Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A Nevada-based casino table games developer, manufacturer and distributor is attempting to reassure worried shareholders after the company’s California ‘suitability doing business’ liberties had been revoked by that state’s Gambling Control Commission recently.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 issues decried by the California regulators inside their decisions stemmed from a ‘predecessor entity that ceased business operation in 2009 and dissolved. The procedures didn’t directly involve Galaxy,’ Saucier went on, incorporating that ‘it is business as usual [at Galaxy ] as we continue to give our products and services with no interruption.’
With Galaxy doing a whole lot of its business in the Golden State especially with many Indian tribes who have casinos Saucier desired to ensure customers and investors that Galaxy’s ‘gaming license with California tribes is unchanged and in good standing. Likewise, our status in all other jurisdictions we serve is additionally unchanged and remains in good standing. In reality, we continue to seek and acquire licenses that are new approvals in extra jurisdictions,’ the letter went on to state.
Conflicting Stories
And this is where things have, um, a little confusing. Because while Saucier emphatically states in their letter that the California Gambling Control Commission did not rule against him or his company in their recent shut regulatory meeting, all evidence points to the contrary. 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 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 controlled industry such as gaming, the failure become forthcoming with relevant information was inexcusable.’
Whatever Saucier is attempting to convince his minions of, it nonetheless seems that Galaxy Gaming LLC will not manage to run as a tribal vendor in Ca after the Gambling Commission decision. In fact, he will not also be able to request a reconsideration unless new evidence crops up.
Details of ‘Can’t Lose’ Promotion never Sit Well with Revel Customers
Revel in Atlantic City ended up being designed as a Las Vegas-style resort on the city’s famous Boardwalk; but 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.
Summer ‘Refunds’
That’s why Revel designed unique summer promotions, in order to get players straight back through the casino’s doorways. Within an advertisement campaign that admitted things got off to a rough beginning, Revel invited players straight 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 month, a deal that many gamblers simply couldn’t pass up.
Regrettably, numerous players didn’t read the terms and conditions. And whenever they discovered just what the promotion entailed, some weren’t satisfied with what they would to obtain refunds.
‘I have a very definition that is different of ‘refund’ compared to the Revel and I also believe a majority of other people 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 do not feel it really is right.’
Read the Fine Printing
The print that is fine the offer from the casino makes the promotion a little less incredible than it may seem in the beginning. A few of the restrictions are rather 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 manner in 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 available in one associated with the 20 weeks following the advertising ends. If a gambler doesn’t go to the casino in a given week, they won’t be able to receive that percentage of these refund. In addition, the refund doesn’t spend in cash, but in free play credits that can be used in the devices; it cannot be directly cashed out.
Some might say that a few conditions on an offer such as this one are to be expected: all things considered, it would be foolish to think that the casino could simply surrender most of its winnings to clients, even over a short time period. Nonetheless, the fact that the details regarding the ‘refund’ program are flashed on television ads for just 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.
No matter what the legal standing of the ad, the character of the advertising has turned off one or more gambler from visiting Revel again.
‘When we told my mom relating to this she said, ‘That’s not just what the ad on TV said,” Conti stated. ‘My mom has not attended the Revel and will not go as time goes on.’
Federal Theft Trial Begins for Former Pequot Tribe Chairman
Michael Thomas, a disgraced former Mashantucket Pequot Tribal Nation president, has become facing theft that is federal involving inappropriate usage 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 business card to personally rack up $80,000 in limousine service expenses 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 has to’ve been close to 200 round trips, by our conservative estimation. Thomas’ defense is which he was having economic hardships as he decided Mom could just start to see the doc arriving via limo. 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 protection attorney, Paul Thomas, says it’s as much as the jury to determine if those expenses were actually banned.
‘Was it impermissible to charge travel on behalf of 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 not totally sure. Irrespective, it appears that Michael Thomas never submitted required expense states detailing his sick mom’s limo solution. Also not helping 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 to arrive at and from medical appointments.
Dirty Laundry…or underwear
Additionally apparently not for mother there had been some Victoria’s Secret credit fees made to your account that is tribal. Probably for a rainfall party ceremony or something, we’re guessing. Prosecutors brought to light tax returns showing Thomas’ income of $863,000 in 2008 had dropped to $354,000 by 2009, so naturally anyone could connect to their suffering.
Defendant Thomas has pleaded maybe not guilty to 1 count of theft from A indian tribal organization, and to two counts of theft concerning an Indian tribal 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 a lot more than $700,000 between 2005 and 2008, while acting as assistant director regarding the tribe’s natural resources department.
The household that steals together, appeals together? That’s lot of wampum.
UK Debt Collector Makes casino that is bad 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 recovered from a debtor on behalf of his employer, in order to recover his own £30 ($46) petrol bill.
Maybe Not Licensed to Steal
Unfortunately for him, this was perhaps not an idea that is good all. In fact, 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 going to be forced to do 80 hours of unpaid work for his company, and spend straight back settlement to your sum of £3,600.
Sandeep Chatha pleaded guilty to stealing the cash after his employers noticed the sum that is missing called in police.
Chatha took the opportunity to take the money in February year that is last after being instructed to pick up 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 work to deposit the funds in to the company’s account within 24 hours. However, seizing the chance to produce a little money that is extra the 34-year-old instead deposited just casinopokies777.com one of the contracted quantities, and tottered on over to a neighborhood casino where he gambled away all the money over the course of several days.
When questioned by authorities, he attempted to claim that it was all just an easy banking mistake, and any particular one £6,000 deposit had been paid over the countertop, whilst the other was deposited towards the Face 2 Face account via a automated deposit device.
Surveillance Video Tells the Story
However, when police took to the CCTV footage through the bank branch, they determined that Chatha was in reality making a false testimony, and eventually tracked him down again in February in 2010, after he had changed his address, and revealed their findings, which left him no choice but to admit their actions and realize the theft.
‘we needed to pay for petrol while I was working,’ said Chatha, who chose to represent himself. ‘I wasn’t thinking directly. It had been never ever my intention to just take it all. I spent some funds to finance my petrol expenses, and had been then attempting to get the money back without anyone knowing, and so I went up to a bookmakers and a casino,’ he stated, adding that using the pressure of attempting 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 sure just what did happen to it,’ reported Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is important that this failed to carry on for a period that is long of. It was one impulsive work to take the money, and you also pleaded responsible during the first opportunity.’