Cantor Gaming CEO Under Possible Investigation by Feds

CEO Lee Amaitis (center) recently opened 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 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 who pled guilty month that is just last 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 that he participated in illegal bookmaking is false and baseless.’

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

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

It could undoubtedly behoove the sports book company to distance themselves from any further insinuations of illegalities, given that Amaitis just attended opening ceremonies for a brand new Cantor Gaming competition and sports books at the Atlantis Casino on Paradise Island within the Bahamas. The company now has eight sports books in Las Vegas, operates the Palms Casino poker room, and provides mobile betting apps, combined with new Atlantis guide, 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 former vice-president Colbert has already entered their guilty plea to a solitary felony fee of conspiracy in A new york federal courthouse (bet we can guess what type). According to court documents, he will receive sentencing Dec. 9, joining so many more who are going to be having a fun visit to the joint from the world that is wonderful of.

Colbert had been acquired in a joint arrest two years ago, along with 24 others, when he had been caught red-handed for their involvement with an illegal sports betting ring in Queens, NY. He originally was searching at eights counts of conspiracy, money and corruption laundering, but the Queens case was dismissed therefore the matter of his moving $100K in gambling profits from nevada 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 company Cantor Fitzgerald after the September 11th attacks on the World Trade Center, where the company destroyed about 2/3rds of their workers. Amaitis was at London during the 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 whom started off back East with the property that is original has become the much-sought-after Atlantic Club in New Jersey’s video gaming mecca is apparently putting a lot of energy into reclaiming their stakes in that component 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 need to wait until early Spring 2014, from the looks from it, however; that’s when chairman regarding the Pennsylvania Gaming Control Board William H. Ryan, Jr. says the selected project for Philly’s coveted casino that is second should be determined. With six applicants waiting eagerly in the wings, there will be a public hearing held in January to greatly help determine what type would be the fit that is best, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in nevada.

‘The hearings can give applicants an opportunity to present to the board and make their instance for why they should be awarded the permit,’ Lerner stated in a research note that is released. ‘It is possible bidders that are losing attract the board’s choice to their state Supreme Court, which could take approximately six months.’

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 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 given 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 had been within the running back in 2010 by having a $600 million task, but pulled out before a decision was made at that point.

The proposed Philly casino as well as the possible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the drawing board; they are also taking care of a $4 billion casino for Macau’s Cotai wizardofozslot.org 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 actually blockbuster development, now it generally seems to have leveled off,’ Schwartz said. ‘Remember, it went from zero to $3 billion. It could be because it’s a $3 billion industry.’

But Schwartz adds that the situation is far from hopeless, noting exactly the same predictions that are dire connected to the Las Vegas market a few times, in 1989, 1993, and again in 1998. He says A wynn that is new resorts in Philadelphia could very possibly reinvigorate the industry there.

Nj Online Gambling Launch Plan Formally Announced

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

This has been a long wait, but as anticipated, nj-new jersey’s endeavor into the world of Internet 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 start a ‘soft play’ launch on November 21. At that point, only a limited number of invited guests should be able to play on the sites. Presuming that all goes well with the sites for the reason that period, then full scope, real money online gambling will begin at 9 a.m. local time on the 26th.

The principles for playing on nj-new jersey’s gambling sites are going to be easy. In order to relax and play, users will physically have to be located within brand New Jersey, but are not essential to reside there. All players will have become at the very least 21 years of age.

So far, nine of the 12 casinos in Atlantic City have announced partnerships with computer software providers that enables 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.

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 Hotel has announced a partnership with PokerStars, while the Taj Mahal will utilize Ultimate Gaming, which already has experience now running the first on-line poker web site hitting in Nevada (Caesars Interactive has 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 working together with Bally Technologies.

Dropping Revenues for AC Land Casinos

The internet 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. But in the previous couple of years, lots of brand new casino properties in Pennsylvania, New York, Maryland and other regionally competitive areas have chipped away at that income, which stood at just 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 damage that is heavy this new Jersey shore in late 2012. That has generated a loss in jobs and tax revenue for hawaii.

Not everyone is convinced that on the web gambling shall make much of an impact. Some are involved so it may just shift players whom usually came to gamble in the casino to online video gaming, which could even be harmful, as they will not be buying hotel rooms and food or shopping at the casino resorts. But most industry officials think the internet impact are positive, providing much needed revenue for the floundering casinos there.

New Jersey’s Internet gambling legislation ended up being 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 constitutional muster. But the new version for the law was approved after Christie first issued a veto that is conditional which allowed legislators to create 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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