Cantor Gaming CEO Under Possible Investigation by Feds

Cantor Gaming CEO Under Possible Investigation by Feds

CEO Lee Amaitis (center) recently started 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 limelight, according to the The Wall Street Journal, on the layer tail of colleague Michael Colbert Cantor’s now released vice president of danger management who pled guilty just last month to knowingly accepting unlawful wagers.

Denial through the Top

Parent company Cantor Fitzgerald was fast 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 unlawful bookmaking is false and baseless.’

Of program, Anthony Weiner also vehemently denied he was still sexting, therefore there you go regarding denials of rumors.

Accepting wagers from ‘runners’ people whom place wagers for an operation is illegal in Nevada, where Cantor Gaming is headquartered.

It might 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 activities books at the Atlantis Casino on Paradise Island into the Bahamas. The company now has eight sports books in Las Vegas, operates the Palms Casino poker space, and provides mobile betting apps, combined with the Atlantis that is new book which will be their first run outside of Nevada.

No Allegations Officially Made

Cantor Fitzgerald had been quick to point out 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 their guilty plea up to a single felony fee of conspiracy in a ny federal casino-online-australia.net/ courthouse (bet we can guess which one). In accordance with court papers, he can receive sentencing Dec. 9, joining so many others who is having an enjoyable visit to the joint from the wonderful world of video gaming.

Colbert was acquired in a joint arrest two years ago, along side 24 others, whenever he was caught red-handed for his involvement with an illegal activities betting ring in Queens, NY. He originally was searching at eights counts of conspiracy, corruption and money laundering, but the Queens case ended up being dismissed and 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 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 apparently aid within the rebuilding of parent business Cantor Fitzgerald after the September attacks that are 11th the World Trade Center, when the company lost about 2/3rds of their workers. Amaitis was at London at the time, heading up the company’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 out back East with the property that is original has now end up being the much-sought-after Atlantic Club in nj-new jersey’s gaming mecca seems to be putting a lot of energy into reclaiming their stakes in that part of the planet. While gaming mogul Steve Wynn waits to see which way the wind will blow in Massachusetts for approval of their proposed Everett, Massachusetts project, he is also waiting to get word on another brand new resort casino destined for the Philadelphia, Pennsylvania area.

No Decisions Till Next Spring

Wynn will need to wait until early Spring 2014, through the looks of it, nonetheless; that’s when chairman of the Pennsylvania Gaming Control Board William H. Ryan, Jr. states the selected project for Philly’s coveted second casino permit should be determined. With six candidates waiting eagerly in the wings, there will be a general public hearing held in January to greatly help decide which one would be the best fit, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in nevada.

‘The hearings will give applicants an opportunity to present to the board and make their case for why they should be awarded the permit,’ Lerner stated in a research note that is released. ‘It is possible bidders that are losing impress the board’s decision to their state 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 partners to build this Philadelphia that is second resort ( 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 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 60-acre waterfront property.

This will be Wynn Resorts second go at a Philly property; they were in the running right back in 2010 by having a $600 million project, but pulled out before a decision ended up being made at that time.

The proposed Philly casino and also the feasible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the drawing board; they are also 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 vegas’ University of Nevada (UNLV), says that region has notably leveled away in growth (a pattern that is being seen across the U.S. into the land video gaming markets today) into 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 really a $3 billion industry.’

But Schwartz adds that the problem is far from hopeless, noting the same dire predictions were connected to the Las Vegas market several times, in 1989, 1993, and again in 1998. He claims A wynn that is new resorts in Philadelphia could very possibly reinvigorate the industry there.

New Jersey Online Gambling Establish Plan Formally Announced

Coming to New Jersey, just in time for Thanksgiving: Internet gambling enterprises

This has been a long wait, but as anticipated, New Jersey’s endeavor into the world of online gambling will begin on November 26, enabling state residents to start 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 be able to start a ‘soft play’ launch on 21 november. At that point, just a number that is limited of guests should be able to play in the sites. Assuming that all goes well with the 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 nj’s gambling sites are going to be simple. In order to play, users will have to be actually located within brand New Jersey, but are not essential 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 computer software providers that will allow 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.

On the list of confirmed partnerships, the Borgata is known to be working together with bwin.party, while Caesars Entertainment which owns four Atlantic City properties are going to 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 first internet poker web site hitting in Nevada (Caesars Interactive has now launched a 2nd site there). Meanwhile, the Tropicana Casino and Resort will mate with Gamesys Limited. Finally, the Golden Nugget has announced that it shall be using Bally Technologies.

Dropping Revenues for AC Land Casinos

The web gambling launch will come being a opportunity that is welcome 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 few years, a number of brand new casino properties in Pennsylvania, ny, Maryland and other regionally competitive places have actually chipped away at that income, which stood just over $3 billion last year and could fall below that mark in 2013. This autumn became much more precipitous after Hurricane Sandy caused heavy injury to the New Jersey shore in belated 2012. That has led to a lack of jobs and taxation revenue for their state.

Not everyone is convinced that online gambling shall make much of an effect. Some are involved 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 is positive, providing essential revenue for the floundering casinos there.

New Jersey’s Internet gambling law had been passed away by both houses and finalized 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 muster that is constitutional. However the new version associated with the law was approved after Christie first issued a veto that is conditional which permitted legislators to make some small changes to the bill, including requiring it to expire in a decade so that legislators would have a way to debate its merits again in ten years.