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 danger management whom pled guilty just last month to knowingly accepting illegal wagers.
Denial from the Top
Parent company Cantor Fitzgerald was fast to deny the rumor, however, saying within an 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 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 when it comes to denials of rumors.
Accepting wagers from ‘runners’ people whom destination wagers for an operation is illegal in Nevada, where Cantor Gaming is headquartered.
It might undoubtedly behoove the sports book company to distance themselves from any further insinuations of illegalities, given that Amaitis just attended opening ceremonies for the new Cantor Gaming competition and sports books at the Atlantis Casino on Paradise Island in the Bahamas. The company now has eight sports publications in Las Vegas, runs the Palms Casino poker space, and provides mobile betting apps, combined 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 former vice-president Colbert has entered their guilty plea up to a single felony cost of conspiracy in A new york federal courthouse (bet we can guess which one). In accordance with documents, he’ll receive sentencing Dec. 9, joining so many more who will likely be having an enjoyable visit to 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 had been caught red-handed for their participation with an illegal activities betting ring in Queens, NY. He originally was looking at eights counts of conspiracy, corruption and cash laundering, but the Queens case was dismissed as well as 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 singing like a bird so he can fly totally free in December? Time will tell.
To his credit Amaitis did reportedly 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 employees. Amaitis was in London at the right 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 whom started off back East with the original property that has now become the much-sought-after Atlantic Club in New Jersey’s gaming mecca is apparently placing a lot of energy into reclaiming their stakes in that part 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 hold back until early Spring 2014, from the looks of it, however; that is when chairman for the Pennsylvania Gaming Control Board William H. Ryan, Jr. states the chosen project for Philly’s coveted second casino permit should be determined. With six applicants waiting eagerly in the wings, there will be a public hearing held in January to simply help determine what type would be the fit that is best, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in nevada.
‘The hearings can give applicants an opportunity to present to the board and make their case for why they should be awarded the license,’ Lerner stated in a released research note. ‘It is possible bidders that are losing appeal 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 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 offered 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 back in 2010 by having a $600 million task, but pulled out before a decision had been made at that point.
The proposed Philly casino as well as the feasible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the drawing board; they may also be working on 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’ University of Nevada (UNLV), says that region has somewhat leveled down in growth (a pattern that is being seen across the U.S. in the land gaming markets today) into 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 really a $3 billion industry.’
But Schwartz adds that the specific situation is not even close to hopeless, noting equivalent predictions that are dire attached to the Las Vegas market several times, in 1989, 1993, and again in 1998. He says a new wynn resorts property in Philadelphia could very possibly reinvigorate the industry there.
Nj-new Jersey Online Gambling Publish Plan Formally Announced
Coming to nj-new Jersey, just in time for Thanksgiving: Internet gambling enterprises
It has been a long wait, but as expected, nj-new jersey’s venture into the realm of online gambling begins on November 26, allowing state residents to begin 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 a way to begin a ‘soft play’ launch on November 21. At that time, just a limited amount of invited guests should be able to play in the sites. Presuming that all goes well with web sites for the reason that period, then full scope, a real income online gambling will begin at 9 a.m. local time on the 26th.
The guidelines for playing on nj’s gambling sites are going to be easy. In order to try out, users will have to be physically located within New Jersey, but are not required to reside there. All players need to be at the 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 Web casinos, while a 10th the Trump Plaza is rumored to have partner with Betfair, though which includes yet to be confirmed.
On the list of confirmed partnerships, the Borgata is understood become dealing with bwin.party, while Caesars Entertainment which owns four Atlantic City properties will likely indian dreaming slot for android be partnering with 888 Holdings. 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 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 will be dealing with Bally Technologies.
Dropping Profits for AC Land Casinos
The online gambling launch will come being 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 few years, a number of new casino properties in Pennsylvania, nyc, Maryland and other regionally competitive areas have actually chipped away at that revenue, which endured at only over $3 billion year that is last could fall below that mark in 2013. This autumn became all the more precipitous after Hurricane Sandy caused heavy harm to the newest Jersey coast in belated 2012. That has resulted in a loss in jobs and income tax revenue for hawaii.
Not everyone is convinced that online gambling shall make much of an effect. Some are worried 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 is going to be positive, providing much needed 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 concerns that the bill might not pass muster that is constitutional. But the new version of the law was approved after Christie first issued a veto that is conditional which permitted legislators to make some minor changes to the bill, including requiring it to expire in a decade to ensure legislators would have a way to debate its merits again in ten years.