Nevada firm to settle illegal betting complaint with $5.5 million fine | Big News Network.
While paltry in comparison to the fines big banks and institutions have paid to the government in recent times, this is a massive fine in the context of gaming in Nevada.
Only a handful of licensees have ever been fined seven figure fines and Cantor’s is by far the largest.
When the initial arrest of Michael Colbert took place, I had predicted the reverberations would be felt much higher up. Unfortunately for CG, they were in a hard predicament.
The folks at CG are good people and they have been gaming innovators in Nevada so it serves them well to pay the fine and move on.
Let’s face it, most corporate citizens you interact with everyday (your bank for example) has probably at one time or another been accused of and settled with authorities for some malfeasance and they move on. Let’s hope CG has learned their lesson from this episode and they can move on to bigger and better things.
Alex Igelman