Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A casino that is nevada-based games developer, maker and distributor is trying to reassure worried shareholders following the company’s California ‘suitability to do company’ liberties had been revoked by that state’s Gambling Control Commission recently.

Defending Page

Galaxy Gaming CEO Robert Saucier has delivered 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 did not directly involve Galaxy,’ Saucier went on, incorporating that ‘it is business as usual [at Galaxy ] even as we continue to supply our products and services without the interruption.’

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With Galaxy doing a great deal of its business in the Golden State specially with many tribes that are indian have casinos Saucier wished to guarantee clients and investors that Galaxy’s ‘gaming license with California tribes is unchanged and in good standing. Likewise, our status in most other jurisdictions we serve is additionally unchanged and remains in good standing. In reality, we continue to seek and get new licenses and approvals in extra jurisdictions,’ the letter went on to state.

Conflicting Stories

And this is where things have, um, a confusing that is little. Because while Saucier emphatically states in their letter that the California Gambling Control Commission did not rule against him or their company in their current shut regulatory conference, all evidence points to the contrary. 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 are investors to believe?

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

Whatever Saucier is attempting to persuade his minions of, it nonetheless seems that Galaxy Gaming LLC will not be able to run as a vendor that is tribal California following the Gambling Commission decision. In fact, he won’t even manage 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; 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.

Summer ‘Refunds’

That’s why Revel designed special summer promotions, in an effort to get players back through the casino’s doorways. In a ad 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. In accordance with the ads, players would receive all of their losses back on slots through to the end of the month, a deal that many gamblers simply couldn’t pass up.

Unfortuitously, many players didn’t browse the print that is fine. And whenever they discovered what the promotion entailed, some weren’t satisfied with what they’d to get their refunds.

‘I employ a definition that is different of ‘refund’ than the Revel and I also believe a majority of others would concur that a refund implies that you’ll receive a complete reimbursement of funds,’ customer Ed Conti told The Star-Ledger after visiting Revel. ‘ I do not feel it’s right.’

Read the print that is fine

The print that is fine the offer from the casino makes the promotion a little less amazing than it may look in the beginning. A number 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 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 the 20 weeks after the promotion ends. If a gambler doesn’t look at the casino in a given week, they won’t be able to receive that percentage of the refund. In addition, the refund doesn’t pay out in cash, but in free play credits that could be used in the devices; it can’t be directly cashed out.

Some might say that the few conditions on an offer such as this one are become expected: most likely, it will be foolish to think that a casino could simply hand back every one 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 2nd and in very print that is small mean that Revel is skirting laws on clarity in marketing, if you don’t really breaking them.

Regardless of standing that is legal of ad, the type regarding the advertising has turned off at least one gambler from visiting Revel once again.

‘When I told my mother about that she stated, ‘That’s not exactly what the ad on TV said,” Conti stated. ‘My mom hasn’t visited the Revel and will perhaps not go in the future.’

Federal Theft Trial Starts for Former Pequot Tribe Chairman

Michael Thomas, a disgraced former Mashantucket Pequot Tribal Nation president, is currently facing theft that is federal involving inappropriate utilization 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 using the company card to personally rack up $80,000 in limousine service expenses to get his mother to and from her appointments that are medical according towards the prosecutor’s opening statements at his trial.

Costly, Considerable 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 actual charges took spot for 2 years between 2007 and 2009 just as the tribe started grappling with tighter available funds after being struck 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 really banned.

‘Was it impermissible to charge travel on behalf of their unwell, dying mother to get treatment?’ stated defense attorney Thomas. Nice touch, there. The lawyer added that tribal leaders frequently buy gifts for high rollers with these cards, though what that is because of his mother, we’re not entirely sure. Irrespective, it seems that Michael Thomas never submitted required expense states detailing his ill mother’s limo solution. Additionally not assisting the former chairman’s instance ended up being testimony from Barbara Poirier, the tribe’s director of health services, whom noted that the tribe makes transportation services available for members whom need to get to and from medical appointments.

Dirty Laundry…or Lingerie

Additionally apparently maybe not for Mom there were some Victoria’s Secret credit fees made to the tribal account. Probably for a rainfall dance 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, therefore naturally anyone could connect to his suffering.

Defendant Thomas has pleaded perhaps not bad to 1 count of theft from an indian organization that is tribal 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 year. Steven Thomas, who acted as the Piquot’s tribal treasurer, has been charged with theft of more than $700,000 between 2005 and 2008, while acting as assistant director of the tribe’s natural resources department.

The household that steals together, appeals together? That’s great deal 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) agreement which he had restored from a debtor on behalf of his employer, in order to recover their own £30 ($46) petrol bill.

Maybe Not Certified to Steal

Unfortunately for him, it was not a good notion after all. In reality, it was 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 manager, and spend back settlement to your sum of £3,600.

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

Chatha took the opportunity to take the profit February last year, after being instructed to pick up two £6,000 contracts for Face 2 Face, a business that executes warrants and recover debts with respect to utility companies.

Upon collecting the debts, it had been Chatha’s work to deposit the funds to the company’s account within twenty four hours. However, seizing the chance to produce a small money that is extra the 34-year-old alternatively deposited one among the contracted quantities, and tottered on over to a local 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 this one £6,000 deposit had been paid over the counter, even though the other was deposited to the Face 2 Face account via a deposit machine that is automated.

Surveillance Video Tells the Tale

However, when police took to the CCTV footage from the bank branch, they determined that Chatha was in reality making a false testimony, and in the end monitored him down again in February in 2010, after he had changed their address, and revealed their findings, which left him no option but to admit his actions and realize the theft.

‘I had a need to purchase petrol while I was working,’ said Chatha, who chose to represent himself. ‘I wasn’t thinking straight. It was never ever my intention to just take it all. I spent some money to finance my petrol costs, and had been then trying to get the amount of money back without anyone knowing, and so I went to a bookmakers and a casino,’ he said, incorporating that aided by the force of trying to win back his losses, ‘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 exactly what did occur to it,’ stated Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is important that this would not go on for a period that is long of. It was one impulsive work to take the money, and also you pleaded guilty at the first opportunity.’