Select Page

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 day goes by in the gaming universe without someone in a place of power someplace being scrutinized by the feds anymore, it appears. Now Cantor Gaming CEO Lee Amaitis is under the limelight, according to the The Wall Street Journal, on the layer tail of colleague Michael Colbert Cantor’s now released vice president of risk management whom pled guilty simply last month to knowingly accepting illegal bets.

Denial through the Top

Parent company Cantor Fitzgerald was fast 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 that he participated in illegal bookmaking is false and baseless.’

Of program, Anthony Weiner additionally vehemently denied he was still sexting, therefore there you go with regards to denials of rumors.

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

It might undoubtedly 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 into the Bahamas. The company now has eight sports publications in Las Vegas, operates the Palms Casino poker room, and offers mobile betting apps, along with the Atlantis that is new book which can be 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 recently entered his guilty plea up to a single felony cost of conspiracy in A new york federal courthouse (bet we can guess what type). According to court papers, he can get sentencing Dec. 9, joining so many more who will be having a fun holiday in the joint from the wonderful world of gaming.

Colbert had been picked up in a joint arrest couple of 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 cash laundering, but the Queens case ended up being 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 performing like a bird so he can fly totally free in December? Time will tell.

To his credit Amaitis did reportedly aid in the rebuilding of parent company 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 during the right 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 began back East with the property that is original has now get to be the much-sought-after Atlantic Club in nj’s video gaming mecca seems to be putting a lot of energy into reclaiming their stakes in that component of the planet. 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 hold back until early Spring 2014, through the looks from it, but; that is when chairman of this 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, you will see a public hearing held in January to simply help decide what type is the fit that is best, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in Las Vegas.

‘The hearings will give applicants an opportunity to present to the board and make their case for why they should be granted the license,’ Lerner stated in a released research note. ‘It is possible losing bidders could charm the board’s decision to the state Supreme Court, which could take approximately 6 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 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 were within the running straight back in 2010 by having a $600 million project, but pulled out before a decision had been made at that point.

The proposed Philly casino and 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 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 growth, now it generally 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 problem is not even close to hopeless, noting similar dire predictions were attached to the Las Vegas market a few times, in 1989, 1993, and again in 1998. He claims A wynn that is new resorts in Philadelphia could very possibly reinvigorate the industry there.

Nj Online Gambling Launch Plan Officially Announced

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

It’s been a wait that is long but as anticipated, New Jersey’s endeavor into the world of online gambling will begin 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 the ability to commence a ‘soft play’ launch big ben slot wins on November 21. At that point, just a limited amount of invited guests should be able to play in the sites. Presuming that all goes well with web sites for the reason that period, then full scope, a real income online gambling will begin at 9 a.m. local time on the 26th.

The rules for playing on nj-new jersey’s gambling sites are going to be simple. In order to try out, users will physically have to be located within brand New Jersey, but are not required to live there. All players need become at the least 21 years of age.

To date, 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 which includes yet to be confirmed.

Among the confirmed partnerships, the Borgata is known to be dealing with 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 make use of 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 using Bally Technologies.

Dropping Profits 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 a high that is all-time of5.2 billion. However in the previous few years, a number of new casino properties in Pennsylvania, ny, Maryland and other regionally competitive areas have actually chipped away at that income, which stood just over $3 billion year that is last could fall below that mark in 2013. This autumn became much more precipitous after Hurricane Sandy caused damage that is heavy the New Jersey coast in belated 2012. That has resulted in a lack of jobs and income tax revenue for hawaii.

Perhaps Not everyone is convinced that online gambling will make much of an impact. Some are worried so it might just shift players whom usually arrived to gamble in the casino to online gaming, which could also be harmful, while they will never be purchasing resort rooms and food or shopping at the casino resorts. But most industry officials believe the internet effect are going to be good, providing essential revenue for the floundering casinos there.

New Jersey’s Internet gambling law ended up being passed 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 12 months before, citing issues that the bill might not pass muster that is constitutional. Nevertheless the new version regarding the law was approved after Christie first issued a veto that is conditional which allowed legislators to produce some small changes to the bill, including requiring it to expire in a decade to ensure that legislators would have an opportunity to debate its merits again in ten years.