Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A Nevada-based casino table games developer, manufacturer and distributor is attempting to reassure worried shareholders following the company’s California ‘suitability doing company’ rights had been revoked by that state’s Gambling Control Commission recently.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 procedure in 2009 and dissolved. The procedures did not straight involve Galaxy,’ Saucier went on, incorporating that ‘it is business as usual [at Galaxy ] once we continue to produce our products and solutions without the interruption.’
With Galaxy doing a whole lot of its business in the Golden State specially with many Indian tribes who have gambling enterprises Saucier wished to assure clients and investors that Galaxy’s ‘gaming license with Ca 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 fact, we continue to seek and acquire new licenses and approvals in extra jurisdictions,’ the letter went on to state.
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 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 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 reaction to questions.’ She adds that ‘in a highly regulated industry such as gaming, the failure to be forthcoming with relevant information had been inexcusable.’
Whatever Saucier is attempting to persuade his minions of, it nonetheless seems that Galaxy Gaming LLC will not be able to run as a vendor that is tribal California after the Gambling Commission decision. In reality, he won’t even have the ability to request a reconsideration unless new evidence crops up.
Details of ‘Can’t Lose’ Promotion Don’t stay Well with Revel Customers
Experience Atlantic City had been designed as a Las Vegas-style resort in 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.
Summertime ‘Refunds’
That’s why Revel designed unique summer time promotions, so that you can get players right back through the casino’s doors. In an advertisement campaign that admitted things got off to a beginning that is rough Revel invited players 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 month, a deal that many gamblers simply couldn’t pass up.
Unfortunately, many players didn’t browse the print that is fine. And whenever they discovered what the advertising entailed, some weren’t happy with exactly what they would to get their refunds.
‘I employ a definition that is different of ‘refund’ than the Revel and I believe a most of others would concur that a refund implies that you’ll 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 look at first. Some of the restrictions are instead tame: gamblers must lose at 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 given to 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 of this 20 weeks following the promotion ends. If a gambler doesn’t look at the casino in a given week, they won’t be able to receive that percentage of the refund. In addition, the refund doesn’t pay out in money, but in free play credits that could be used in the machines; it can not be directly cashed out.
Some might say that a few conditions on an offer such as this one are to be expected: in the end, it would be foolish to think that the casino could simply give back each of its winnings to customers, even over a period that is short of. Nonetheless, the fact that the details of the ‘refund’ program are flashed on television ads for just a second and in really tiny print could mean that Revel is skirting laws on clarity in marketing, or even actually breaking them.
Whatever the standing that is legal of ad, the type associated with the promotion has turned off at least one gambler from visiting Revel again.
‘When I told my mother relating to this she said, ‘That’s not just what the ad on TV said,” Conti said. ‘My mother have not visited the Revel and will maybe not go as time goes by.’
Federal Theft Trial Starts for Former Pequot Tribe Chairman
Michael Thomas, a disgraced previous Mashantucket Pequot Tribal Nation president, is currently facing theft that is federal involving inappropriate utilization of a tribe-issued bank card during hus tenure from 2003 to 2009. Thomas, who chaired royal vegas free play the Indian tribe that owns Connecticut’s Foxwoods Casino, is charged with using the company 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’ 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 hit by both the recession and much more neighboring states’ land casino competition.
Thomas’ unrelated defense attorney, Paul Thomas, says it is up to the jury to find out if those expenses were actually not allowed.
‘Was it impermissible to charge travel with respect to their sick, dying mother to get treatment?’ stated defense attorney Thomas. Nice touch, there. The lawyer added that tribal leaders often buy gifts for high rollers with these cards, though what that has to do with his mother, we’re maybe not completely sure. Regardless, it appears that Michael Thomas never submitted required expense reports detailing his ill mother’s limo service. Also not helping the chairman that is former situation ended up being testimony from Barbara Poirier, the tribe’s manager of wellness services, whom noted that the tribe makes transportation services available for members whom need certainly to arrive at and from medical appointments.
Dirty Laundry…or Lingerie
Also apparently maybe not for mother there had been some Victoria’s Secret credit fees made towards the account that is tribal. Probably for a rain 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 anybody could relate to his suffering.
Defendant Thomas has pleaded not responsible to 1 count of theft from A indian tribal organization, 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 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 associated with 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 in fact was a good idea to gamble away a £6,000 (over $9,000) agreement which he had recovered from the debtor on behalf of his employer, in order to recover his or her own £30 ($46) petrol bill.
Not Certified to Steal
Unfortunately for him, this is maybe not an idea that is good all. In reality, it had been probably the decision that is stupidest he ever made, as he’s now been sentenced to 12 months in jail, suspended for just two years, and is going to be forced doing 80 hours of unpaid work for his manager, and pay back payment to the sum of £3,600.
Sandeep Chatha pleaded guilty to stealing the cash after his employers noticed the missing sum and called in police.
Chatha took the ability to steal the money in February last year, 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 job to deposit the funds to the company’s account within twenty four hours. However, seizing the opportunity to make a little additional money, the 34-year-old alternatively deposited one of the contracted amounts, and tottered on over 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 1 £6,000 deposit had been paid 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, whenever police took to the CCTV footage from the bank branch, they determined that Chatha was in reality making a false testimony, and eventually 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.
‘we had a need to purchase petrol while I was working,’ said Chatha, whom chose to express himself. ‘I was not thinking directly. It absolutely was never ever my intention to simply take it all. We spent some cash to finance my petrol costs, and had been then wanting to get the cash back without anyone knowing, so I went up to a bookmakers and a casino,’ he stated, incorporating that with the pressure of trying to win his losses back, ‘I used it all.’
The judge, however, had beenn’t buying it.
‘ I don’t believe your account of what happened, but I can not be certain exactly what did occur to it,’ reported Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is very important that this did not carry on for a period that is long of. It was one impulsive work to take the money, and also you pleaded responsible during the first opportunity.’