Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

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is trying to reassure worried shareholders after the company’s California ‘suitability doing business’ liberties had been revoked by that state’s Gambling Control Commission recently.

Defending Page

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

With Galaxy doing a whole lot of its business in the Golden State particularly with many Indian tribes who have gambling enterprises Saucier wished to assure clients and investors that Galaxy’s ‘gaming license with California tribes is unchanged and in good standing. Likewise, our status in all other jurisdictions we serve is additionally unchanged and remains in good standing. In reality, we continue steadily to seek and get new licenses and 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’s 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’re 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 to be forthcoming with relevant information was inexcusable.’

Whatever Saucier is attempting to convince his minions of, it nonetheless appears that Galaxy Gaming LLC will not have the ability to operate as a tribal vendor in Ca following the Gambling Commission decision. In fact, he will not even be able to request a reconsideration unless new evidence crops up.

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

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

Summertime ‘Refunds’

That’s why Revel designed unique summer time promotions, in an effort to get players back through the casino’s doors. In an advertisement campaign that admitted things got off to a rough beginning, Revel invited players back in July, with the vow of a ‘can’t lose’ promotion on slot machines. According to the ads, players would receive all of their losses back on slots until the end of the month, a deal that many gamblers just couldn’t pass up.

Unfortunately, numerous players didn’t browse the print that is fine. And whenever they learned just what the advertising entailed, some weren’t happy with what they would to get their refunds.

‘we employ a definition that is different of ‘refund’ compared to the Revel and I also believe a most of others would agree totally that a reimbursement implies that you will receive the full reimbursement of funds,’ customer Ed Conti told The Star-Ledger after visiting Revel. ‘ I don’t feel it is right.’

Read the Fine Print

The print that is fine the offer from the casino makes the promotion a little less incredible than it may seem initially. Some of the restrictions are rather tame: gamblers must lose at least $100 to qualify, the loss rebates are capped at $100,000, and table game losses aren’t covered.

It’s the real manner in which the ‘refunds’ are given to players that has Conti and others upset. Players can receive their refunds only 5 percent at time, with each ‘block’ of 5 percent being available in one for the 20 weeks after the advertising ends. If a gambler doesn’t look at the casino in a given week, they won’t have the ability to receive that percentage of their refund. In addition, the refund doesn’t spend in cash, but in free play credits that could be used in the machines; it can not be directly cashed down.

Some might say that a few conditions on an offer similar to this one are become expected: most likely, it will be foolish to think that the casino could simply surrender every one of its winnings to customers, even over a period that is short of. But, the fact that the details of the ‘refund’ program are flashed on television ads for only a 2nd and in really print that is small mean that Revel is skirting laws on clarity in advertising, or even actually breaking them.

Regardless of the legal standing of the ad, the character regarding the promotion has turned off a minumum of one gambler from visiting Revel once more.

‘When I told my mom about it she said, ‘That’s not exactly what the ad on TV said,” Conti said. ‘My mother hasn’t visited the Revel and will perhaps not go as time goes by.’

Federal Theft Trial Begins for Former Pequot Tribe Chairman

Michael Thomas, a disgraced previous Mashantucket Pequot Tribal country chairman, happens to be facing theft that is federal involving inappropriate usage of a tribe-issued credit card during hus tenure from 2003 to 2009. Thomas, who chaired the Indian tribe that owns Connecticut’s Foxwoods Casino, is charged with utilising the business card to personally rack up $80,000 in limousine service expenses to get his mother to and from her medical appointments, according to the prosecutor’s opening statements at his trial.

Costly, Substantial Limo Rides

$80,000? That has to’ve been close to 200 round trips, by our conservative estimation. Thomas’ protection is he was having financial hardships as he decided Mom could only understand doc showing up via limo. The actual charges took place for just two years between 2007 and 2009 just as the tribe began grappling with tighter available funds after being struck by both the recession and much more neighboring states’ land casino competition.

Thomas’ unrelated protection attorney, Paul Thomas, says it is up to the jury to ascertain if those costs had been really banned.

‘Was it impermissible to charge travel with respect to their ill, dying mother to get treatment?’ stated defense attorney Thomas. Nice touch, there. The lawyer added that tribal leaders usually buy gifts for high rollers with these cards, though what that is due to his mother, we’re not entirely sure. Irrespective, it seems that Michael Thomas never submitted required expense states detailing his sick mom’s limo service. Additionally not assisting the chairman that is former instance ended up being testimony from Barbara Poirier, the tribe’s director of wellness services, who noted that the tribe makes transportation services available for members whom need certainly to arrive at and from medical appointments.

Dirty Laundry…or underwear

Additionally apparently maybe not for mother there were some Victoria’s Secret credit charges made to the tribal account. Probably for a rain dance something or ceremony, we’re guessing. Prosecutors brought to light tax statements showing Thomas’ income of $863,000 in 2008 had dropped to $354,000 by 2009, therefore naturally anybody could connect to his suffering.

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

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

UK Debt Collector Makes Bad Casino Bets Using Collected Funds

A Coventry, UK debt collector decided it in fact was a good notion 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 their own £30 ($46) petrol bill.

Not Licensed to Steal

Unfortunately for him, it was maybe not an idea that is good all. In fact, it had been probably the decision that is stupidest he ever made, as he’s now been sentenced to 12 months in prison, suspended for two years, and are forced to complete 80 hours of unpaid work for his boss, and pay straight back settlement to your sum of £3,600.

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

Chatha took the chance to take the profit February this past year, after being instructed to get two £6,000 contracts for Face 2 Face, a business that executes warrants and recover debts with respect to utility companies.

Upon collecting the debts, it had been Chatha’s task to deposit the funds to the company’s account within twenty four hours. However, seizing the opportunity to produce a small money that is extra the 34-year-old alternatively deposited one of the contracted quantities, and tottered on over to a regional casino where he gambled away all the money over the course of several days.

When questioned by police, he attempted to claim that it absolutely was all just a simple banking error, and this 1 £6,000 deposit had been paid over the counter, although the other was deposited to the Face 2 Face account via a deposit machine that is automated.

Surveillance Video Tells the Tale

However, when police took to the CCTV footage through the bank branch, they determined that Chatha was in fact building a false testimony, and in the end monitored him down again in February this year, him no choice but to admit his actions and own up to the theft after he had changed his address, and revealed their findings, which left.

‘we had a need to buy petrol while I was working,’ said Chatha, who chose to represent himself. ‘I was not thinking right. It was never my intention to just take it all. I spent some cash to invest in my petrol costs, and was then wanting to get the money back without anyone knowing, therefore I went up to a bookmakers and a casino,’ he stated, adding that using the pressure of wanting to win his losses back, ‘We used it all.’

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

‘ I don’t believe your account of what happened, but I may not be sure exactly what did happen to it,’ claimed Judge Richard Griffith-Jones upon sentencing the debt collector. ‘It is important that this would not go on for a period that is long of. It was one impulsive act to steal the money, and you also pleaded guilty at the first opportunity.’