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is trying to reassure worried shareholders after the company’s California ‘suitability to do business’ liberties had been revoked by that state’s Gambling Control Commission recently.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 presssing issues decried by the California regulators within their decisions stemmed from a ‘predecessor entity that ceased business operation in 2009 and dissolved. The proceedings failed to involve Galaxy, directly’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] as we continue to produce our products and services without the interruption.’

With Galaxy doing a great deal of its business in the Golden State specially with many tribes that are indian have gambling enterprises Saucier wanted to ensure 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 reality, we continue steadily to seek and get new licenses and approvals in extra jurisdictions,’ the letter went on to state.

Conflicting Tales

And also 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 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 are shareholders to believe?

According to Administrative Law Judge Catherine Frink, not Saucier. He has been described by her as ‘evasive, intentionally dishonest, and misleading in their reaction to questions.’ She adds that ‘in a highly managed industry such as gaming, the failure become forthcoming with relevant information ended up being inexcusable.’

Whatever Saucier is wanting to convince his minions of, it nonetheless seems that Galaxy Gaming LLC will no longer have the ability to operate as a tribal vendor in Ca following the Gambling Commission decision. In reality, he won’t even have the ability to request a reconsideration unless brand 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; but a start that is rocky the casino to file for bankruptcy just 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, in an attempt to get players back through the casino’s doors. In an advertising campaign that admitted things got off to a beginning that is rough Revel invited players straight 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 through to the end of the thirty days, a deal that many gamblers merely couldn’t pass up.

Unfortunately, numerous players didn’t read the print that is fine. And when they found out just what the promotion entailed, some weren’t pleased with just what they’d to obtain refunds.

‘I employ a various definition of the ‘refund’ than the Revel and I believe a most of other folks would agree 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 really is right.’

Read the Fine Print

The print that is fine 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 aren’t covered.

It’s the real method by which the ‘refunds’ are given to players that has Conti and others upset. Players can get their refunds only 5 percent at time, with each ‘block’ of 5 percent being available in one for the 20 weeks following the promotion ends. If a gambler doesn’t visit 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 cash, but in free play credits that could be used more chilli slot machine in the machines; it can’t be directly cashed down.

Some might say that the few conditions on an offer such as this one are become expected: after all, it might be foolish to think that the casino could simply give back every one of its winnings to clients, even over a short time frame. However, the fact that the details regarding the ‘refund’ program are flashed on television ads for just a second and in really tiny print could mean that Revel is skirting laws on clarity in advertising, if you don’t actually breaking them.

No matter what the standing that is legal of ad, the nature associated with the promotion has turned off a minumum of one gambler from visiting Revel again.

‘When I told my mom about this she stated, ‘That’s not what the ad on TV said,” Conti said. ‘My mother hasn’t gone to the Revel and will maybe not go as time goes by.’

Federal Theft Trial Starts for Former Pequot Tribe Chairman

Michael Thomas, a disgraced former Mashantucket Pequot Tribal country president, has become facing federal theft charges involving inappropriate use 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 company card to personally rack up $80,000 in limousine service expenses 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 have to’ve been close to 200 round trips, by our conservative estimation. Thomas’ defense is he decided Mom could only see the doc arriving via limo that he was having financial hardships when. The charges that are actual place 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 more neighboring states’ land casino competition.

Thomas’ unrelated defense attorney, Paul Thomas, says it’s as much as the jury to ascertain if those expenses had been really not allowed.

‘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 because of his mother, we’re perhaps not entirely sure. Regardless, it appears that Michael Thomas never submitted required expense reports detailing his unwell mom’s limo service. Also not assisting the chairman that is former instance had been testimony from Barbara Poirier, the tribe’s director of wellness solutions, who noted that the tribe makes transportation services available for members whom need to get to and from medical appointments.

Dirty Laundry…or underwear

Also apparently perhaps not for Mom there were some Victoria’s Secret credit charges made to the tribal account. Probably for a rainfall dance something or ceremony, we’re guessing. Prosecutors brought to light taxation statements showing Thomas’ income of $863,000 in 2008 had fallen to $354,000 by 2009, therefore obviously anybody could relate to his suffering.

Defendant Thomas has pleaded maybe not bad 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 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.

Your family that steals together, appeals together? That’s lot of wampum.

UK Debt Collector Makes casino that is bad Using Collected Funds

A Coventry, UK debt collector decided it was a idea that is good gamble away a £6,000 (over $9,000) agreement which he had restored from a debtor on behalf of his employer, to be able to recoup his own £30 ($46) petrol bill.

Maybe Not Certified to Steal

Unfortunately for him, this was perhaps not an idea that is good 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 will likely be forced to complete 80 hours of unpaid work for his employer, and pay back payment towards 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 ability to steal the profit February last year, after being instructed to get two £6,000 contracts for Face 2 Face, a company that executes warrants and recover debts with respect to utility companies.

Upon collecting the debts, it was Chatha’s job to deposit the funds to the company’s account within a day. However, seizing the chance to create a little money that is extra the 34-year-old alternatively deposited one of the contracted amounts, and tottered on over up 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 an easy banking mistake, and this 1 £6,000 deposit had been compensated over the counter, whilst the other was deposited to your Face 2 Face account via a deposit machine that is automated.

Surveillance Video Tells the Tale

However, whenever police took to the CCTV footage from the bank branch, they determined that Chatha was in reality building a false testimony, and in the end monitored him down again in February this present year, 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 needed seriously to pay for petrol while I was working,’ said Chatha, whom chose to represent himself. ‘I wasn’t thinking right. It was never ever my intention to simply take it all. I spent some funds to finance my petrol expenses, and was then wanting to get the money back without anyone knowing, so I went to a bookmakers and a casino,’ he stated, incorporating that with all the stress of trying to win back his losses, ‘I tried it all.’

The judge, however, wasn’t purchasing it.

‘ I don’t believe your account of what happened, but I can 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 continue for a period that is long of. It was one impulsive act to steal the money, and also you pleaded guilty at the first opportunity.’

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