Cantor Gaming CEO Under Possible Investigation by Feds

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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

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 coat tail of colleague Michael Colbert Cantor’s now released vice president of risk management who pled guilty just last month to knowingly accepting illegal wagers.

Denial through the Top

Parent business Cantor Fitzgerald was quick to deny the rumor, however, saying in a issued statement: ‘We feel compelled to address this reckless and baseless rumor. 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 also vehemently denied he was still sexting, therefore there you go when it comes to denials of rumors.

Accepting wagers from ‘runners’ people whom 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 a new Cantor Gaming race and sports books at the Atlantis Casino on Paradise Island within the Bahamas. The company now has eight sports publications in Las Vegas, runs the Palms Casino poker room, and provides mobile betting apps, combined with the new Atlantis book, which is their first run outside of Nevada.

No Allegations Officially Made

Cantor Fitzgerald ended up being 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 their guilty plea up to a single felony fee 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 are going to be having a great visit to the joint from the world that is wonderful of.

Colbert had been picked up in a joint arrest couple of years ago, along side 24 others, whenever he had been caught red-handed for an illegal sports to his involvement betting ring in Queens, NY. He originally was looking at eights counts of conspiracy, corruption and money laundering, but the Queens case was 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 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 performing 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 company Cantor Fitzgerald after the September attacks that are 11th the entire world Trade Center, when the company destroyed about 2/3rds of their employees. Amaitis was at London during the right time, heading up the company’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 began back East with the original home that has become the much-sought-after Atlantic Club in New Jersey’s gaming mecca is apparently placing a lot of energy into reclaiming their stakes for the reason that part of the world. While video gaming mogul Steve Wynn waits to see which means the wind will blow in Massachusetts for approval of their proposed Everett, Massachusetts project, he is also waiting getting word on another new resort casino destined for the Philadelphia, Pennsylvania area.

No Decisions Till Next Spring

Wynn will need to hold back until early Spring 2014, through the looks of it, however; that is when chairman of the Pennsylvania Gaming Control Board William H. Ryan, Jr. states the chosen project for Philly’s coveted 2nd casino permit should be determined. With six candidates waiting eagerly in the wings, you will have a general public hearing held in January to help decide what type will be the best fit, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in nevada.

‘The hearings can give applicants an opportunity to show the board and make their situation for why they should be granted the license,’ Lerner stated in a research note that is released. ‘It is possible bidders that are losing impress the board’s choice to hawaii Supreme Court, which could take roughly 6 months.’

Wynn’s project is naturally planned out in-depth currently, 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 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, adjacent 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 had been within the running back in 2010 by having a $600 million project, but pulled out before a decision ended up being made at that point.

The proposed Philly casino and the possible $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 could 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 somewhat leveled down in growth (a pattern that is being seen across the U.S. within the land video gaming areas these days) in the past few years.

‘After six years of actually blockbuster growth, now it seems to have leveled off,’ Schwartz said. ‘Remember, it went from zero to $3 billion. It might be because it is indian dreaming slot app 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 says a new wynn resorts property in Philadelphia could very possibly reinvigorate the industry there.

Nj-new Jersey Online Gambling Establish Plan Formally Announced

Coming to nj-new Jersey, just in time for Thanksgiving: Internet gambling enterprises

It’s been a wait that is long but as anticipated, nj-new jersey’s venture into the realm of Internet gambling will begin on November 26, permitting state residents to begin with 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, only a limited amount of invited guests will be able to play in the sites. Presuming that all goes well with the sites for the reason that period, then complete range, 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 is easy. In order to play, users will have to be actually located within New Jersey, but are not necessary to reside there. All players may have become at the least 21 years of age.

Thus far, nine of the 12 casinos in Atlantic City have announced partnerships with computer software providers that allows them to launch their Web casinos, while a 10th the Trump Plaza is rumored to have partner with Betfair, though which has yet to be confirmed.

Among the confirmed partnerships, the Borgata is known to be working together with bwin.party, while Caesars Entertainment which owns four Atlantic City properties will likely be partnering with 888 Holdings. Meanwhile, Resorts Casino Hotel has announced a partnership with PokerStars, while the Taj Mahal will use Ultimate Gaming, which already has experience now running the online that is first site going to in Nevada (Caesars Interactive has now launched a second site there). Meanwhile, the Tropicana Casino and Resort will mate with Gamesys Limited. Finally, the Golden Nugget has announced that it will be dealing with Bally Technologies.

Dropping Profits 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 a high that is all-time of5.2 billion. But in the previous couple of years, a number of brand new casino properties in Pennsylvania, New York, Maryland and other regionally competitive locations have actually chipped away at that income, which stood just over $3 billion year that is last could fall below that mark in 2013. This fall became much more precipitous after Hurricane Sandy caused heavy harm to the brand new Jersey coast in late 2012. That has resulted in a lack of jobs and taxation revenue for their state.

Perhaps Not everyone is convinced that online gambling shall make much of an impact. 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 most industry officials think the net effect are going to be good, providing necessary income 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 similar law the 12 months before, citing issues that the bill might not pass constitutional muster. But the new version regarding the law was approved after Christie first issued a veto that is conditional which permitted legislators in order 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.

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