheless; that’s when chairman associated with Pennsylvania Gaming Control Board William H. Ryan, Jr. claims the selected 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 which one will be the best fit, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in vegas.
‘The hearings will give applicants a chance to give the board and make their instance for why they should be awarded the license,’ Lerner stated in a research note that is released. ‘It is possible losing bidders could impress the board’s choice to hawaii Supreme Court, which could take roughly 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 Philadelphia that is second resort ( the HSP Gaming’s SugarHouse was 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 waterfront property that is 60-acre.
This will be Wynn Resorts go at a second Philly property; they were 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 point.
The proposed Philly casino and the possible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the board that is drawing they are also focusing 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’s a $3 billion industry.’
But Schwartz adds that the problem is definately not hopeless, noting the exact same predictions that are dire connected 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.
New Jersey Online Gambling Publish Plan Officially Announced
Coming to nj-new Jersey, just in time for Thanksgiving: Internet gambling enterprises
It has been a long wait, but as expected, nj’s endeavor into the realm of online gambling will start on November 26, allowing 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 begin a ‘soft play’ launch on 21 november. When this occurs, just a limited number of invited guests should be able to play regarding the sites. Presuming that all goes well with web sites in that period, then complete range, real money online gambling will begin at 9 a.m. local time on the 26th.
The principles for playing on New Jersey’s gambling sites are easy. 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 to be at least 21 years of age.
Thus far, nine of the 12 casinos in Atlantic City have announced partnerships with pc software providers that allows them to launch their Web gambling enterprises, while a 10th the Trump Plaza is rumored to have partner with Betfair, though that 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 resort has announced a partnership with PokerStars, although the Taj Mahal will use 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 second site there). Meanwhile, the Tropicana Casino and Resort will partner with Gamesys Limited. Finally, the Golden Nugget has announced that it shall be working with Bally Technologies.
Dropping Revenues for AC Land Casinos
The web 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 a high that is all-time of5.2 billion. However in the previous few years, lots of brand new casino properties in Pennsylvania, nyc, Maryland and other regionally competitive places have chipped away at that revenue, which stood just over $3 billion last 12 months and could fall below that mark in 2013. This fall became all the more precipitous after Hurricane Sandy caused heavy injury to the latest Jersey shore in late 2012. That has led to a loss of jobs and tax revenue for their state.
Not everyone is convinced that on line gambling shall make much of an impact. Some are worried that it might just shift players whom normally came to gamble in the casino to online gaming, which could also be harmful, because they will never be buying rooms in hotels and meals or shopping at the casino resorts. But industry officials that are most believe the internet impact is positive, providing necessary 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 12 months before, citing issues that the bill might not pass constitutional muster. However the new version of the law was approved after Christie first issued a conditional veto, which allowed legislators in order to make some small changes to the bill, including requiring it to free online indian dreaming slot machine expire in a decade to ensure that legislators would have a way to debate its merits again in ten years.