Cantor Gaming to build, operate Palms sportsbook

LAS VEGAS, Nevada -- Cantor Gaming is set to place its eighth multimillion-dollar wager on Las Vegas.

The privately held division of the Wall Street firm Cantor Fitzgerald on Tuesday announced it had reached agreement with The Palms Casino Resort to operate the resort's race and sports book.

Under the terms of the agreement, Cantor Gaming will build a new sports book, and will install its mobile wagering technology throughout the entire resort, including hotel rooms.

Cantor Gaming President and CEO Lee Amaitis said the existing sports book will operate through the NCAA men's basketball tournament in March. Construction of the new book was expected to be completed by August.

Financial terms of the deal were not disclosed.

During construction, Cantor Gaming will operate a temporary sports book near the Mint High Limit Lounge on the Palms' main floor, the company said.

The deal with Cantor Gaming was announced about 10 days after Nevada gaming regulators approved the licensing of Leonard Green & Partners LP and TPG Capital as the majority owners of the Palms.

Cantor Gaming officials Tuesday declined to discuss the cost or design plans for the Palms sports book. The company also runs sports books at The Palazzo Resort Hotel Casino, M Resort, Tropicana Las Vegas, Hard Rock Hotel and Casino, The Cosmopolitan of Las Vegas and the Plaza Hotel and Casino in downtown Las Vegas.