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 accomplish company’ rights were 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 Ca regulators within their decisions stemmed from a ‘predecessor entity that ceased business operation in 2009 and dissolved. The proceedings didn’t involve Galaxy, directly’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] once we continue to offer 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 customers and investors that Galaxy’s ‘gaming permit with Ca tribes is unchanged and in good standing. Likewise, our status in every other jurisdictions we serve is also unchanged and remains in good standing. In fact, we continue to seek and acquire licenses that are new approvals in additional 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 his letter that the Ca Gambling Control Commission didn’t rule against him or his company in their current shut regulatory meeting, 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 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. She’s described him as ‘evasive, intentionally dishonest, and misleading in his response to questions.’ She adds that ‘in a highly controlled industry such as video gaming, the failure to be forthcoming with relevant information was inexcusable.’

Whatever Saucier is wanting to convince his minions of, it nonetheless seems that Galaxy Gaming LLC will no longer be able to operate as a tribal vendor in Ca following a Gambling Commission decision. In fact, he will not even have the ability to request a reconsideration unless 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 regarding 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 many disastrous starts for a casino in recent memory.

Summertime ‘Refunds’

That’s why Revel designed unique summer promotions, so that you can get players back through the casino’s doorways. In an advertisement campaign that admitted things got off to a rough beginning, Revel invited players back in July, with the promise 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 print that is fine. And when they learned exactly what the promotion entailed, some weren’t pleased with what they would to obtain refunds.

‘we possess a definition that is different of ‘refund’ than the Revel and I believe a majority of others would concur that a reimbursement implies you will receive a complete reimbursement of funds,’ customer Ed Conti told The Star-Ledger after visiting Revel. ‘ I don’t feel it 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 look initially. Some of the restrictions are rather tame: gamblers must lose at the least $100 to qualify, the loss rebates are capped at $100,000, and table game losses aren’t covered.

It’s the manner in which the ‘refunds’ are provided 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 associated with the 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 these refund. In addition, the refund doesn’t spend in cash, but in free play credits that may be used in the devices; it can’t be directly cashed down.

Some might say that a few conditions on an offer such as this one are become expected: all things considered, it would be foolish to think that the casino could simply give back every one of its winnings to clients, even over a short time period. However, the fact that the details of the ‘refund’ program are flashed on tv ads for merely a 2nd and in extremely little printing could mean that Revel is skirting laws on clarity in marketing, or even really breaking them.

No matter what the legal standing of the ad, the type for the promotion has turned off one or more gambler from visiting Revel once again.

‘When we told my mother concerning this she said, ‘That’s not just what the ad on TV said,” Conti said. ‘My mother hasn’t gone to the Revel and will not go in the foreseeable future.’

Federal Theft Trial Starts for Former Pequot Tribe Chairman

Michael Thomas, a disgraced former Mashantucket Pequot Tribal country president, happens to be 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 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.

Costly, Extensive Limo Rides

$80,000? That must’ve been close to 200 round trips, by our conservative estimation. Thomas’ protection is he decided Mom could only see the doc arriving via limo that he was having financial hardships when. 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 struck by both the recession and much more neighboring states’ land casino competition.

Thomas’ unrelated protection lawyer, Paul Thomas, says it’s as much as the jury to ascertain if those expenses were really prohibited.

‘Was it impermissible to charge travel with respect to his sick, dying mother to get treatment?’ said defense attorney Thomas. Nice touch, there. The lawyer added that tribal leaders usually buy gifts for high rollers with these cards, though what that is due to his mother, we’re not totally sure. Irrespective, it appears that Michael Thomas never submitted required expense reports detailing his ill mother’s limo service. Also not assisting the previous chairman’s case had been testimony from Barbara Poirier, the tribe’s director of wellness solutions, who noted that the tribe makes transportation services available for members who have to arrive at and from medical appointments.

Dirty Laundry…or Lingerie

Also apparently maybe not for Mom there had been some Victoria’s Secret credit charges made to the account that is tribal. Probably for a rainfall party something or ceremony, we’re guessing. Prosecutors brought to light tax statements showing Thomas’ income of $863,000 in 2008 had fallen to $354,000 by 2009, therefore naturally anyone could relate to his suffering.

Defendant Thomas has pleaded maybe not accountable to one count of theft from A indian tribal organization, and to two counts of theft concerning an Indian tribal federal government receiving 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 significantly more than $700,000 between 2005 and 2008, while acting as assistant director associated with tribe’s natural resources department.

The household that steals together, appeals together? That’s lot of wampum.

UK Debt Collector Makes Bad Casino Bets Using Collected Funds

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

Maybe Not Certified 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 jail, suspended for just two years, and will likely be forced doing 80 hours of unpaid work for his employer, and pay back settlement to your 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 take the profit February last year, after being instructed to pick up 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 had been Chatha’s work to deposit the funds to the company’s account within a day. However, seizing the chance to make a small extra money, the 34-year-old instead deposited just 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 police, he attempted to claim that it was all just a simple banking error, and any particular one £6,000 deposit had been paid over the counter, even though the other was deposited towards the Face 2 Face account via a automatic deposit machine.

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 in the end tracked him down again in February this season, after he had changed his address, and revealed their findings, which left him no choice but to admit their actions and own up to the theft.

‘we needed to purchase petrol while I was working,’ said Chatha, who chose to express himself. ‘I wasn’t thinking directly. It had been never my intention to simply take it all. We spent some funds to finance my petrol costs, and ended up being then trying to get the funds back without anyone knowing, so I went to a bookmakers and a casino,’ he said, adding that because of the stress of attempting to win his losses back, ‘I used it all.’

The judge, however, had beenn’t purchasing it.

‘ I don’t believe your account of what happened, but I may not be yes what did happen to it,’ reported Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is essential that this didn’t carry on for a long period of time. It was one impulsive work to take the money, and you also pleaded responsible at the first opportunity.’

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