Cantor Gaming files suit against Brandywine Bookmaking executive

Cantor Gaming has filed a lawsuit against former company executive Joseph Asher over allegations he breached noncompete and confidentiality obligations -- claims Asher calls "ridiculous and totally false."

The company sued Asher, who Cantor claims left the business in March 2007 to develop Las Vegas-based Brandywine Bookmaking LLC and its Lucky's Race and Sports Book chain. Brandywine and its 16 Lucky's locations in Nevada now are being purchased by William Hill PLC for $15.7 million. The British bookmaker also is buying Las Vegas-based American Wagering Inc., owner of Leroy's Horse and Sports Place, for $18 million.

The lawsuit asks the court to impose "a constructive trust on all proceeds of the Brandywine sale" to William Hill and to award Cantor unspecified damages.

Although the lawsuit was vague about damages the company was seeking, Cantor is asking the court through a "constructive trust" to award them Asher's proceeds from the sale.

The lawsuit was filed late Tuesday in Clark County District Court. Officials with William Hill declined to comment.

"I left Cantor over four years ago and Brandywine has been operating for over three years," Asher said Wednesday. "Cantor didn't file its complaint until after we signed a deal to sell the company to William Hill. The timing says a lot. Any allegation that I have done anything wrong is ridiculous and totally false."

Cantor claims that after working for Cantor Fitzgerald L.P. for more than a decade, Asher, an outside attorney, was given "the opportunity of a lifetime -- to participate as a partner in Cantor's high technology entry into the gaming industry."

In September 2004, Asher accepted a limited partner interest in the Cantor company CGW Holdings and served as managing director and vice president of another Cantor company, CGW Nevada, according to the 12-page complaint.

"Not only was Asher introduced to gaming by Cantor's senior executives and industry experts that Cantor retained, but he became privy to revolutionary ideas in mobile gaming and sports wagering," the lawsuit states.

Asher also was subject to a "contractual duty of loyalty that included stringent noncompete obligations" for both CGW Holdings and CGW Nevada.

From 2004 to 2007, Asher was Cantor's point man in Nevada, obtaining gaming licenses and negotiating with casino operators, according to the lawsuit.

After he resigned from Cantor, the lawsuit claims Asher began "a concerted effort to establish a gaming enterprise through the improper usurpation of proprietary ideas and corporate opportunities that rightfully belonged to" the company partnerships.

The lawsuit claims that prior to his resignation, Asher also participated in the company's "plans to acquire the assets or equity interests of American Wagering ... and to acquire Club Cal-Neva Casino Resort in Lake Tahoe."

Besides its acquisitions of American Wagering and Brandywine, William Hill also spent $21 million to purchase Club Cal Neva Satellite Race and Sportsbook Division in Northern Nevada.

Cantor now is concerned that Asher, as CEO of Brandywine, will go to work for William Hill and "attempt to divert" additional business opportunities from Cantor to William Hill.

The lawsuit also alleges Asher has failed to "repay loan obligations," including outstanding principal and accrued interest on two loans from Cantor. Cantor, represented by Las Vegas law firm Lionel Sawyer & Collins, didn't specify the value of the loans and interest in the complaint.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.