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 attempting to reassure worried shareholders following the company’s California ‘suitability to complete company’ rights had been revoked by that state’s Gambling Control Commission recently.

Defending Letter

Galaxy Gaming CEO Robert Saucier has sent 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 didn’t involve Galaxy, directly’ Saucier went on, incorporating that ‘it is business as usual [at Galaxy ] as we continue to give our products and services without any interruption.’

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

Conflicting Stories

And this is where things get, um, a confusing that is little. 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 past that is checkered misstatements, witholding information, and providing misleading information that seems 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. She’s described him as ‘evasive, intentionally dishonest, and misleading in his reaction to questions.’ She adds that ‘in a highly managed industry such as gaming, the failure become forthcoming with relevant information was inexcusable.’

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

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

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

Summer ‘Refunds’

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

Unfortuitously, many players didn’t browse the fine print. And whenever they found out just what the promotion entailed, some weren’t happy with what they’d to obtain refunds.

‘I have a very definition that is different of ‘refund’ compared to the Revel and I believe a majority of other folks would agree totally that a reimbursement implies that you will receive a complete reimbursement of funds,’ customer Ed Conti told The Star-Ledger after visiting Revel. ‘ I don’t feel it is right.’

Read the print that is fine

The print that is fine the offer from the casino makes the promotion a little less incredible than it may look in the beginning. A few of the restrictions are instead tame: gamblers must lose at the very least $100 to qualify, the loss rebates are capped at $100,000, and table game losses are not covered.

It’s the real method by which the ‘refunds’ are provided to players that has Conti and others upset. Players can get their refunds only 5 percent at a right time, with every ‘block’ of 5 percent being offered in one of this 20 weeks after the advertising ends. If a gambler doesn’t look at the casino in a given week, they won’t be able to receive that percentage of their refund. In addition, the refund doesn’t spend in cash, but in free play credits that may 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 to be expected: after all, it might be foolish to think that a casino could simply give back every one of its winnings to clients, even over a short time frame. Nonetheless, the fact that the details associated with the ‘refund’ program are flashed on tv ads for just a 2nd and in really small printing could mean that Revel is skirting laws on clarity in advertising, if you don’t actually breaking them.

Regardless of the legal standing of the ad, the type associated with promotion has turned off at least one gambler from visiting Revel once again.

‘When I told my mom relating to this she stated, ‘That’s not just what the ad on TV said, » Conti stated. ‘My mother have not attended the Revel and will perhaps not go in the future.’

Federal Theft Trial Begins for Former Pequot Tribe Chairman

Michael Thomas, a disgraced previous Mashantucket Pequot Tribal country chairman, is now facing federal theft charges involving inappropriate use 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 utilizing 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 your prosecutor’s opening statements at his trial.

Expensive, Substantial Limo Rides

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

Thomas’ unrelated defense lawyer, Paul Thomas, says it’s as much as the jury to find out if those costs were really prohibited.

‘Was it impermissible to charge travel on behalf of their unwell, dying mother to get treatment?’ said 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 because of his mother, we’re maybe not totally sure. Regardless, it appears that Michael Thomas never submitted required expense states detailing his ill mother’s limo service. Additionally not helping the chairman that is former instance ended up being testimony from Barbara Poirier, the tribe’s director of wellness solutions, who noted that the tribe makes transportation services available for members who need certainly to get to and from medical appointments.

Dirty Laundry…or Lingerie

Also apparently perhaps not for Mom there had been some Victoria’s Secret credit fees made to the tribal account. Probably for a rainfall dance ceremony or something, we’re guessing. Prosecutors brought to tax that is light showing Thomas’ income of $863,000 in 2008 had fallen to $354,000 by 2009, therefore obviously anybody could connect to his suffering.

Defendant Thomas has pleaded perhaps not responsible to 1 count of theft from an indian organization that is tribal and to two counts of theft concerning an Indian tribal government getting federal funds. His brother Steven Thomas that 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 regarding the tribe’s natural resources department.

The family 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 idea that is good gamble away a £6,000 (over $9,000) agreement which he had recovered from the debtor on behalf of his employer, to be able to recoup their own £30 ($46) petrol bill.

Not Licensed to Steal

Unfortunately for him, this was maybe not a good clear idea after all. In fact, it was most likely the stupidest decision he ever made, as he’s now been sentenced to 12 months in jail, suspended for two years, and is forced doing 80 hours of unpaid work for his boss, and spend straight back compensation towards the 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 opportunity to take the profit February year that is last after being instructed to get two £6,000 contracts for Face 2 Face, a company that executes warrants and recover debts on behalf of utility companies.

Upon collecting the debts, it was Chatha’s work to deposit the funds to the company’s account within a day. However, seizing the opportunity to create a small money that is extra the 34-year-old instead 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 authorities, he attempted to claim that it had been all just an easy banking error, and that one £6,000 deposit had been compensated over the countertop, whilst the other was deposited to the Face 2 Face account via a automated deposit machine.

Surveillance Video Tells the Story

However, when police took to the CCTV footage through the bank branch, they determined that Chatha was in reality creating a false testimony, and in the end tracked him down again in February this season, 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.

‘I needed to purchase petrol while I was working,’ said Chatha, whom chose to represent himself. ‘I was not thinking directly. It absolutely was never my intention to just take it all. I spent some cash to fund my petrol expenses, and ended up being then trying to get the money back without anyone knowing, and so I went up to a bookmakers and a casino,’ he said, incorporating that because of the pressure of wanting to win his losses back, ‘We tried it all.’

The judge, however, wasn’t purchasing it.

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