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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
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 danger management who pled guilty simply last month to knowingly accepting illegal bets.
Denial from the Top
Parent business Cantor Fitzgerald was fast to deny the rumor, however, saying in an 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 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 who place wagers for an operation is illegal in Nevada, where Cantor Gaming is headquartered.
It could truly behoove the sports book company to distance themselves from any further insinuations of illegalities, given that Amaitis just attended opening ceremonies for the new Cantor Gaming battle and sports books at the Atlantis Casino on Paradise Island within the Bahamas. The company now has eight sports publications in Las Vegas, runs the Palms Casino poker room, and offers mobile betting apps, combined with Atlantis that is new book that 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 vice-president that is former has entered their guilty plea to a single felony fee of conspiracy in a ny federal courthouse (bet we can guess what type). According to court documents, he will receive sentencing Dec. 9, joining so many more who is having a fun vacation in the joint from the world that is wonderful of.
Colbert had been acquired in a joint queen of the nile slots free play arrest couple of years 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 looking at eights counts of conspiracy, corruption and cash laundering, but the Queens case ended up being dismissed while 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 singing like a bird so he can fly totally free in December? Time will tell.
To his credit Amaitis did apparently aid into the rebuilding of parent business Cantor Fitzgerald after the September 11th attacks on the entire world Trade Center, in which the company lost about 2/3rds of their workers. Amaitis was in London at 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 original property that has get to be the much-sought-after Atlantic Club in nj’s video gaming mecca appears to be putting a lot of energy into reclaiming his stakes for the reason that component of the world. While video gaming mogul Steve Wynn waits to see which method the wind will blow in Massachusetts for approval of their proposed Everett, Massachusetts project, he normally waiting to get word on another brand new resort casino destined for the Philadelphia, Pennsylvania area.
No Decisions Till Next Spring
Wynn will need to wait until early Spring 2014, from the looks of it, but; that’s when chairman of this Pennsylvania Gaming Control Board William H. Ryan, Jr. states the chosen 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 decide what type will be the fit that is best, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in nevada.
‘The hearings will give applicants an opportunity to give the board and make their case for why they should be granted the license,’ Lerner stated in a research note that is released. ‘It is possible bidders that are losing attract the board’s decision to hawaii Supreme Court, which could take roughly six 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 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 given the high sign, to create a 150,000-square-foot casino that would house 900 slot machines and 100 table games, adjacent 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 into the operating right back in 2010 by having a $600 million task, but pulled out before a decision ended up being made at that time.
The proposed Philly casino and also the feasible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the board that is drawing they are 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 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 down in growth (a pattern that is being seen across the U.S. within the land video gaming markets these days) in the past couple of years.
‘After six years of really blockbuster development, now it seems to have leveled off,’ Schwartz said. ‘Remember, it went from zero to $3 billion. It may be because it’s really a $3 billion industry.’
But Schwartz adds that the problem is far from hopeless, noting similar dire predictions were attached to the Las Vegas market a few 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.
New Jersey Online Gambling Launch Plan Formally Announced
Coming to nj-new Jersey, just in time for Thanksgiving: Internet gambling enterprises
It has been a long wait, but as expected, nj’s endeavor into the world of Internet gambling will start on November 26, enabling 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 have a way to commence a ’soft play’ launch on November 21. At that point, merely a limited quantity of invited guests should be able to play in the sites. Assuming that all goes well with web sites in that period, then complete scope, real money online gambling will begin at 9 a.m. local time on the 26th.
The rules for playing on nj’s gambling sites is going to be simple. In order to try out, users will have to be actually located within New Jersey, but are not required to reside there. All players will have to be at least 21 years of age.
To date, nine of the 12 casinos in Atlantic City have announced partnerships with 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 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, as the Taj Mahal will utilize Ultimate Gaming, which already has experience now running the online that is first 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 will be dealing with Bally Technologies.
Dropping Revenues for AC Land Casinos
The online gambling launch will come as a welcome possibility for the struggling Atlantic City casino gambling industry. In 2006, Atlantic City’s gambling revenues peaked at a high that is all-time of5.2 billion. However in the previous few years, lots of brand new casino properties in Pennsylvania, ny, Maryland and other regionally competitive locations have chipped away at that income, which endured just over $3 billion year that is last could fall below that mark in 2013. This autumn became even more precipitous after Hurricane Sandy caused heavy harm to this new Jersey shore in belated 2012. That has resulted in a lack of jobs and tax revenue for their state.
Maybe Not everyone is convinced that on line gambling shall make much of an effect. Some are involved so it might just shift players who normally came to gamble in the casino to online gaming, which could even be harmful, while they will not be purchasing rooms in hotels and food or shopping at the casino resorts. But most industry officials think the net impact will likely be good, providing essential income for the floundering casinos there.
New Jersey’s Internet gambling legislation was 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. But the new version regarding the law was approved after Christie first issued a conditional veto, 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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