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is attempting to reassure worried shareholders after the company’s California ‘suitability to do company’ liberties had been revoked by that state’s Gambling Control Commission recently.

Defending Letter

Galaxy Gaming CEO Robert Saucier has sent out a four-page missive to investors, claiming that all the presssing issues decried by the Ca regulators inside their decisions stemmed from a ‘predecessor entity that ceased business operation in 2009 and dissolved. The procedures would not involve Galaxy, directly’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] as we continue to give our products and solutions without any interruption.’

With Galaxy doing plenty of its business in the Golden State especially with many Indian tribes who have gambling enterprises Saucier wanted to guarantee clients 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 fact, we continue steadily to seek and find new licenses and approvals in extra jurisdictions,’ the letter went on to state.

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 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 in which he now finds himself. So who’re investors to believe?

According to Administrative Law Judge Catherine Frink, not Saucier. She has described him as ‘evasive, intentionally dishonest, and misleading in their reaction to questions.’ She adds that ‘in a highly controlled industry such as video gaming, the failure to be forthcoming with relevant information had been inexcusable.’

Whatever Saucier is attempting to convince his minions of, it nonetheless seems that Galaxy Gaming LLC will no longer have the ability to operate as a vendor that is tribal California following a Gambling Commission decision. In reality, he will not even 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

Enjoy 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 just ten months after it opened certainly one of the many disastrous starts for a casino in recent memory.

Summertime ‘Refunds’

That’s why Revel designed summer that is special, in an attempt to get players right back through the casino’s doors. Within an advertising 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. 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.

Regrettably, many players didn’t read the print royal vegas casino reviews that is fine. And whenever they learned what the promotion entailed, some weren’t pleased with exactly what they would to get their refunds.

‘I have a very definition that is different of ‘refund’ than the Revel and I believe a majority of other folks would concur that a refund implies that you’ll receive a full reimbursement of funds,’ customer Ed Conti told The Star-Ledger after visiting Revel. ‘ I don’t feel it’s right.’

Read the print that is fine

The fine print on the offer from the casino makes the promotion a little less amazing than it may look at first. A few of the restrictions are instead tame: gamblers must lose at the 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 provided to players that has Conti and others upset. Players can receive their refunds only 5 percent at a right time, with every ‘block’ of 5 percent being available in one of this 20 weeks after the advertising 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 their refund. In addition, the refund doesn’t pay out in cash, but in free play credits that could be used in the machines; it may not be directly cashed down.

Some might say that a few conditions on an offer similar to this one are to be expected: in the end, it will be foolish to think that the casino could simply hand back every one of its winnings to clients, even over a period that is short of. Nonetheless, the fact that the details regarding the ‘refund’ program are flashed on tv ads for just a second and in really print that is small mean that Revel is skirting laws on clarity in marketing, or even really breaking them.

Whatever the standing that is legal of ad, the nature regarding the advertising has turned off one or more gambler from visiting Revel again.

‘When we told my mother about this she said, ‘That’s not what the ad on TV said, » Conti said. ‘My mom have not visited the Revel and will not go in the foreseeable future.’

Federal Theft Trial Starts for Former Pequot Tribe Chairman

Michael Thomas, a disgraced previous Mashantucket Pequot Tribal Nation president, is now facing theft that is federal 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 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 the prosecutor’s opening statements at his trial.

Costly, Considerable Limo Rides

$80,000? That have to’ve been close to 200 round trips, by our conservative estimation. Thomas’ defense is that he was having economic hardships when he decided Mom could just see the doc showing up via limo. The charges that are actual spot for 2 years between 2007 and 2009 just as the tribe began grappling with tighter available funds after being hit by both the recession and more neighboring states’ land casino competition.

Thomas’ unrelated defense attorney, Paul Thomas, says it’s up to the jury to determine if those expenses had been actually prohibited.

‘Was it impermissible to charge travel with respect to their unwell, 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 due to his mother, we’re not completely sure. Regardless, it appears that Michael Thomas never submitted required expense states detailing his unwell mother’s limo solution. Additionally not assisting the chairman that is former instance was testimony from Barbara Poirier, the tribe’s manager of wellness solutions, who noted that the tribe makes transportation services available for members who need certainly to arrive at and from medical appointments.

Dirty Laundry…or Lingerie

Additionally apparently perhaps not for mother there were 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 tax that is light showing Thomas’ income of $863,000 in 2008 had dropped to $354,000 by 2009, so obviously anyone could relate to their suffering.

Defendant Thomas has pleaded perhaps not responsible to at least one 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 of 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 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 recovered from a debtor on behalf of his employer, to be able to recover his own £30 ($46) petrol bill.

Not Licensed to Steal

Unfortunately for him, this was perhaps not a good clear idea after 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 are going to be forced to complete 80 hours of unpaid work for his manager, and pay right back payment to your sum of £3,600.

Sandeep Chatha pleaded guilty to stealing the cash after his employers noticed the missing amount and called in police.

Chatha took the ability to take the profit February this past year, after being instructed to get two £6,000 contracts for Face 2 Face, an organization that executes warrants and recover debts on behalf of utility companies.

Upon collecting the debts, it was Chatha’s job to deposit the funds in to the company’s account within 24 hours. However, seizing the opportunity to produce 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 had been all just a simple banking mistake, and any particular one £6,000 deposit had been compensated over the countertop, although the other was deposited to your 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 fact making a false testimony, and finally 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 his actions and own up to the theft.

‘I needed to buy petrol while I was working,’ said Chatha, whom chose to express himself. ‘I was not thinking right. It absolutely was never ever my intention to take it all. We spent some funds to fund my petrol costs, and was then attempting to get the money back without anyone knowing, and so I went to a bookmakers and a casino,’ he said, adding that using the stress of wanting to win back his losses, ‘I used it all.’

The judge, however, wasn’t purchasing it.

‘ I don’t believe your account of what happened, but I may not be sure exactly what did happen to it,’ reported Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is important that this did not continue for a any period of time of time. It was one impulsive work to steal the money, and you pleaded responsible at the first opportunity.’

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