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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

Maybe Not a day goes by in the gaming universe without someone in a position of power someplace being scrutinized by the feds anymore, this indicates. 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 just last month to knowingly accepting unlawful bets.

Denial through the Top

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

Of program, Anthony Weiner also vehemently denied he was still sexting, so there you go with regards to 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 undoubtedly 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 battle and activities 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 room, and provides mobile betting apps, combined with Atlantis that is new book which is their first run outside of Nevada.

No Allegations Officially Made

Cantor Fitzgerald had been 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 up to a solitary felony charge of conspiracy in a ny federal courthouse (bet we can guess which one). In accordance with court papers, he can get sentencing Dec. 9, joining so many more who will be having an enjoyable visit to the joint from the world that is wonderful of.

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 participation 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 was dismissed while the matter of his moving $100K in gambling profits from Las vegas, nevada 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 free in December? Time will tell.

To their credit Amaitis did reportedly aid into the rebuilding of parent business Cantor Fitzgerald after the September 11th attacks on the entire world Trade Center, when the company destroyed about 2/3rds of their employees. Amaitis was in London at 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 who started off back East with the original home that has get to be the much-sought-after Atlantic Club in New Jersey’s gaming mecca appears to be putting a lot of energy into reclaiming his 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 wait until early Spring 2014, through the looks of it, but; that is when chairman of the 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 have a public hearing held in January to greatly help determine what type would be the best fit, noted Bill Lerner, whom runs Union Gaming Research, an industry analyst in Las Vegas.

‘The hearings will give applicants an opportunity to show the board and make their situation for why they should be awarded the license,’ Lerner stated in a released research note. ‘It is possible bidders that are losing allure the board’s choice to their state 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 given 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 second go at a Philly property; they had been within the running straight back in 2010 by having a $600 million task, but pulled out before a decision ended up being made at the period.

The proposed Philly casino therefore the feasible $1.5 billion Everett, Mass. project are not all Wynn Resorts has on the drawing board; they will 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 development, now it generally seems to have leveled off,’ Schwartz said. ‘Remember, it went from zero to $3 billion. It might be because it’s a $3 billion industry.’

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

New Jersey Online Gambling Launch Plan Formally Announced

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

It’s been a wait that is long but as expected, New Jersey’s venture into the realm of online gambling will start on November 26, allowing state residents to start playing a common 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 21 november. At that point, just a number that is limited of guests should be able to play in the sites. Assuming that all goes well with the sites for the reason that period, then full scope, real money online gambling will begin at 9 a.m. local time on the 26th.

The rules for playing on nj-new jersey’s gambling sites will likely be simple. In order to play, users will physically have to be located within New Jersey, but are not essential to reside 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 computer software providers that enables 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 utilize Ultimate Gaming, which already has experience now running the first on-line poker site to hit in Nevada (Caesars Interactive has now launched a 2nd site there). Meanwhile, the Tropicana Casino and Resort will partner with Gamesys Limited. Finally, the Golden Nugget has announced that it will be working with Bally Technologies.

Dropping Revenues for AC Land Casinos

The online gambling launch will come being a welcome opportunity 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 casino royale 2 slot review. But in the previous few years, a number of brand new casino properties in Pennsylvania, New York, Maryland and other regionally competitive areas have actually chipped away at that revenue, which endured at only over $3 billion year that is last could fall below that mark in 2013. This fall became much more precipitous after Hurricane Sandy caused damage that is heavy the latest Jersey shore in late 2012. That has generated a loss in jobs and income tax revenue for their state.

Perhaps Not everyone is convinced that on line gambling will make much of an impact. Some are worried that it may just shift players whom typically came to gamble in the casino to online video gaming, which could even be harmful, while they will never be purchasing hotel rooms and meals or shopping at the casino resorts. But industry officials that are most believe the net effect will be positive, providing necessary revenue 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 muster that is constitutional. However the new version regarding the law was approved after Christie first issued a conditional veto, which allowed legislators to make some minor changes to the bill, including requiring it to expire in a decade to ensure legislators would have a chance to debate its merits again in ten years.

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