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 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 whom pled guilty just last month to knowingly accepting illegal bets.
Denial from 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 additionally vehemently denied he was still sexting, so there you go with regards to 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 Cantor that is new Gaming and recreations books at the Atlantis Casino on Paradise Island in the Bahamas. The company now has eight sports books 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 had been 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 already entered their guilty plea to a single felony fee of conspiracy in a ny federal courthouse (bet we can guess what type). Based on court documents, he will receive sentencing Dec. 9, joining so many more who are having a great vacation in the joint from the wonderful world of gaming.
Colbert was acquired in a joint arrest couple of years ago, along with 24 others, whenever 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, money and corruption laundering, but the Queens case had been dismissed therefore the matter of his moving $100K in gambling profits from Las 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 his credit Amaitis did reportedly aid within the rebuilding of parent company Cantor Fitzgerald after the September 11th attacks on the entire world Trade Center, when the company destroyed about 2/3rds of their employees. Amaitis was in London at 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 who started off back East with the property that is original has get to be the much-sought-after Atlantic Club in New Jersey’s gaming mecca is apparently 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 have to wait until early Spring 2014, through the looks of it, but; that is when chairman for the Pennsylvania Gaming Control Board William H. Ryan, Jr. states 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 greatly help decide what type will be the best fit, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in vegas.
‘The hearings will give applicants a possiblity 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 bidders that are losing allure the board’s choice to the state Supreme Court, which could take approximately 6 months.’
Wynn’s project is naturally planned out in-depth already, with Wynn Resorts teaming up with a bevy of partners 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 https://casino-online-australia.net/indian-dreaming-slot-review/ 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 within the operating back in 2010 by having a $600 million task, but pulled out before a decision was made at the period.
The proposed Philly casino and also the feasible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the board that is drawing they are 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 generally 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 situation is definately not hopeless, noting similar dire predictions were 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.
Nj Online Gambling Establish Plan Formally Announced
Coming to New Jersey, just in time for Thanksgiving: Internet casinos
This has been a wait that is long but as expected, nj’s endeavor into the world of Web gambling begins 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 November 21. At that point, merely a limited number of invited guests will be able to play on the sites. Assuming that all goes well with web sites in that period, then complete range, a real income online gambling will begin at 9 a.m. local time on the 26th.
The principles for playing on 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 essential to live there. All players could have become at the least 21 years of age.
To date, nine of the 12 casinos in Atlantic City have announced partnerships with software providers that allows them to launch their Internet casinos, 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 resort has announced a partnership with PokerStars, while the Taj Mahal will make use of Ultimate Gaming, which already has experience now running the online that is first site going to in Nevada (Caesars Interactive has launched a 2nd 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 Revenues for AC Land Casinos
The online 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 last few years, a number of brand new casino properties in Pennsylvania, nyc, Maryland and other regionally competitive locations have chipped away at that revenue, which endured just over $3 billion last year and could fall below that mark in 2013. This fall became even more precipitous after Hurricane Sandy caused heavy injury to the brand new Jersey shore in belated 2012. That has resulted in a lack of jobs and income tax revenue for hawaii.
Not everyone is convinced that online gambling shall make much of an effect. 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 most industry officials believe the internet impact will likely be good, providing much needed income for the floundering casinos there.
New Jersey’s Internet gambling law had been 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 12 months before, citing concerns that the bill might not pass constitutional muster. But the new version associated with the law was approved after Christie first issued a veto that is conditional which allowed legislators to produce some minor changes to the bill, including requiring it to expire in a decade to make certain that legislators would have a way to debate its merits again in ten years.