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 spotlight, according to the The Wall Street Journal, on the coating tail of colleague Michael Colbert Cantor’s now released vice president of risk management who pled guilty simply last month to knowingly accepting unlawful wagers.

Denial from the Top

Parent company Cantor Fitzgerald was quick to deny the rumor, however, saying in a issued statement: ‘We feel compelled to address this irresponsible 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 course, Anthony Weiner also vehemently denied he was still sexting, so there you go when it comes to denials of rumors.

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

It might certainly 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 within the Bahamas. The company now has eight sports books in Las Vegas, runs the Palms Casino poker room, and offers mobile betting apps, combined with new Atlantis book, that will be their first run outside of Nevada.

No Allegations Officially Made

Cantor Fitzgerald had been 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 to a solitary felony charge of conspiracy in a ny federal courthouse (bet we can guess what type). In accordance with documents, he will receive sentencing Dec. 9, joining so numerous others who will likely be having an enjoyable vacation in the joint from the world that is wonderful of.

Colbert was acquired in a joint arrest 2 yrs ago, along side 24 others, when he had been caught red-handed for their participation with an illegal sports betting ring in Queens, NY. He originally was looking at eights counts of conspiracy, corruption and money laundering, but the Queens case was dismissed plus 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 free in December? Time will tell.

To his credit Amaitis did apparently aid within the rebuilding of parent company Cantor Fitzgerald after the September attacks that are 11th the World Trade Center, where the company destroyed about 2/3rds of their workers. Amaitis was at London at the time, heading up the company’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 original property that has become the much-sought-after Atlantic Club in nj-new jersey’s gaming mecca is apparently putting a lot of energy into reclaiming his 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 from it, nevertheless; that is when chairman of the Pennsylvania Gaming Control Board William H. Ryan, Jr. claims the chosen project for Philly’s coveted second casino permit should be determined. With six candidates waiting eagerly in the wings, you will see a general public hearing held in January to simply help determine which one would be the fit that is best, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in Las Vegas.

‘The hearings will give applicants a possiblity to give the board and make their instance for why they should be granted the license,’ Lerner stated in a research note that is released. ‘It is possible bidders that are losing allure 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 already, with Wynn Resorts teaming up with a bevy of lovers to build this Philadelphia that is second resort ( the HSP Gaming’s SugarHouse has been 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 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 second go at a Philly property; they were within the operating back in 2010 having a $600 million task, but pulled out before a decision was made at that point.

The proposed Philly casino while the feasible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the board that is drawing they are also working on 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 actually blockbuster development, now it appears 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 not even close to hopeless, noting similar 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 Establish Plan Officially Announced

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

It’s been a long wait, but as anticipated, nj-new jersey’s venture into the world of Internet gambling begins on November 26, permitting state residents to begin with 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 begin a ‘soft play’ launch on November 21. At that time, just a number that is limited of guests will be able to play in the sites. Presuming that all goes well with the websites for the reason that period, then complete range, 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 simple. In order to relax and play, users will physically have to be located within brand New Jersey, but are not necessary to reside there. All players may 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 computer software providers that will allow them to launch their online 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 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 site hitting in Nevada (Caesars Interactive has now 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 together with Bally Technologies.

Dropping Profits for AC Land Casinos

The web gambling launch will come 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 last few years, lots of brand new casino properties in Pennsylvania, nyc, Maryland and other regionally competitive areas have chipped away at that income, which endured at just over $3 billion last year and could fall below that mark in 2013. This fall became even more precipitous after Hurricane Sandy caused damage that is heavy the newest Jersey coast in belated 2012. That has led to a lack of jobs and taxation revenue for hawaii.

Perhaps Not everyone is convinced that on line gambling shall make much of an impact. Some are concerned so it might just shift players who generally came to gamble in the casino to online gaming, which could even be harmful, because they will not be purchasing resort rooms and meals or shopping at the casino resorts. But most industry officials think the internet impact are positive, providing necessary income for the floundering casinos there.

New Jersey’s Internet gambling legislation 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 year before, citing concerns that the bill might not pass constitutional muster. But the new version associated with law was approved after Christie first issued a veto that is conditional which allowed legislators to make some minor changes to the bill, including requiring it to expire in a decade to make certain that legislators would have a way to debate its merits again in ten years.