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
Maybe Not a day goes by in the gaming universe without someone in a place of power somewhere being scrutinized by the feds anymore, this indicates. 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 simply last month to knowingly accepting illegal bets.
Denial from 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 rumor that is baseless. The notion that Lee Amaitis is a target of federal prosecutors or which he participated in illegal bookmaking is false and baseless.’
Of program, Anthony Weiner also vehemently denied he was still sexting, therefore 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 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 Cantor that is new Gaming and recreations books at the Atlantis Casino on Paradise Island in the Bahamas. The company now has eight sports books in Las Vegas, operates the Palms Casino poker room, and offers 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 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 recently entered their guilty plea to a solitary felony charge of conspiracy in A new york federal courthouse (bet we can guess what type). According to court papers, he will receive sentencing Dec. 9, joining so many more who is having a great holiday in the joint from the wonderful world of video gaming.
Colbert had been acquired in a joint arrest 2 yrs ago, along side 24 others, whenever he was caught red-handed for their involvement with an illegal activities betting band in Queens, NY. He originally was searching at eights counts of conspiracy, corruption and cash laundering, but the Queens case was dismissed while the matter of his moving $100K in gambling profits from Las Vegas to New York was forwarded to the U.S. Attorney’s docket.
Although 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 free in December? Time will tell.
To their credit Amaitis did apparently aid in indian dreaming slot for android the rebuilding of parent company Cantor Fitzgerald after the September attacks that are 11th the planet Trade Center, when the company destroyed about 2/3rds of their workers. Amaitis was in London during the time, heading up the business enterprise’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 who began back East with the original home that has now end up being the much-sought-after Atlantic Club in nj’s video gaming mecca is apparently putting a lot of energy into reclaiming his stakes in that component of the entire world. While gaming mogul Steve Wynn waits to see which method the wind will blow in Massachusetts for approval of their proposed Everett, Massachusetts project, he can be waiting to have 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, from the looks of it, however; that’s when chairman regarding the Pennsylvania Gaming Control Board William H. Ryan, Jr. states the selected project for Philly’s coveted 2nd casino license should be determined. With six candidates waiting eagerly in the wings, you will have a public hearing held in January to greatly help determine what type will be the fit that is best, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in Las Vegas.
‘The hearings gives applicants a chance to present to the board and make their instance for why they should be granted the permit,’ Lerner stated in a released research note. ‘It is possible losing bidders could appeal the board’s choice to their state Supreme Court, which could take approximately 6 months.’
Wynn’s project is naturally planned out in-depth currently, with Wynn Resorts teaming up with a bevy of lovers to build this second Philadelphia resort casino ( the HSP Gaming’s SugarHouse has been 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 go at a second Philly property; they had been in 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 plus the possible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the board that is drawing they may also be taking care of a $4 billion casino for Macau’s Cotai Strip.
Is Pennsylvania Market Leveling Out?
Since 2010, it would likely now be tougher for Wynn to crack in to the Pennsylvania market; industry expert David Schwartz who heads up the Gaming Research Center at Las vegas, nevada’ University of Nevada (UNLV), says that region has somewhat leveled out in growth (a pattern that is being seen across the U.S. within the land video gaming markets today) within the past several years.
‘After six years of actually 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 a $3 billion industry.’
But Schwartz adds that the specific situation is not even close to hopeless, noting the same dire predictions were attached to the Las Vegas market several 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.
New Jersey 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’s venture into the realm of Web gambling will start on November 26, permitting state residents to start 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 be able to commence a ‘soft play’ launch on November 21. At that point, only a number that is limited of guests should be able to play in the sites. Presuming that all goes well with the websites in that period, then full range, a real income 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 simple. In order to try out, users will need to be actually located within New Jersey, but are not required to reside there. All players may have to be at least 21 years of age.
Up to now, nine of the 12 casinos in Atlantic City have announced partnerships with software providers that enables them to launch their online casinos, while a 10th the Trump Plaza is rumored to have partner with Betfair, though that has yet to be confirmed.
Among the confirmed partnerships, the Borgata is understood to be using bwin.party, while Caesars Entertainment which owns four Atlantic City properties will likely be partnering with 888 Holdings. Meanwhile, Resorts Casino resort has announced a partnership with PokerStars, even though the Taj Mahal will utilize Ultimate Gaming, which already has experience now running the online that is first site to hit 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 shall be working with Bally Technologies.
Dropping Profits for AC Land Casinos
The internet gambling launch will come as 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 few years, a number of brand new casino properties in Pennsylvania, nyc, Maryland and other regionally competitive locations have actually chipped away at that income, which stood just over $3 billion last 12 months and could fall below that mark in 2013. This fall became even more precipitous after Hurricane Sandy caused heavy damage to the brand new Jersey shore in belated 2012. That has led to a lack of jobs and taxation revenue for the state.
Perhaps Not everyone is convinced that online gambling shall make much of an impact. Some are involved so it might just shift players whom generally arrived to gamble in the casino to online gaming, which could also be harmful, because they will not be buying hotel rooms and food or shopping at the casino resorts. But industry officials that are most believe the internet impact are going to be good, providing necessary income for the floundering casinos there.
New Jersey’s Internet gambling legislation was passed by both houses and finalized 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 muster that is constitutional. Nevertheless the new version associated with 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 in order that legislators would have a way to debate its merits again in ten years.