Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A Nevada-based casino table games developer, maker and distributor is wanting to reassure worried shareholders following the company’s California ‘suitability to do business’ rights were revoked by that state’s Gambling Control Commission recently.

Defending Page

Galaxy Gaming CEO Robert Saucier has sent a four-page missive to investors, claiming that all the presssing issues decried by the Ca regulators in their decisions stemmed from a ‘predecessor entity that ceased business operation in 2009 and dissolved. The procedures did not directly involve Galaxy,’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] even as we continue to supply our products and solutions with no interruption.’

With Galaxy doing a lot of its business in the Golden State specially with many Indian tribes who have gambling enterprises Saucier wished to guarantee clients and investors that Galaxy’s ‘gaming license with Ca tribes is unchanged and in good standing. Likewise, our status in most other jurisdictions we serve is also unchanged and remains in good standing. In reality, we continue to seek and find licenses that are new approvals in additional jurisdictions,’ the letter went on to express.

Conflicting Tales

And also this is where things have, um, a little confusing. All evidence points to the contrary because while Saucier emphatically states in his letter that the California Gambling Control Commission didn’t rule against him or his company in their recent closed regulatory meeting. In fact, it is the CEO’s very checkered past involving misstatements, witholding information, and providing misleading information that appears to have gotten him into the pickle in which he now finds himself. So who are investors to believe?

According to Administrative Law Judge Catherine Frink, not Saucier. He has been described by her as ‘evasive, intentionally dishonest, and misleading in their response to questions.’ She adds that ‘in a highly managed industry such as gaming, the failure become forthcoming with relevant information had been inexcusable.’

Whatever Saucier is attempting to convince his minions of, it nonetheless seems that Galaxy Gaming LLC will no longer have the ability to run as a tribal vendor in California after the Gambling Commission decision. In fact, he will not even have the ability to request a reconsideration unless new evidence crops up.

Details of ‘Can’t Lose’ Promotion never stay Well with Revel Customers

Enjoy Atlantic City had been designed as a Las Vegas-style resort regarding the city’s famous Boardwalk; but a start that is rocky the casino to file for bankruptcy just ten months after it opened one of the many disastrous starts for a casino in recent memory.

Summer ‘Refunds’

That’s why Revel designed unique summer promotions, in an attempt to get players straight back through the casino’s doors. In an ad campaign that admitted things got off to a rough beginning, Revel invited players back in July, with the promise of a ‘can’t lose’ promotion on slot machines. According to the ads, players would get all of their losses back on slots through to the end of the thirty days, a deal that many gamblers simply couldn’t pass up.

Unfortuitously, numerous players didn’t browse the small print. And when they learned just what the promotion entailed, some weren’t happy with what they would to get their refunds.

‘I have a very definition that is different of ‘refund’ than the Revel and I believe a majority of other people would agree totally that a reimbursement implies that you will receive a full reimbursement of funds,’ customer Ed Conti told The Star-Ledger after visiting Revel. ‘ I do not feel it’s right.’

Read the print that is fine

The fine print on the offer from the casino makes the promotion a little less amazing than it may seem at first. A number of the restrictions are rather tame: gamblers must lose at the least $100 to qualify, the loss rebates are capped at $100,000, and table game losses are not covered.

It’s the way in which the ‘refunds’ are given to players that has Conti and others upset. Players can get their refunds only 5 percent at time, with every ‘block’ of 5 percent being offered in one for the 20 weeks following the promotion ends. If a gambler doesn’t visit the casino in a given week, they won’t be able to receive that percentage of these refund. In addition, the refund doesn’t shell out in cash, but in free play credits that are used in the machines; it may not be directly cashed down.

Some might say that a few conditions on an offer such as this one are become expected: all things considered, it would be foolish to think that a casino could simply surrender all of its winnings to clients, even over a short time frame. Nevertheless, the fact that the details associated with the ‘refund’ program are flashed on television ads for only a second and in extremely small printing could mean that Revel is skirting laws on clarity in marketing, if you don’t really breaking them.

Regardless of the standing that is legal of ad, the character associated with the promotion has turned off one or more gambler from visiting Revel once again.

‘When we told my mother about it she said, ‘That’s not exactly what the ad on TV said,” Conti said. ‘My mother have not attended the Revel and will perhaps not go as time goes on.’

