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Cantor Gaming CEO Under Possible Investigation by Feds

By February 24, 2020Lucky Nugget Casino

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 day goes by in the gaming universe without someone in a position of energy somewhere being scrutinized by the feds anymore, it seems. Now Cantor Gaming CEO Lee Amaitis is under the spotlight, according to the The Wall Street Journal, on the layer tail of colleague Michael Colbert Cantor’s now released vice president of risk management who pled guilty month that is just last knowingly accepting unlawful bets.

Denial through the Top

Parent business Cantor Fitzgerald was quick 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 unlawful bookmaking is false and baseless.’

Of program, Anthony Weiner also vehemently denied he was still sexting, therefore there you go regarding denials of rumors.

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

It would certainly 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 sports books at the Atlantis Casino on Paradise Island in the Bahamas. The company now has eight sports books in Las Vegas, runs the Palms Casino poker space, and offers mobile betting apps, along with the 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 former vice-president Colbert has entered their guilty plea to a solitary felony charge of conspiracy in a ny federal courthouse (bet we can guess which one). Based on documents, he can receive sentencing Dec. 9, joining so numerous others who will likely be having an enjoyable vacation in the joint from the wonderful world of video gaming.

Colbert had been found in a joint arrest two years ago, along with 24 others, whenever he was caught red-handed for their participation with an illegal recreations 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 totally free in December? Time will tell.

To his credit Amaitis did apparently aid in the rebuilding of parent company Cantor Fitzgerald after the September 11th attacks on the World Trade Center, in which the company lost about 2/3rds of their workers. Amaitis was at London during the right 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 whom started off back East with the original property that has end up being the much-sought-after Atlantic Club in nj-new jersey’s gaming mecca appears to be placing a lot of energy into reclaiming his stakes in that component 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 also 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 wait until early Spring 2014, through the looks from it, nonetheless; that is when chairman associated with Pennsylvania Gaming Control Board William H. Ryan, Jr. claims the chosen project for Philly’s coveted second casino permit should be determined. With six candidates waiting eagerly in the wings, you will see a public hearing held in January to simply help determine which one would be the best fit, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in vegas.

‘The hearings gives applicants a possiblity to show the board and make their case for why they should be granted the permit,’ Lerner stated in a research note that is released. ‘It is possible losing bidders could allure the board’s decision to their state Supreme Court, which could take roughly 6 months.’

Wynn’s project is naturally planned out in-depth currently, with Wynn Resorts teaming up with a bevy of partners 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, 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 had been in the running back in 2010 with a $600 million project, but pulled out before a decision had been 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 drawing board; they will also be focusing on a $4 billion casino for Macau’s Cotai Strip.

Is Pennsylvania Market Leveling Out?

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 vegas’ University of Nevada (UNLV), says that region has somewhat leveled down in growth (a pattern that is being seen across the U.S. into the land gaming areas today) into the past few 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 could be because it is a $3 billion industry.’

But Schwartz adds that the specific situation is definately not hopeless, noting exactly the same predictions that are dire attached to the Las Vegas market a few 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.

Nj-new Jersey Online Gambling Launch Plan Formally Announced

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

This has been a wait that is long but as expected, New Jersey’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 start a ‘soft play’ launch on 21 november. When this occurs, merely a limited number of invited guests should be able to play regarding the sites. Assuming that all goes well with the websites in that period, then complete range, a real income online gambling will begin at 9 a.m. local time on the 26th.

The rules for playing on nj’s gambling sites will likely be simple. In order to relax and play, users will physically have to be located within New Jersey, but are not essential to live there. All players will have to be casino-bonus-free-money.com at least 21 years of age.

Up to now, nine of the 12 casinos in Atlantic City have announced partnerships with pc software providers that allows them to launch their Internet casinos, while a 10th the Trump Plaza is rumored to have partner with Betfair, though that 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, as the Taj Mahal will make use of Ultimate Gaming, which already has experience now running the first online poker site to hit in Nevada (Caesars Interactive has now 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 Profits for AC Land Casinos

The online gambling launch will come being a opportunity that is welcome 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 last few years, a number of brand new casino properties in Pennsylvania, ny, Maryland and other regionally competitive locations have chipped away at that income, which endured at only over $3 billion last 12 months and could fall below that mark in 2013. This fall became much more precipitous after Hurricane Sandy caused heavy damage to the newest Jersey shore in late 2012. That has led to a lack of jobs and tax revenue for hawaii.

Maybe Not everyone is convinced that online gambling will make much of an impact. Some are worried it might just shift players who generally came to gamble in the casino to online video gaming, which could even be harmful, as they will never be buying rooms in hotels and meals or shopping at the casino resorts. But industry officials that are most believe the internet effect are going to be positive, providing necessary income for the floundering casinos there.

New Jersey’s Internet gambling legislation ended up being 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 concerns that the bill might not pass constitutional muster. But the new version of this law was approved after Christie first issued a veto that is conditional which permitted 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 a chance to debate its merits again in ten years.