Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A Nevada-based casino table games developer, manufacturer and distributor is trying to reassure worried shareholders following the company’s California ‘suitability doing company’ liberties 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 California regulators within their decisions stemmed from a ‘predecessor entity that ceased business procedure in 2009 and dissolved. The proceedings would not involve Galaxy, directly’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] once we continue to give our products and services with no interruption.’

With Galaxy doing a lot of its business in the Golden State specially with many Indian tribes who have gambling enterprises Saucier wanted to ensure customers and investors that Galaxy’s ‘gaming license with Ca 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 licenses that are new approvals in extra jurisdictions,’ the letter went on to express.

Conflicting Stories

And this is where things have, um, a little perplexing. 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’s 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’s got described him as ‘evasive, intentionally dishonest, and misleading in his reaction to questions.’ She adds that ‘in a highly controlled industry such as video gaming, the failure become forthcoming with relevant information ended up being inexcusable.’

Whatever Saucier is trying to convince his minions of, it nonetheless appears that Galaxy Gaming LLC will no longer have the ability to operate as a tribal vendor in California following a Gambling Commission decision. In reality, he won’t even be able 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 had been designed as a Las Vegas-style resort regarding the city’s famous Boardwalk; but a rocky start caused the casino to file for bankruptcy simply ten months after it opened certainly 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 attempt to get players back through the casino’s doorways. Within an advertisement 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. Based on the ads, players would receive all of their losses back on slots until the end of the a deal that many gamblers simply couldn’t pass up month.

Unfortunately, many players didn’t browse the fine print. And when they discovered what the advertising entailed, some weren’t pleased with what they’d to obtain refunds.

‘I possess a definition that is different of ‘refund’ than the Revel and I also believe a majority of other folks would agree totally that a reimbursement implies you will receive a full reimbursement of funds,’ customer Ed Conti told The Star-Ledger after visiting Revel. ‘ I don’t feel it really is right.’

Read the Fine Print

The terms and conditions on the offer from the casino makes the promotion a little less amazing than it may seem initially. Some of the restrictions are instead 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 way 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 offered in one for the 20 weeks following the advertising ends. If a gambler doesn’t go to the casino in a given week, they won’t manage to receive that percentage of the refund. In addition, the refund doesn’t pay out in cash, but in free play credits that can be used in the devices; it can’t be directly cashed away.

Some might say that a few conditions on an offer such as this one are become expected: most likely, it might be foolish to think that a casino could simply surrender each of its winnings to clients, even over a period that is short of. However, the fact that the details for 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 advertising, if you don’t really breaking them.

Regardless of standing that is legal of ad, the character associated with the promotion has turned off one or more gambler from visiting Revel once again.

‘When we told my mother about this she stated, ‘That’s not just what the ad on TV said,” Conti said. ‘My mom has not visited the Revel and will perhaps not go as time goes on.’

Federal Theft Trial Starts for Former Pequot Tribe Chairman

Michael Thomas, a disgraced former Mashantucket Pequot Tribal country chairman, is now facing federal theft charges 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 appointments that are medical 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 which he was having monetary hardships when he decided Mom could only understand doc showing up via limo. The actual charges took place for just two years between 2007 and 2009 just as the tribe began grappling with tighter available funds after being hit by both the recession and much more neighboring states’ land casino competition.

Thomas’ unrelated defense attorney, Paul Thomas, says it is up to the jury to ascertain if those costs had been 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 frequently buy gifts for high rollers with these cards, though what that has to do with his mother, we’re maybe not completely sure. Irrespective, it seems that Michael Thomas never submitted required expense states detailing his sick mother’s limo service. Also not assisting the chairman that is former case had been testimony from Barbara Poirier, the tribe’s manager of health solutions, who noted that the tribe makes transportation services available for members who need to reach and from medical appointments.

Dirty Laundry…or underwear

Also apparently perhaps not for mother there had been some Victoria’s Secret credit charges made to your tribal account. Probably for a rainfall party something or ceremony, we’re guessing. Prosecutors brought to light tax returns showing Thomas’ income of $863,000 in 2008 had fallen to $354,000 by 2009, so naturally anyone could connect to their suffering.

Defendant Thomas has pleaded not accountable to 1 count of theft from A indian tribal organization, and to two counts of theft concerning an Indian tribal 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 for the tribe’s natural resources department.

The household 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 idea to gamble away a £6,000 (over $9,000) contract which he had restored from a debtor on behalf of his employer, so that you can recover his or her own £30 ($46) petrol bill.

Maybe Not Licensed to Steal

Unfortunately for him, this is maybe not a good clear idea after all. In reality, it absolutely was probably the stupidest decision he ever made, as he’s now been sentenced to 12 months in jail, suspended for two years, and is forced doing 80 hours of unpaid work for his employer, 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 chance to steal the money in February a year ago, 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 had been Chatha’s job to deposit the funds into the company’s account within a day. However, seizing the ability to make a little extra money, the 34-year-old instead deposited just one of the contracted amounts, 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 had been all just a simple banking error, and this one £6,000 deposit had been paid over the countertop, as the other was deposited to your 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 fact making a false testimony, and in the end monitored him down again in February this present year, 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 pay for petrol while I was working,’ said Chatha, who chose to express himself. ‘I wasn’t thinking straight. It absolutely was never ever my intention to just take it all. We spent some money to invest in my petrol costs, and ended up being then wanting to get the cash back without anyone knowing, and so I went up to a bookmakers and a casino,’ he stated, adding that because of the force of wanting to win his losses back, ‘I used it all.’

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

‘ I don’t believe your account of what happened, but I cannot be certain what did occur to it,’ claimed Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is important that this did not continue for a period that is long of. It was one impulsive act to take the money, and also you pleaded bad at the first opportunity.’