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 accomplish business’ rights were revoked by that state’s Gambling Control Commission recently.

Defending Letter

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

With Galaxy doing a great deal of its business in the Golden State specially with many tribes that are indian have gambling enterprises Saucier wanted to ensure clients and investors that Galaxy’s ‘gaming permit with California 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 fact, we continue steadily to seek and acquire licenses that are new approvals in extra jurisdictions,’ the letter went on to say.

Conflicting Stories

And also this is where things have, um, a little perplexing. Because while Saucier emphatically states in his letter that the California Gambling Control Commission don’t rule against him or his company in their recent shut regulatory conference, all evidence points to the contrary. In reality, 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 by which he now finds himself. So who’re shareholders to believe?

According to Administrative Law Judge Catherine Frink, not Saucier. She has described him as ‘evasive, intentionally dishonest, and misleading in his response to questions.’ She adds that ‘in a highly regulated industry such as gaming, the failure to be forthcoming with relevant information ended up being inexcusable.’

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

Details of ‘Can’t Lose’ Promotion do not Sit Well with Revel Customers

Revel in Atlantic City was designed as a Las Vegas-style resort in the city’s famous Boardwalk; however 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.

Summertime ‘Refunds’

That’s why Revel designed unique summer time promotions, in order to get players right back through the casino’s doors. In an advertising 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. Based on the ads, players would receive 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 print that is fine. And when they learned exactly what the promotion entailed, some weren’t satisfied with just what they would to obtain refunds.

‘I employ a definition that is different of ‘refund’ compared to the Revel and I believe a majority of others would agree that a refund implies you will receive a complete reimbursement of funds,’ customer Ed Conti told The Star-Ledger after visiting Revel. ‘ I do not feel it really is right.’

Read the print that is fine

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

It’s the real method by which the ‘refunds’ are provided 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 offered in one regarding the 20 weeks following the promotion ends. If a gambler doesn’t visit the casino in a given week, they won’t manage to receive that percentage of the refund. In addition, the refund doesn’t shell out in cash, but in free play credits that can be used in the devices; it may not be directly cashed out.

Some might say that a few conditions on an offer such as this one are to be expected: after all, it would be foolish to think that the casino could simply hand back each of its winnings to clients, even over a period that is short of. Nevertheless, the fact that the details regarding the ‘refund’ program are flashed on tv ads for only a second and in really print that is small mean that Revel is skirting laws on clarity in advertising, if you don’t actually breaking them.

Regardless of standing that is legal of ad, the type regarding the advertising has turned off one or more gambler from visiting Revel again.

‘When we told my mom relating to this she stated, ‘That’s not what the ad on TV said,” Conti said. ‘My mother has not attended the Revel and will maybe not go in the foreseeable future.’

Federal Theft Trial Begins for Former Pequot Tribe Chairman

Michael Thomas, a disgraced previous Mashantucket Pequot Tribal Nation president, has become facing theft that is federal 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 utilising the company card to personally rack up $80,000 in limousine service costs to get his mother to and from her medical appointments, according to the prosecutor’s opening statements at his trial.

Expensive, Considerable Limo Rides

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

Thomas’ unrelated defense attorney, Paul Thomas, says it is as much as the jury to ascertain if those expenses had been really not allowed.

‘Was it impermissible to charge travel with respect to his 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 due to his mother, we’re not totally sure. Regardless, it seems that Michael Thomas never submitted required expense states detailing his unwell mom’s limo solution. Also not assisting the chairman that is former situation ended up being testimony from Barbara Poirier, the tribe’s manager of wellness solutions, who noted that the tribe makes transportation services available for members whom need certainly to reach and from medical appointments.

Dirty Laundry…or underwear

Also apparently perhaps not for Mom there were some Victoria’s Secret credit fees made towards the account that is tribal. Probably for a rainfall party 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 obviously anyone could relate to his suffering.

Defendant Thomas has pleaded not guilty to at least one count of theft from an indian organization that is tribal 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 year. 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 associated with tribe’s natural resources department.

The family that steals together, appeals together? That’s great deal of wampum.

UK Debt Collector Makes Bad Casino Bets Using Collected Funds

A Coventry, UK debt collector decided it in fact was a good clear idea to gamble away a £6,000 (over $9,000) contract which he had restored from the debtor on behalf of his employer, in order to recover his or her own £30 ($46) petrol bill.

Maybe Not Licensed to Steal

Unfortunately for him, this is maybe not an idea that is good all. In reality, it absolutely was most likely the decision that is stupidest he ever made, as he’s now been sentenced to 12 months in prison, suspended for 2 years, and will likely be forced to accomplish 80 hours of unpaid work for his employer, and spend back settlement to 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 chance to take the money in 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 on behalf of utility companies.

Upon collecting the debts, it had been Chatha’s job to deposit the funds into the company’s account within 24 hours. However, seizing the chance to produce a little money that is extra the 34-year-old alternatively deposited just one of the contracted quantities, and tottered on over up to a local 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 a simple banking error, and this one £6,000 deposit had been compensated over the countertop, although the other was deposited towards the Face 2 Face account via a automatic deposit device.

Surveillance Video Tells the Tale

However, whenever police took to the CCTV footage through the bank branch, they determined that Chatha was in reality making a false testimony, and finally 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 wasn’t thinking directly. It had been never my intention to simply take it all. We spent some cash to finance my petrol expenses, and had been then attempting to get the cash back without anyone knowing, therefore I went up to a bookmakers and a casino,’ he stated, adding that with the stress of wanting to win back his losses, ‘I used it all.’

The judge, however, ended up beingn’t buying it.

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

Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

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