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Cantor Gaming CEO Under Possible Investigation by Feds

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

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 whom pled guilty just last month to knowingly accepting illegal wagers.

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 which he participated in illegal bookmaking is false and baseless.’

Of program, Anthony Weiner additionally vehemently denied he was still sexting, so 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 definitely behoove the sports book company to distance themselves from any further insinuations of illegalities, given that Amaitis just attended opening ceremonies for a new Cantor Gaming race and recreations books at the Atlantis Casino on Paradise Island in the Bahamas. The company now has eight sports publications in Las Vegas, operates the Palms Casino poker space, and offers mobile betting apps, combined with Atlantis that is new book which can be their first run outside of Nevada.

No Allegations Officially Made

Cantor Fitzgerald was 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 his guilty plea up to a solitary felony cost of conspiracy in A new york federal courthouse (bet we can guess what type). In accordance with court papers, he can get sentencing Dec. 9, joining so many others who are having an enjoyable visit to the joint from the world that is wonderful of.

Colbert had been acquired in a joint arrest two years ago, along with 24 others, whenever he was caught red-handed for an illegal sports to his involvement betting ring in Queens, indian dreaming slot wins NY. He originally was looking at eights counts of conspiracy, corruption and cash 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 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 totally free in December? Time will tell.

To their credit Amaitis did apparently aid into the rebuilding of parent company Cantor Fitzgerald after the September attacks that are 11th the World Trade Center, where the company lost about 2/3rds of their employees. 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 started out 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 placing 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, nevertheless; that’s when chairman of the Pennsylvania Gaming Control Board William H. Ryan, Jr. claims 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 general public hearing held in January to help determine what type would be the fit that is best, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in Las vegas, nevada.

‘The hearings can give applicants an opportunity to present to the board and make their instance for why they should be granted the license,’ Lerner stated in a released research note. ‘It is possible bidders that are losing charm 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 lovers 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 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 60-acre waterfront property.

This will be Wynn Resorts go at a second Philly property; they were in the operating straight back in 2010 with a $600 million task, but pulled out before a decision ended up being made at that point.

The proposed Philly casino and also the possible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the board that is drawing they are focusing 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 really blockbuster growth, now it appears to have leveled off,’ Schwartz said. ‘Remember, it went from zero to $3 billion. It could be because it is a $3 billion industry.’

But Schwartz adds that the situation is far from hopeless, noting exactly the same predictions that are dire connected to the Las Vegas market several times, in 1989, 1993, and again in 1998. He states a new wynn resorts property in Philadelphia could very possibly reinvigorate the industry there.

New Jersey Online Gambling Launch Plan Officially Announced

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

It has been a long wait, but as anticipated, nj-new jersey’s venture into the realm of Web gambling begins 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 have a way to begin a ‘soft play’ launch on 21 november. When this occurs, just a limited quantity of invited guests will be able to play regarding the sites. Assuming 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 rules for playing on nj’s gambling sites are going to be easy. 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 need 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 gambling enterprises, 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 using bwin.party, while Caesars Entertainment which owns four Atlantic City properties are going to be partnering with 888 Holdings. Meanwhile, Resorts Casino resort has announced a partnership with PokerStars, while the Taj Mahal will use Ultimate Gaming, which already has experience now running the online that is first site going to in Nevada (Caesars Interactive has 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 Revenues for AC Land Casinos

The internet gambling launch will come as being 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. But in the previous few years, lots of brand new casino properties in Pennsylvania, New York, Maryland and other regionally competitive locations have actually chipped away at that income, which endured at just over $3 billion last year and could fall below that mark in 2013. This autumn became all the more precipitous after Hurricane Sandy caused damage that is heavy the newest Jersey coast in late 2012. That has resulted in a lack of jobs and taxation revenue for hawaii.

Maybe Not everyone is convinced that on line gambling will make much of an effect. Some are concerned as they will not be purchasing hotel rooms and food or shopping at the casino resorts that it may just shift players who normally came to gamble in the casino to online gaming, which could even be harmful. But most industry officials think the web impact are going to be good, providing much needed income for the floundering casinos there.

New Jersey’s Internet gambling legislation had been passed 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. Nevertheless the new version for the law was approved after Christie first issued a veto that is conditional which allowed legislators to produce some minor changes to the bill, including requiring it to expire in a decade in order that legislators would have a chance to debate its merits again in ten years.

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