Regulators OK Cantor operation of Palms sportsbook

LAS VEGAS, Nevada -- The Nevada Gaming Commission on Thursday unanimously approved Cantor Gaming's application to take over operations of the race and sports book at The Palms Casino Resort, a deal that's part of the hotel-casino's multimillion-dollar upgrade.

Cantor Gaming President and CEO Lee Amaitis told the five-member commission his company would take over the sports book on Feb. 7. He said terms of the deal call for Cantor to pay a fixed rent while the Palms would "participate in the handle."

The contract also calls for Cantor to build a new race and sports book and install its mobile wagering technology throughout the resort, including hotel rooms.

Financial terms of the deal have not been disclosed.

At Thursday's hearing, Amaitis described the Palms sports book as an exciting location that had become old and needs renovation. He said no final decision had been made on whether to close the book immediately for that work or to wait until after the NCAA men's basketball tournament concludes in early April.

If the sports book is open for March Madness, Amaitis said, the "audio and visual will be significantly improved from where they are today."

Amaitis declined to predict when construction would finish. He said construction of the Cantor sports book at The Venetian took 60 days.

During construction, Cantor said it will operate a temporary sports book adjacent to the Mint High Limit Lounge on the Palms' main floor.

Cantor, a division of Wall Street firm Cantor Fitzgerald, also runs sports books at The Palazzo Resort Hotel Casino, M Resort, Tropicana Las Vegas, Hard Rock Hotel and Casino and The Cosmopolitan of Las Vegas.