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

Defending Page

Galaxy Gaming CEO Robert Saucier has delivered a four-page missive to investors, claiming that all the presssing issues decried by the California regulators inside 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 ] even as we continue to give our products and services without the interruption.’

With Galaxy doing plenty of its business in the Golden State especially with many Indian tribes who have casinos Saucier wanted to assure customers and investors that Galaxy’s ‘gaming license with California tribes is unchanged and in good standing. Likewise, our status in most other jurisdictions we serve is additionally unchanged and remains in good standing. In reality, we continue to seek and get licenses that are new approvals in extra jurisdictions,’ the letter went on to state.

Conflicting Tales

And also this is where things have, 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’s 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. He has been described by her as ‘evasive, intentionally dishonest, and misleading in his response to questions.’ She adds that ‘in a highly regulated industry such as video gaming, the failure become forthcoming with relevant information was inexcusable.’

Whatever Saucier is wanting to persuade his minions of, it nonetheless appears that Galaxy Gaming LLC will no longer be able to operate as a vendor that is tribal Ca following a Gambling Commission decision. In reality, he won’t even 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 regarding the city’s famous Boardwalk; however a rocky start caused the casino to file for bankruptcy just ten months after it opened certainly one of the most disastrous starts for a casino in recent memory.

Summertime ‘Refunds’

That’s why Revel designed summer that is special, in order 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 vow of a ‘can’t lose’ promotion on slot machines. Based on 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 merely couldn’t pass up.

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

‘we have a very different definition of the ‘refund’ compared to the Revel and I also believe a majority of other people would agree that a refund implies that you will receive a complete 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 terms and conditions on the offer from the casino makes the promotion a little less incredible than it may look initially. A number 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 aren’t covered.

It’s the real manner in which the ‘refunds’ are fond of 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 regarding the 20 weeks after the advertising ends. If a gambler doesn’t go to the casino in a given week, they won’t manage to receive that percentage of the refund. In addition, the refund doesn’t spend in money, but in free play credits that are used in the devices; it may not be directly cashed out.

Some might say that the few conditions on an offer similar to this one are become expected: after all, it will be foolish to think that a casino could simply give back each of its winnings to clients, even over a short time period. Nevertheless, the fact that the details of the ‘refund’ program are flashed on tv ads for only a 2nd and in very little printing could mean that Revel is skirting laws on clarity in advertising, if you don’t really breaking them.

Whatever the appropriate standing of the ad, the type for the promotion has turned off at least one gambler from visiting Revel again.

‘When we told my mother about it she said, ‘That’s not exactly what the ad on TV said,” Conti said. ‘My mom have not attended the Revel and will maybe not go in the future.’

Federal Theft Trial Begins for Former Pequot Tribe Chairman

Michael Thomas, a disgraced previous Mashantucket Pequot Tribal Nation chairman, has become facing federal theft charges involving inappropriate utilization of a tribe-issued bank 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 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 place for just two years between 2007 and 2009 just as the tribe started grappling with tighter available funds after being struck by both the recession and much more neighboring states’ land casino competition.

Thomas’ unrelated defense attorney, Paul Thomas, says it’s up to the jury to determine if those expenses were actually banned.

‘Was it impermissible to charge travel with respect to his 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 has to do with his mother, we’re perhaps not totally sure. Regardless, it seems that Michael Thomas never submitted required expense reports detailing his sick mother’s limo solution. Additionally not assisting the chairman that is former situation had been testimony from Barbara Poirier, the tribe’s director of health solutions, whom noted that the tribe makes transportation services available for members who have to arrive at and from medical appointments.

Dirty Laundry…or Lingerie

Additionally apparently not for Mom there had been some Victoria’s Secret credit fees made to the tribal account. Probably for a rain dance ceremony or something, we’re guessing. Prosecutors brought to light taxation 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 not accountable 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 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 a lot more than $700,000 between 2005 and 2008, while acting as assistant director for the tribe’s natural resources department.

Your family that steals together, appeals together? That’s lot of wampum.

UK Debt Collector Makes Bad Casino Bets 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) contract which he had restored from the debtor on behalf of his employer, to be able to recover their own £30 ($46) petrol bill.

Not Certified to Steal

Unfortunately for him, this is perhaps not a good clear idea after all. In reality, it was most likely the stupidest decision he ever made, as he’s now been sentenced to 12 months in prison, suspended for 2 years, and will likely be forced to complete 80 hours of unpaid work for his manager, and pay straight 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 opportunity to take the profit February last year, after being instructed to pick up 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 absolutely was Chatha’s work to deposit the funds into the company’s account within 24 hours. However, seizing the chance to make a small money that is extra the 34-year-old instead deposited one of the contracted quantities, and tottered on over to a local 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 an easy banking mistake, and that one £6,000 deposit had been paid over the counter, although the other was deposited to your Face 2 Face account via a deposit machine that is automated.

Surveillance Video Tells the Story

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

‘I had a need to purchase petrol while I was working,’ said Chatha, whom chose to express himself. ‘I wasn’t thinking straight. It had been never ever my intention to just take it all. We spent some cash to finance my petrol expenses, and had been then wanting to get the funds back without anyone knowing, so I went up to a bookmakers and a casino,’ he stated, incorporating that using the pressure of attempting to win his losses back, ‘I used it all.’

The judge, however, wasn’t buying it.

‘ I do not believe your account of what happened, but I can not be sure just what did occur to it,’ stated Judge Richard Griffith-Jones upon sentencing your 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 you pleaded accountable at the first opportunity.’