Federal Theft Trial Starts for Former Pequot Tribe Chairman

Michael Thomas, a disgraced previous Mashantucket Pequot Tribal Nation president, is currently facing theft that is federal involving inappropriate utilization of a tribe-issued charge card during hus tenure from 2003 to 2009. Thomas, who chaired the Indian tribe that owns Connecticut’s Foxwoods Casino, is charged with using the company card to personally rack up $80,000 in limousine service costs to get his mother to and from her appointments that are medical according towards the prosecutor’s opening statements at his trial.

Costly, Extensive Limo Rides

$80,000? That has to’ve been close to 200 round trips, by our conservative estimation. Thomas’ defense is he decided Mom could only see the doc arriving via limo that he was having financial hardships when. The charges that are actual destination for just two years between 2007 and 2009 just as the tribe started grappling with tighter available funds after being hit by both the recession and more neighboring states’ land casino competition.

Thomas’ unrelated protection lawyer, Paul Thomas, says it’s up to the jury to determine if those costs were actually banned.

‘Was it impermissible to charge travel on behalf of their ill, dying mother to get treatment?’ stated defense attorney Thomas. Nice touch, there. The lawyer added that tribal leaders frequently buy gifts for high rollers with these cards, though what that is due to his mother, we’re perhaps not totally sure. Regardless, it seems that Michael Thomas never submitted required expense reports detailing his ill mom’s limo service. Additionally not assisting the former president’s situation was testimony from Barbara Poirier, the tribe’s manager of wellness services, whom noted that the tribe makes transportation services available for members whom need certainly to arrive at and from medical appointments.

Dirty Laundry…or Lingerie

Additionally apparently maybe not for Mom there were some Victoria’s Secret credit charges made to the account that is tribal. Probably for a rain party ceremony or something, we’re guessing. Prosecutors brought to light tax returns showing Thomas’ income of $863,000 in 2008 had fallen to $354,000 by 2009, therefore obviously anybody could connect to their suffering.

Defendant Thomas has pleaded not guilty to 1 count of theft from A indian tribal organization, and to two counts of theft concerning an Indian tribal federal government getting federal funds. His brother Steven Thomas who is being tried separately was also indicted early this 12 months. Steven Thomas, who acted as the Piquot’s tribal treasurer, has been charged with theft of more than $700,000 between 2005 and 2008, while acting as assistant director of this tribe’s natural resources department.

The household that steals together, appeals together? That’s a complete lot of wampum.

UK Debt Collector Makes casino that is bad Using Collected Funds

A Coventry, UK debt collector decided it in fact was a good idea to gamble away a £6,000 (over $9,000) contract which he had recovered from a debtor on behalf of his employer, to be able to recoup his hotel royal las vegas own £30 ($46) petrol bill.

Not Licensed to Steal

Unfortunately for him, this is not an idea that is good all. In fact, it had been probably the stupidest decision he ever made, as he’s now been sentenced to 12 months in prison, suspended for 2 years, and are going to be forced to accomplish 80 hours of unpaid work for his manager, and pay right back compensation to your sum of £3,600.

Sandeep Chatha pleaded guilty to stealing the cash after their employers noticed the sum that is missing called in police.

Chatha took the ability to take the profit February this past year, after being instructed to pick up two £6,000 contracts for Face 2 Face, an organization that executes warrants and recover debts with respect to utility companies.

Upon collecting the debts, it was Chatha’s job to deposit the funds in to the company’s account within 24 hours. However, seizing the chance to produce a small money that is extra the 34-year-old alternatively deposited one among the contracted quantities, and tottered on over to a neighborhood casino where he gambled away all the money over the course of several days.

When questioned by police, he attempted to claim that it was all just an easy banking error, and this one £6,000 deposit had been compensated over the counter, as the other was deposited to your Face 2 Face account via a automatic deposit machine.

Surveillance Video Tells the Story

However, whenever police took to the CCTV footage through the bank branch, they determined that Chatha was in reality making a false testimony, and in the end monitored him down again in February this present year, after he had changed their address, and unveiled their findings, which left him no choice but to admit his actions and realize the theft.

‘we needed seriously to purchase petrol while I was working,’ said Chatha, whom chose to express himself. ‘I was not thinking straight. It was never ever my intention to just take it all. I spent some funds to fund my petrol expenses, and was then trying to get the amount of money back without anyone knowing, and so I went to a bookmakers and a casino,’ he stated, incorporating that using the stress of trying to win his losses back, ‘We used it all.’

The judge, however, had beenn’t purchasing it.

‘ I do not believe your account of what happened, but I can not be sure exactly what did happen to it,’ claimed Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is very important that this didn’t carry on for a period that is long of. It was one impulsive act to take the money, and you pleaded guilty during the first opportunity.’