Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A casino that is nevada-based games developer, manufacturer and distributor is trying to reassure worried shareholders after the company’s California ‘suitability doing business’ liberties were revoked by that state’s Gambling Control Commission recently.

Defending Page

Galaxy Gaming CEO Robert Saucier has sent a four-page missive to investors, claiming that all the 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 involve Galaxy, directly’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] even as we continue to give our products and services without the interruption.’

With Galaxy doing a lot of its business in the Golden State specially with many tribes that are indian have gambling enterprises Saucier desired to assure clients 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 additionally unchanged and remains in good standing. In fact, we continue steadily to seek and find licenses that are new approvals in additional jurisdictions,’ the letter went on to express.

Conflicting Tales

And also this is where things get, um, a confusing that is little. Because while Saucier emphatically states in his letter that the California Gambling Control Commission didn’t rule against him or his company in their current closed regulatory conference, all proof 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 are investors to believe?

According to Administrative Law Judge royal vegas 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 to be forthcoming with relevant information ended up being inexcusable.’

Whatever Saucier is wanting to convince his minions of, it nonetheless seems that Galaxy Gaming LLC will no longer manage to run as a vendor that is tribal California following a Gambling Commission decision. In fact, he will not also have the ability to request a reconsideration unless brand new evidence crops up.

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

Revel in Atlantic City had been 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 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 summer that is special, in an effort to get players right back through the casino’s doors. In a ad campaign that admitted things got off to a beginning that is rough Revel invited players right back in July, with the promise of a ‘can’t lose’ promotion on slot machines. In accordance with the ads, players would receive all of their losses back on slots until the end of the month, a deal that many gamblers simply couldn’t pass up.

Unfortuitously, many players didn’t read the small print. And whenever they learned just what the advertising entailed, some weren’t happy with just what they’d to obtain refunds.

‘I have a very definition that is different of ‘refund’ compared to the Revel and I believe a most of other folks would agree that a reimbursement 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 really is right.’

Read the print that is fine

The terms and conditions on the offer from the casino makes the promotion a little less amazing 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 given 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 the 20 weeks after 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 could be used in the devices; it cannot be directly cashed out.

Some might say that the 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 give back most of its winnings to customers, even over a short time frame. Nonetheless, the fact that the details regarding the ‘refund’ program are flashed on tv ads for only a 2nd and in really tiny print could mean that Revel is skirting laws on clarity in advertising, or even really breaking them.

Regardless of the standing that is legal of ad, the character of the advertising has turned off at least one gambler from visiting Revel once again.

‘When I told my mother about that she said, ‘That’s not exactly what the ad on TV said,” Conti stated. ‘My mother has not gone to 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 president, is now 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 company 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 the 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 he was having financial hardships when he decided Mom could just see the doc arriving via limo. The actual charges took destination for just two years between 2007 and 2009 just as the tribe began grappling with tighter available funds after being struck by both the recession and much more neighboring states’ land casino competition.

Thomas’ unrelated defense lawyer, Paul Thomas, says it is as much as the jury to find out if those expenses had been actually not allowed.

‘Was it impermissible to charge travel with respect to their ill, 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 is because of his mother, we’re perhaps not entirely sure. Regardless, it seems that Michael Thomas never submitted required expense reports detailing his ill mother’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, whom noted that the tribe makes transportation services available for members whom need to reach and from medical appointments.

Dirty Laundry…or Lingerie

Additionally apparently maybe not for mother there had been some Victoria’s Secret credit fees made to your 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 dropped to $354,000 by 2009, therefore naturally anybody could relate to his suffering.

Defendant Thomas has pleaded maybe not accountable to 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 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 significantly 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 casino that is bad Using Collected Funds

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

Not Licensed to Steal

Unfortunately for him, it was perhaps 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 prison, suspended for two years, and is forced to complete 80 hours of unpaid work for his employer, and pay back compensation 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 pick up two £6,000 contracts for Face 2 Face, an organization that executes warrants and recover debts with respect to utility companies.

Upon collecting the debts, it had been Chatha’s job to deposit the funds in to the company’s account within twenty four hours. However, seizing the ability to make a little extra money, the 34-year-old alternatively deposited one among the contracted amounts, and tottered on over up to a regional 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, although the other was deposited to your Face 2 Face account via a deposit machine that is automated.

Surveillance Video Tells the Tale

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

‘we had a need to purchase petrol while I was working,’ said Chatha, whom chose to represent himself. ‘I was not thinking right. It was never my intention to just take it all. We spent some money to invest in my petrol costs, and was then trying to get the cash back without anyone knowing, and so I went to a bookmakers and a casino,’ he said, incorporating that with all the stress of wanting to win back his losses, ‘We tried it all.’

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

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

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