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

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 limelight, 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 from the Top

Parent business Cantor Fitzgerald was fast to deny the rumor, however, saying in a issued statement: ‘We feel compelled to address this irresponsible and rumor that is baseless. The notion that Lee Amaitis is a target of federal prosecutors or which he participated in unlawful bookmaking is false and baseless.’

Of course, Anthony Weiner additionally vehemently denied he was still sexting, so there you go in terms of denials of rumors.

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

It would undoubtedly behoove the sports book company to distance themselves from any further insinuations of illegalities, given that Amaitis just attended opening ceremonies for a Cantor that is new Gaming and activities books at the Atlantis Casino on Paradise Island in the Bahamas. The company now has eight sports books in Las Vegas, runs the Palms Casino poker space, and provides mobile betting apps, combined with the Atlantis that is new book that 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 former vice-president Colbert has entered their guilty plea to a solitary felony fee of conspiracy in A new york federal courthouse (bet we can guess what type). Based on court documents, he will receive sentencing Dec. 9, joining so numerous others who will likely be having a great vacation in the joint from the world that is wonderful of.

Colbert had been found in a joint arrest two years ago, along with 24 others, whenever 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, corruption and money laundering, but the Queens case had been dismissed therefore 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 performing like a bird so he can fly free in December? Time will tell.

To their credit Amaitis did reportedly aid in the rebuilding of parent business Cantor Fitzgerald after the September 11th attacks on the World Trade Center, in which the company destroyed about 2/3rds of their workers. Amaitis was in London during the right time, heading up business’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 out back East with the property that is original has now become 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 wait until early Spring 2014, from the looks of it, nevertheless; that is when chairman regarding the Pennsylvania Gaming Control Board William H. Ryan, Jr. claims the selected project for Philly’s coveted casino that is second should be determined. With six candidates waiting eagerly in the wings, you will see a general public hearing held in January to help determine which one is the fit that is best, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in nevada.

‘The hearings will give applicants a possiblity to give the board and make their case for why they should be awarded the license,’ Lerner stated in a research note that is released. ‘It is possible losing bidders could attract the board’s decision to their state Supreme Court, which could take approximately half a year.’

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 provided 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 in the operating back in 2010 having a $600 million task, but pulled out before a decision ended up being made at the period.

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 taking care of 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 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 away in growth (a pattern that is being seen across the U.S. into the land gaming markets today) in the past couple of years.

‘After six years of actually blockbuster development, now it seems to have leveled off,’ Schwartz said. ‘Remember, it went from zero to $3 billion. It might be because it is a $3 billion industry.’

But Schwartz adds that the situation is definately not hopeless, noting exactly the same predictions that are dire attached to the Las Vegas market several 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 Officially Announced

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

It has been a wait that is long but as anticipated, nj’s endeavor into the realm of Web gambling will begin on November 26, enabling state residents to begin 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 commence a ‘soft play’ launch on 21 november. When this occurs, just a limited amount of invited guests will be able to play regarding the sites. Assuming that all goes well with the sites in that period, then full scope, real money online gambling will begin at 9 a.m. local time on the download texas tea slot machine 26th.

The principles for playing on New Jersey’s gambling sites is going to be simple. In order to play, users will need to be physically located within brand New Jersey, but are not necessary to reside there. All players could have to be at the very least 21 years of age.

So far, nine of the 12 casinos in Atlantic City have announced partnerships with software providers that will allow them to launch their online casinos, while a 10th the Trump Plaza is rumored to have partner with Betfair, though which includes 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 make use of Ultimate Gaming, which already has experience now running the first internet poker web site going to in Nevada (Caesars Interactive has launched a second site there). Meanwhile, the Tropicana Casino and Resort will partner with Gamesys Limited. Finally, the Golden Nugget has announced that it shall be working together with Bally Technologies.

Dropping Revenues for AC Land Casinos

The internet 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 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 stood just over $3 billion year that is last could fall below that mark in 2013. This fall became all the more precipitous after Hurricane Sandy caused heavy harm to the latest Jersey coast in late 2012. That has resulted in a lack of jobs and tax revenue for hawaii.

Not everyone is convinced that on line gambling shall make much of an impact. Some are worried so it may just shift players who ordinarily came to gamble in the casino to online video gaming, which could even be harmful, as they will not be buying rooms in hotels and food or shopping at the casino resorts. But industry officials that are most think the internet impact is going to be positive, providing necessary 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 similar law the 12 months before, citing issues that the bill might not pass muster that is constitutional. But the new version associated with the law was approved after Christie first issued a veto that is conditional which allowed legislators to help make some small changes to the bill, including requiring it to expire in a decade to make certain that legislators would have an opportunity to debate its merits again in ten years.

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