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Gambling Update: CG Technology forks over $22 million in fines

10.05.2016     09:07 AM     Printer Friendly

UPDATE

CG Technology agreed to pay $22.5 million in fines for its involvement in the infamous 2012 money laundering scheme.


“Cantor Gaming quickly grew into one of the largest race and sports book operators in the United States,” Robert L. Capers, the United States attorney for the Eastern District of New York, which includes Brooklyn, said in a statement. “Unacceptably, this growth came at the expense of compliance with the law, and as a result Cantor Gaming became a place where at least two large-scale illegal bookmakers could launder their ill-gotten proceeds.”






CG Technology CEO resigns

07.21.2016     08:04 AM     View Original Blog
Things aren't looking all that great for Las Vegas sportsbook CG Technology these days. It was recently fined by the Nevada Gaming Control Board for failing to correctly pay out winning wagers. Now news has come out that CEO Lee Amaitis will resign at the end of August. As of now, CG's sportsbooks (Cosmopolitan, Venetian, Palms and M Resort) will continue to operate though will be heavily monitored by a third party.


"The Board will not tolerate improper or incorrect payments to patrons by gaming licensees, and therefore takes this matter extremely seriously," Nevada Gaming Control Board Chairman A.G. Burnett told the Las Vegas Sun, which first reported the settlement. "This settlement contains several harsh punishments and requirements for remediation that reflect those concerns."











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