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
Maybe Not a day goes by in the gaming world without someone in a position of power somewhere being scrutinized by the feds anymore, this indicates. 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 unlawful bets.
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 which he participated in illegal bookmaking is false and baseless.’
Of course, Anthony Weiner also vehemently denied he was still sexting, therefore there you go when it comes to denials of rumors.
Accepting wagers from ‘runners’ people who place bets for an operation is illegal in Nevada, where Cantor Gaming is headquartered.
It could 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 recreations books at the Atlantis Casino on Paradise Island into the Bahamas. The company now has eight sports publications in Las Vegas, runs the Palms Casino poker room, and offers mobile betting apps, along with the new Atlantis book, which can be their first run outside of Nevada.
No Allegations Officially Made
Cantor Fitzgerald had been 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 his guilty plea up to a single felony charge of conspiracy in a ny federal courthouse (bet we can guess which one). Based on documents, he will receive sentencing Dec. 9, joining so many others who are going to be having a fun holiday in the joint from the world that is wonderful of.
Colbert had been picked up in a joint arrest 2 yrs ago, along side 24 others, when he was caught red-handed for an illegal sports to his involvement betting ring in Queens, NY. He originally was looking at eights counts of conspiracy, corruption and money laundering, but the Queens case had been dismissed as well as 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 their credit Amaitis did reportedly aid into the rebuilding of parent business Cantor Fitzgerald after the September 11th attacks on the entire world Trade Center, when the company destroyed about 2/3rds of their workers. Amaitis was at London at the time, heading up 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 get to be the much-sought-after Atlantic Club in nj-new jersey’s video gaming mecca seems to be putting a lot of energy into reclaiming his stakes in that component of the entire 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 have to wait until early Spring 2014, through the looks from it, however; that’s when chairman regarding the Pennsylvania Gaming Control Board William H. Ryan, Jr. claims the chosen project for Philly’s coveted second casino license should be determined. With six applicants waiting eagerly in the wings, you will see a general public hearing held in January to help determine which one would be the fit that is best, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in Las Vegas.
‘The hearings can give applicants a possiblity to show the board and make their case for why they should be granted the license,’ Lerner stated in a research note that is released. ‘It is possible losing bidders could allure the board’s choice to the 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 provided 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 go at a second Philly property; they were in the running 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 as well as the possible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the board that is drawing they will also be taking care of a $4 billion casino for Macau’s Cotai Strip.
Is Pennsylvania Market Leveling Out?
Since 2010, it would likely 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 down in growth (a pattern that is being seen across the U.S. into the land video gaming areas these days) within the past couple of years.
‘After six years of really blockbuster growth, now it appears 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 same predictions that are dire connected to the Las Vegas market a few times, in 1989, 1993, and again in 1998. He claims a brand new wynn resorts property in Philadelphia could very possibly reinvigorate the industry there.
New Jersey Online Gambling Launch Plan Officially Announced
Coming to New Jersey, just in time for Thanksgiving: Internet gambling enterprises
It’s been a wait that is long but as anticipated, nj’s venture into the world of Web gambling begins on November 26, enabling 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 have a way to commence a ‘soft play’ launch on 21 november. At that point, merely a number that is limited of guests should be able to play on the sites. Assuming that all goes well with the sites in that period, then complete scope, real money online gambling will begin at 9 a.m. local time on the 26th.
The rules for playing on nj-new jersey’s gambling sites is going to be easy. In order to relax and play, users will physically have to be located within New Jersey, but are not required to live there. All players may have to be at least 21 years of age.
Up to now, nine of the 12 casinos in Atlantic City have announced partnerships with software providers that will allow them to launch their Internet gambling enterprises, while a 10th the Trump Plaza is rumored to have partner with Betfair, though who has yet to be confirmed.
Among the list of confirmed partnerships, the Borgata is known become working together with bwin.party, while Caesars Entertainment which owns four Atlantic City properties are partnering with 888 Holdings. Meanwhile, Resorts Casino Hotel has announced a partnership with PokerStars, while 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 launched a second 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 internet gambling launch will come being a welcome opportunity 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 last few years, a number of brand new casino properties in Pennsylvania, New https://real-money-casino.club/club-player-online-casino/ York, Maryland and other regionally competitive places have actually chipped away at that revenue, which stood just over $3 billion last year and could fall below that mark in 2013. This autumn became even more precipitous after Hurricane Sandy caused heavy injury to the newest Jersey shore in late 2012. That has resulted in a lack of jobs and tax revenue for hawaii.
Perhaps Not everyone is convinced that on line gambling shall make much of an impact. Some are concerned 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 effect will likely be good, providing essential revenue for the floundering casinos there.
New Jersey’s Internet gambling legislation 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 issues that the bill might not pass constitutional muster. Nevertheless the new version regarding the law was approved after Christie first issued a conditional veto, which permitted legislators in order 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.