Cantor Gaming CEO Under Possible Investigation by Feds

CEO Lee Amaitis (center) recently launched 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, it seems. Now Cantor Gaming CEO Lee Amaitis is under the spotlight, according to the The Wall Street Journal, on the coat tail of colleague Michael Colbert Cantor’s now released vice president of danger management whom pled guilty month that is just last knowingly accepting unlawful 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 reckless and rumor that is baseless. The notion that Lee Amaitis is a target of federal prosecutors or he participated in unlawful bookmaking is false and baseless.’
Of program, Anthony Weiner additionally vehemently denied he was still sexting, therefore there you go in terms of denials of rumors.
Accepting wagers from ‘runners’ people who spot bets for an operation is illegal in Nevada, where Cantor Gaming is headquartered.
It would truly 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 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 Atlantis that is new book that will be their first run outside of Nevada.
No Allegations Officially Made
Cantor Fitzgerald was quick to point out that no actual allegations of any wrongdoing by Amaitis have been made by authorities. Yet.
33-year-old former vice-president Colbert has recently entered his guilty plea up to a single felony cost of conspiracy in a ny federal courthouse (bet we can guess which one). In accordance with court papers, he’ll receive sentencing Dec. 9, joining so many more who is having a great visit to the joint from the world that is wonderful of.
Colbert was picked up in a joint arrest 2 yrs ago, along side 24 others, whenever he was caught red-handed for his involvement with an illegal recreations 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 while the matter of his moving $100K in gambling profits from 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 their credit Amaitis did apparently aid in the rebuilding of parent company Cantor Fitzgerald after the September attacks that are 11th the planet Trade Center, in which the company destroyed about 2/3rds of their employees. Amaitis was in London at the right time, heading up the business enterprise’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 home that has end up being the much-sought-after Atlantic Club in nj-new jersey’s gaming mecca is apparently putting a lot of energy into reclaiming their stakes for the reason 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 hold back until early Spring 2014, from the looks of it, however; that’s when chairman associated with the Pennsylvania Gaming Control Board William H. Ryan, Jr. claims the chosen project for Philly’s coveted casino that is second should be determined. With six applicants waiting eagerly in the wings, you will have a general public hearing held in January to help decide what type is the best fit, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in Las Vegas.
‘The hearings will give applicants a chance to show the board and make their situation for why they should be awarded the permit,’ Lerner stated in a research note that is released. ‘It is possible bidders that are losing appeal the board’s decision to the state Supreme Court, which could take roughly half a year.’
Wynn’s project is naturally planned out in-depth already, with Wynn Resorts teaming up with a bevy of partners to build this second Philadelphia resort casino ( the HSP Gaming’s SugarHouse was 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 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 60-acre waterfront property.
This will be Wynn Resorts go at a second Philly property; they were in the running straight 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 and also the possible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the board that is drawing they are also taking care of 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 into 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 down in growth (a pattern that is being seen across the U.S. in the land video gaming markets today) within the past few 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 might be because it’s really a $3 billion industry.’
But Schwartz adds that the situation is not even close to hopeless, noting the exact same dire predictions were attached 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 Launch Plan Formally Announced
Coming to nj-new Jersey, just in time for Thanksgiving: Internet casinos
It has been a long wait, but as expected, New Jersey’s venture into the world of online gambling will begin on November 26, permitting state residents to start 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 be able to commence a ‘soft play’ launch on November 21. At that time, only a number that is limited of guests will be able to play in the sites. Presuming that all goes well with the sites in that period, then full range, real money online gambling will begin at 9 a.m. local time on the 26th.
The guidelines for playing on New Jersey’s gambling sites is simple. In order to relax and play, users will need to be actually located within New Jersey, but are not required to live there. All players may have become at the least 21 years of age.
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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 to be dealing with bwin.party, while Caesars Entertainment which owns four Atlantic City properties will 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 to hit in Nevada (Caesars Interactive has launched a 2nd site there). Meanwhile, the Tropicana Casino and Resort will mate with Gamesys Limited. Finally, the Golden Nugget has announced that it will be working with Bally Technologies.
Dropping Profits for AC Land Casinos
The online gambling launch will come as 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, lots of brand new casino properties in Pennsylvania, nyc, Maryland and other regionally competitive areas have actually chipped away at that revenue, which endured at just over $3 billion last year and could fall below that mark in 2013. This fall became all the more precipitous after Hurricane Sandy caused heavy damage to the newest Jersey coast in belated 2012. That has led to a loss of jobs and taxation revenue for the state.
Not everyone is convinced that online gambling shall make much of an impact. Some are involved it might just shift players whom usually arrived to gamble in the casino to online video gaming, which could even be harmful, because they will never be purchasing resort rooms and meals or shopping at the casino resorts. But industry officials that are most believe the net impact will be good, providing essential revenue for the floundering casinos there.
New Jersey’s Internet gambling law ended up being 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 year before, citing concerns that the bill might not pass muster that is constitutional. Nevertheless the new version associated with 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 in order that legislators would have a chance to debate its merits again in ten years.
