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Cantor Gaming CEO Under Possible Investigation by Feds

28 Feb

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

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 appears. Now Cantor Gaming CEO Lee Amaitis is under the spotlight, according to the The Wall Street Journal, on the layer tail of colleague Michael Colbert Cantor’s now released vice president of risk management who pled guilty simply last month to knowingly accepting unlawful bets.

Denial through the Top

Parent company Cantor Fitzgerald was quick to deny the rumor, however, saying within 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 baseless and false.’

Of program, Anthony Weiner additionally vehemently denied he was still sexting, so there you go regarding 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 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 in the Bahamas. The company now has eight sports publications in Las Vegas, operates the Palms Casino poker room, and offers mobile betting apps, combined with the Atlantis that is new book that 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 cost of conspiracy in a ny federal courthouse (bet we can guess which one). According to court papers, he will receive sentencing Dec. 9, joining so numerous others who will likely be having a fun vacation in the joint from the wonderful world of gaming.

Colbert had been picked up in a joint arrest 2 yrs ago, along side 24 others, when he was caught red-handed for an illegal sports to his involvement betting band in Queens, NY. He originally was searching at eights counts of conspiracy, money and corruption 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 singing like a bird so he can fly totally free in December? Time will tell.

To their credit Amaitis did reportedly aid within the rebuilding of parent business Cantor Fitzgerald after the September attacks that are 11th the planet Trade Center, in which the company lost about 2/3rds of their employees. Amaitis was at London during the right time, heading up the business’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 started off back East with the property that is original has end up being the much-sought-after Atlantic Club in nj’s gaming mecca seems to be putting a lot of energy into reclaiming their stakes for the reason 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 wait until early Spring 2014, through the looks of it, but; that’s when chairman regarding 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 applicants waiting eagerly in the wings, you will have a general public hearing held in January to simply help decide which one is the fit that is best, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in Las Vegas.

‘The hearings can give applicants a chance to show the board and make their case for why they should be granted the permit,’ Lerner stated in a research note that is released. ‘It is possible bidders that are losing allure the board’s decision to hawaii Supreme Court, which could take roughly 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 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 second go at queen of the nile slots youtube a Philly property; they had been in the operating right back in 2010 having a $600 million project, but pulled out before a decision had been made at the period.

The proposed Philly casino and the feasible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the drawing board; they will also be taking care of 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 growth, now it appears 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 exactly the same dire predictions were attached to the Las Vegas market a few times, in 1989, 1993, and again in 1998. He says a new wynn resorts property in Philadelphia could very possibly reinvigorate the industry there.

New Jersey Online Gambling Launch 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-new jersey’s venture into the realm of Internet gambling begins 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 21 november. At that time, only a limited amount of invited guests will be able to play on the sites. Assuming that all goes well with web sites for the reason that period, then complete scope, a real income online gambling will begin at 9 a.m. local time on the 26th.

The guidelines for playing on New Jersey’s gambling sites are easy. In order to play, users will physically have to be located within New Jersey, but are not necessary to live there. All players has to be at least 21 years of age.

To date, nine of the 12 casinos in Atlantic City have announced partnerships with computer software providers that enables them to launch their online casinos, while a 10th the Trump Plaza is rumored to have partner with Betfair, though who 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 web site to hit 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 internet 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. However in the previous couple of years, a number of new casino properties in Pennsylvania, ny, Maryland and other regionally competitive places have actually chipped away at that revenue, which stood just over $3 billion last 12 months and could fall below that mark in 2013. This autumn became even more precipitous after Hurricane Sandy caused heavy damage to the latest Jersey shore in belated 2012. That has resulted in a loss in jobs and income tax revenue for their state.

Not everyone is convinced that online gambling will make much of an impact. Some are concerned it might just shift players who ordinarily came to gamble in the casino to online gaming, which could even be harmful, as they will never be buying hotel rooms and meals or shopping at the casino resorts. But most industry officials believe the internet impact is going to be positive, providing necessary income for the floundering casinos there.

New Jersey’s Internet gambling legislation 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 year before, citing concerns that the bill might not pass constitutional muster. Nevertheless the new version regarding the law was approved after Christie first issued a conditional veto, which permitted legislators in order to make some small changes to the bill, including requiring it to expire in a decade making sure that legislators would have an opportunity to debate its merits again in ten years.

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