Cantor Gaming CEO Under Possible Investigation by Feds
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CEO Lee Amaitis (center) recently started 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 position 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 coating tail of colleague Michael Colbert Cantor’s now released vice president of risk management who pled guilty month that is just last knowingly accepting illegal 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 rumor that is baseless. The notion that Lee Amaitis is a target of federal prosecutors or that he participated in unlawful bookmaking is baseless and false.’
Of course, Anthony Weiner also vehemently denied he was still sexting, so 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 would certainly 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 books in Las Vegas, operates the Palms Casino poker space, and offers mobile betting apps, combined with new Atlantis guide, which 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 recently entered his guilty plea up to a single felony charge of conspiracy in a ny federal courthouse (bet we can guess what type). In accordance with documents, he will get sentencing Dec. 9, joining so many more who will be having an enjoyable visit to the joint from the world that is wonderful of.
Colbert was picked up in a joint arrest two years ago, along with 24 others, whenever he had been caught red-handed for an illegal sports to his involvement betting ring in Queens, NY. He originally was searching at eights counts of conspiracy, corruption and money laundering, but the Queens case had been dismissed and also the matter of his moving $100K in gambling profits from vegas to New York was forwarded to the U.S. Attorney’s docket.
Although 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 apparently aid in the rebuilding of parent business Cantor Fitzgerald after the September attacks that are 11th the World Trade Center, where the company lost about 2/3rds of their workers. Amaitis was at London during the right time, heading up the business enterprise’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 get to be the much-sought-after Atlantic Club in nj’s video gaming mecca appears to be placing a lot of energy into reclaiming their stakes in 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 have to wait until early Spring 2014, through the looks of it, but; that’s 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 greatly help determine what type will be the best fit, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in Las Vegas.
‘The hearings will give applicants a chance to give the board and make their case for why they should be awarded the license,’ Lerner stated in a research note that is released. ‘It is possible losing bidders could attract 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 lovers to build this second Philadelphia resort casino ( the HSP Gaming’s SugarHouse was up since 2010 in the City 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, 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 operating straight back in 2010 with a $600 million project, but pulled out before a decision was made at the period.
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 taking care of a $4 billion casino for Macau’s Cotai Strip.
Is Pennsylvania Market Leveling Out?
Since 2010, it could 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, nevada’ University of Nevada (UNLV), says that region has significantly leveled away in growth (a pattern that is being seen across the U.S. within the land video gaming markets today) in the past couple of years.
‘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 may be because it is a $3 billion industry.’
But Schwartz adds that the situation is far from hopeless, noting exactly the same predictions that are dire connected to the Las Vegas market several 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
This has been a long wait, but as anticipated, New Jersey’s venture into the world of Web gambling begins on November 26, allowing state residents to begin with 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 commence a ‘soft play’ launch on November 21. At that time, only a limited amount of invited guests will be able to play in the sites. Presuming that all goes well with web sites in that period, then full scope, a real income online gambling will begin at 9 a.m. local time on the 26th.
The rules for playing on nj-new jersey’s gambling sites are going to be simple. In order to relax and play, users will need to be physically located within brand New Jersey, but are not required 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 enables them to launch their Web casinos, while a 10th the Trump Plaza is rumored to have partner with Betfair, though who https://playpokiesfree.com/indian-dreaming-slot/ 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, while the Taj Mahal will make use of Ultimate Gaming, which already has experience now running the first online poker web site to hit in Nevada (Caesars Interactive has launched a second site there). Meanwhile, the Tropicana Casino and Resort will partner with Gamesys Limited. Finally, the Golden Nugget has announced that it will be working with Bally Technologies.
Dropping Revenues for AC Land Casinos
The web 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 an all-time high of $5.2 billion. However in the previous couple of years, a number of brand new casino properties in Pennsylvania, ny, Maryland and other regionally competitive areas have actually chipped away at that income, which endured at 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 newest Jersey shore in belated 2012. That has generated a loss of jobs and tax revenue for the state.
Maybe Not everyone is convinced that online gambling shall make much of an impact. Some are involved it may just shift players whom ordinarily came to gamble in the casino to online video gaming, which could also be harmful, while they will not be purchasing rooms in hotels and food or shopping at the casino resorts. But industry officials that are most think the net effect is going to be good, providing necessary income for the floundering casinos there.
New Jersey’s Internet gambling legislation ended up being passed by both houses and finalized into law by Governor Chris Christie earlier this year. That came after Christie had previously vetoed a similar law the year before, citing issues that the bill might not pass muster that is constitutional. Nevertheless the new version associated with the law was approved after Christie first issued a conditional veto, which allowed legislators in order to make some minor changes to the bill, including requiring it to expire in a decade making sure that legislators would have a chance to debate its merits again in ten years.