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is trying to reassure worried shareholders after the company’s California ‘suitability to do business’ liberties had been revoked by that state’s Gambling Control Commission recently.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 inside their decisions stemmed from a ‘predecessor entity that ceased business procedure in 2009 and dissolved. The proceedings failed to involve Galaxy, directly’ Saucier went on, incorporating that ‘it is business as usual [at Galaxy ] once we continue to produce our products and solutions without any more chilli slot machine ad interruption.’
With Galaxy doing a whole lot of its business in the Golden State especially with many tribes that are indian have gambling enterprises Saucier wanted 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 also unchanged and remains in good standing. In reality, we continue to seek and find new licenses and approvals in additional jurisdictions,’ the letter went on to express.
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 past that is checkered misstatements, witholding information, and providing misleading information that appears to have gotten him into the pickle in which he now finds himself. So who are investors 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 managed industry such as video gaming, the failure to be forthcoming with relevant information was inexcusable.’
Whatever Saucier is wanting to persuade his minions of, it nonetheless appears that Galaxy Gaming LLC will not have the ability to run as a tribal vendor in Ca following the Gambling Commission decision. In reality, he will not also have the ability to request a reconsideration unless brand new evidence crops up.
Details of ‘Can’t Lose’ Promotion never stay Well with Revel Customers
Experience Atlantic City was designed as a Las Vegas-style resort in the city’s famous Boardwalk; but a rocky start caused the casino to file for bankruptcy simply ten months after it opened one of the many disastrous starts for a casino in recent memory.
Summertime ‘Refunds’
That’s why Revel designed summer that is special, so that you can get players right back through the casino’s doorways. Within an advertisement campaign that admitted things got off to a rough beginning, Revel invited players right 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 a deal that many gamblers simply couldn’t pass up month.
Regrettably, numerous players didn’t browse the small print. And when they found out what the promotion entailed, some weren’t pleased with what they would to obtain refunds.
‘I employ a definition that is different of ‘refund’ than the Revel and I believe a majority of others would agree totally that a refund implies that you will 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 print that is fine the offer from the casino makes the promotion a little less incredible than it may seem initially. Some 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 real method by which the ‘refunds’ are given 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 20 weeks after the promotion 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 shell out in money, but in free play credits that may be used in the devices; it may not be directly cashed down.
Some might say that a few conditions on an offer such as this one are become expected: after all, it might be foolish to think that a casino could simply give back every one of its winnings to clients, even over a period that is short of. Nonetheless, the fact that the details of the ‘refund’ program are flashed on tv ads for only a second and in very print that is small mean that Revel is skirting laws on clarity in advertising, or even actually breaking them.
Regardless of appropriate standing of the ad, the type of this promotion has turned off at least one gambler from visiting Revel once more.
‘When we told my mom about it she stated, ‘That’s not exactly what the ad on TV said,” Conti stated. ‘My mother hasn’t gone to the Revel and will not go as time goes on.’
Federal Theft Trial Starts for Former Pequot Tribe Chairman
Michael Thomas, a disgraced former Mashantucket Pequot Tribal country president, is currently 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 costs to get his mother to and from her medical appointments, according to your prosecutor’s opening statements at his trial.
Costly, Extensive Limo Rides
$80,000? That must’ve been close to 200 round trips, by our conservative estimation. Thomas’ defense is he was having financial hardships as he decided Mom could only begin to see the doc arriving via limo. The charges that are actual destination 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 lawyer, Paul Thomas, says it is as much as the jury to ascertain if those costs were actually not allowed.
‘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 often buy gifts for high rollers with these cards, though what that is because of his mother, we’re maybe not completely sure. Regardless, it appears that Michael Thomas never submitted required expense states detailing his unwell mother’s limo service. Also not helping the former president’s case had been testimony from Barbara Poirier, the tribe’s director of health services, whom noted that the tribe makes transportation services available for members who need certainly to get to and from medical appointments.
Dirty Laundry…or Lingerie
Also apparently perhaps not for Mom there had been some Victoria’s Secret credit fees made to the tribal account. Probably for a rainfall party something or ceremony, 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, so naturally anybody could connect to their suffering.
Defendant Thomas has pleaded not guilty to 1 count of theft from an indian organization that is tribal and to two counts of theft concerning an Indian tribal federal government getting 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 a lot more than $700,000 between 2005 and 2008, while acting as assistant director associated with the tribe’s natural resources department.
The family that steals together, appeals together? That’s a complete great deal 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) agreement which he had recovered from a debtor on behalf of his employer, in order to recoup his own £30 ($46) petrol bill.
Not Licensed to Steal
Unfortunately for him, this is maybe not an idea that is good all. In reality, it was most likely the decision that is stupidest he ever made, as he’s now been sentenced to 12 months in jail, suspended for 2 years, and is forced to accomplish 80 hours of unpaid work for his company, and spend 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 opportunity to steal the money in February a year ago, after being instructed to pick up two £6,000 contracts for Face 2 Face, a business that executes warrants and recover debts on behalf of utility companies.
Upon collecting the debts, it had been Chatha’s work to deposit the funds into the company’s account within 24 hours. However, seizing the opportunity to create a little additional money, the 34-year-old alternatively deposited one among the contracted quantities, and tottered on over up to a regional casino where he gambled away all the money over the course of several days.
When questioned by authorities, he attempted to claim that it absolutely was all just a simple banking error, and any particular one £6,000 deposit had been paid over the counter, while the other was deposited to your Face 2 Face account via a automated deposit device.
Surveillance Video Tells the Tale
However, whenever police took to the CCTV footage through the bank branch, they determined that Chatha was in reality making a false testimony, and finally 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.
‘I had a need to pay for petrol while I was working,’ said Chatha, whom chose to represent himself. ‘I wasn’t thinking straight. It absolutely was never ever my intention to simply take it all. I spent some money to fund my petrol costs, and ended up being then wanting to get the amount of money back without anyone knowing, therefore I went to a bookmakers and a casino,’ he said, adding that aided by the force of attempting to win his losses back, ‘I used it all.’
The judge, however, ended up beingn’t purchasing it.
‘ I don’t believe your account of what happened, but I may not be certain just what did occur to it,’ claimed Judge Richard Griffith-Jones upon sentencing the debt collector. ‘It is very important that this failed to continue for a long period of time. It was one impulsive work to take the money, and also you pleaded bad at the first opportunity.’