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Cantor Gaming CEO Under Possible Investigation by Feds

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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

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 coat tail of colleague Michael Colbert Cantor’s now released vice president of risk management whom pled guilty month that is just last knowingly accepting unlawful bets.

Denial through the Top

Parent company Cantor Fitzgerald was quick to deny the rumor, however, saying in a issued statement: ‘We feel compelled to address this reckless and baseless rumor. The notion that Lee Amaitis is a target of federal prosecutors or that he participated in unlawful bookmaking is baseless and false.’

Of course, 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 spot 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 a brand new Cantor Gaming race and sports books at the Atlantis Casino on Paradise Island into the Bahamas. The company now has eight sports books in Las Vegas, runs the Palms Casino poker space, and provides mobile betting apps, combined with the new Atlantis book, that will be their first run outside of Nevada.

No Allegations Officially Made

Cantor Fitzgerald ended up being quick to indicate that no actual allegations of any wrongdoing by Amaitis have been made by authorities. Yet.

33-year-old former vice-president Colbert has entered his guilty plea to a solitary felony cost of conspiracy in a ny federal courthouse (bet we can guess which one). According to documents, he will receive sentencing Dec. 9, joining so many others who are going to be having an enjoyable holiday in the joint from the world that is wonderful of.

Colbert had been picked up in a joint arrest 2 yrs ago, along side 24 others, when he was caught red-handed for their involvement with an illegal recreations betting ring in Queens, NY. He originally was looking at eights counts of conspiracy, money and corruption laundering, but the Queens case had been 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 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 into the rebuilding wizard of oz slot machine strategy 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 certainly one of six casino companies pitching to enter the Philadelphia gaming market

The casino legend who began back East with the property that is original has now end up being the much-sought-after Atlantic Club in nj-new jersey’s gaming mecca is apparently placing a lot of energy into reclaiming his stakes in that part of the planet. While gaming mogul Steve Wynn waits to see which way the wind will blow in Massachusetts for approval of his proposed Everett, Massachusetts project, he can be 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 from it, nevertheless; that is when chairman regarding the Pennsylvania Gaming Control Board William H. Ryan, Jr. states 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 determine what type would be the fit that is best, noted Bill Lerner, who runs Union Gaming Research, an industry analyst in Las Vegas.

‘The hearings will give applicants a chance to show the board and make their instance for why they should be awarded the license,’ Lerner stated in a released research note. ‘It is possible bidders that are losing impress the board’s decision to their state Supreme Court, which could take roughly 6 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 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 waterfront property that is 60-acre.

This will be Wynn Resorts go at a second Philly property; they were within the running straight back in 2010 with a $600 million task, but pulled out before a decision had been made at the period.

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

But Schwartz adds that the situation is not even close to hopeless, noting the same dire predictions were connected to the Las Vegas market several times, in 1989, 1993, and again in 1998. He says a new wynn resorts property in Philadelphia could very possibly reinvigorate the industry there.

Nj-new Jersey Online Gambling Publish Plan Officially 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 begins on November 26, permitting state residents to begin with 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 begin a ‘soft play’ launch on November 21. At that point, just a limited amount of invited guests should be able to play on the sites. Assuming that all goes well with web sites in that period, then full range, real money online gambling will begin at 9 a.m. local time on the 26th.

The principles for playing on New Jersey’s gambling sites is going to be easy. In order to try out, users will physically have to be located within New Jersey, but are not essential to live there. All players could have become at least 21 years of age.

Thus far, nine of the 12 casinos in Atlantic City have announced partnerships with software providers that will allow them to launch their Web casinos, while a 10th the Trump Plaza is rumored to have partner with Betfair, though which 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 utilize Ultimate Gaming, which already has experience now running the online that is first web site to hit 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 using 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 an all-time high of $5.2 billion. But in the previous few years, a number of new casino properties in Pennsylvania, ny, Maryland and other regionally competitive places have actually chipped away at that income, which stood at 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 brand new Jersey coast in late 2012. That has led to a loss in jobs and taxation revenue for hawaii.

Not everyone is convinced that on line gambling will make much of an effect. Some are involved that it might just shift players who typically arrived to gamble in the casino to online video gaming, which could even be harmful, because they will not be purchasing rooms in hotels and meals or shopping at the casino resorts. But industry officials that are most think the web impact is positive, providing necessary revenue for the floundering casinos there.

New Jersey’s Internet gambling legislation had been 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 year before, citing issues that the bill might not pass muster that is constitutional. However the new version of this law was approved after Christie first issued a veto that is conditional which allowed legislators to make some small changes to the bill, including requiring it to expire in a decade so that legislators would have a way to debate its merits again in ten years.

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