Cantor to handle sports wagering for Hard Rock
Cantor Gaming has reached an agreement with the Hard Rock Hotel to build and operate the property's sports book, the companies announced Monday.
The location will be Cantor's third facility in the region. The company owns and operates a Cantor Race and Sports Book at M Resort and the Tropicana.
"Cantor Race and Sports Book customers at the Hard Rock will be able to trade sports in the same way the financial markets trade," said Lee Amaitis, president and chief executive of Cantor Gaming, a subsidiary of financial services firm Cantor Fitzgerald L.P. "We are essentially creating a Wall Street in the desert."
In a statement, Amaitis said instead of building algorithms on stocks and bonds, the company was creating algorithms on team and player performances.
Besides operating sports books, the company provides its eDeck mobile gaming system to The Venetian and Palazzo, spokeswoman Florencia Panizza said.
Financial terms of the deal were not disclosed. In an e-mail, Hard Rock spokeswoman Jessie Pound said Cantor would build the new sports book inside the Hard Rock Hotel at 4455 Paradise Road.
She said the facility is scheduled to open in spring 2011.
Under the agreement, Cantor will offer its In-Running technology at the Hard Rock's sports book. The application allows players to make wagers on live sporting events during a game.
So once a football game kicks off, for example, a bettor will be able to wager on things like whether the current drive will yield a first down or whether a field goal being set up will be good.
Cantor will also install its eDeck mobile gaming system by the end of the year, pending regulatory approval. The mobile tablet, which is the size of an iPad, allows users to bet on sports as well as games developed by Cantor, such as XtraOdds Baccarat and XtraOdds Blackjack.
Hotel guests will be able to use eDeck throughout selected areas of the hotel, including bars, restaurants and the pool, the company said.
"The launch of Cantor Race and Sports Book adds a new dimension for our guests, further broadening the Hard Rock gaming experience," Hard Rock Hotel President and CEO Joseph Magliarditi said. "Further, the launch of eDeck provides our guests with a convenient gaming experience in whatever atmosphere they feel comfortable.
The Hard Rock is owned by Morgans Hotel Group Co. and its equity partner CDLJ Merchant Banking Partners. Based in New York, Morgans is scheduled to release its third-quarter earnings on Wednesday.
Shares of Morgans lost 7 cents, or 0.87 percent, to close Monday at $8 a share on moderate volume of 144,310 shares traded on the Nasdaq National Market.
Contact reporter Chris Sieroty at csieroty@
reviewjournal.com or 702-477-3893.
