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attempting to reassure worried shareholders after the company’s California ‘suitability to complete company’ rights had been revoked by that state’s Gambling Control Commission recently.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 issues decried by the Ca regulators in their decisions stemmed from a ‘predecessor entity that ceased business procedure in 2009 and dissolved. The proceedings did not involve Galaxy, directly’ Saucier went on, incorporating that ‘it is business as usual [at Galaxy ] as we continue to give our products and services without the interruption.’

With Galaxy doing a whole lot of its business in the Golden State especially with many Indian tribes who have gambling enterprises Saucier wished to assure customers 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 also unchanged and remains in good standing. In fact, we continue to seek and find new licenses and approvals in extra jurisdictions,’ the letter went on to state.

Conflicting Stories

And also this is where things have, um, a little confusing. 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 fact, 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 regulated industry such as gaming, the failure become forthcoming with relevant information had been inexcusable.’

Whatever Saucier is wanting to convince his minions of, it nonetheless appears that Galaxy Gaming LLC will no longer manage to run as a tribal vendor in California after the Gambling Commission decision. In reality, he will not even manage 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 had been 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 most disastrous starts for a casino in recent memory.

Summer ‘Refunds’

That’s why Revel designed summer that is special, in order to get players straight back through the casino’s doors. In an advertising campaign that admitted things got off to a beginning that is rough 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 get all of their losses back on slots through to the end of the a deal that many gamblers simply couldn’t pass up month.

Regrettably, many players didn’t read the fine print. And whenever they learned what the promotion entailed, some weren’t happy with just what they would to get their refunds.

‘we possess a different definition of the ‘refund’ compared to the Revel and I believe a most of other people would concur that a reimbursement 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 Fine Print

The small print on the offer from the casino makes the promotion a little less incredible than it may look initially. 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 fond of players that has Conti and others upset. Players can get their refunds only 5 percent at time, with each ‘block’ of 5 percent being offered in one of this 20 weeks following the advertising ends. If a gambler doesn’t look at the casino in a given week, they won’t be able to receive that percentage of their refund. In addition, the refund doesn’t pay out in money, but in free play credits that is used in the machines; it can not be directly cashed away.

Some might say that the few conditions on an offer such as this one are become expected: in the end, it might be foolish to think that a casino could simply hand back every one of its winnings to customers, even over a short time frame. However, the fact that the details of the ‘refund’ program are flashed on television ads for just a second and in very small printing could mean that Revel is skirting laws on clarity in advertising, if not really breaking them.

Regardless of appropriate standing of the ad, the type of this promotion has turned off at least one gambler from visiting Revel again.

‘When we told my mother relating to this she stated, ‘That’s not what the ad on TV said,” Conti said. ‘My mom hasn’t attended the Revel and will maybe not go in the future.’

Federal Theft Trial Starts for Former Pequot Tribe Chairman

Michael Thomas, a disgraced previous Mashantucket Pequot Tribal Nation president, happens to be facing theft that is federal 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 costs to get his mother to and from her medical appointments, according to the prosecutor’s opening statements at his trial.

Expensive, Substantial Limo Rides

$80,000? That have to’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 just two years between 2007 and 2009 just as the tribe started grappling with tighter available funds after being struck by both the recession and much more neighboring states’ land casino competition.

Thomas’ unrelated defense attorney, Paul Thomas, says it’s up to the jury to determine if those expenses were really banned.

‘Was it impermissible to charge travel on behalf of his ill, 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 totally sure. Irrespective, it appears that Michael Thomas never submitted required expense states detailing his ill mother’s limo solution. Additionally not assisting the previous president’s situation ended up being testimony from Barbara Poirier, the tribe’s director of health solutions, who noted that the tribe makes transportation services available for members whom need to get to 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 your tribal account. Probably for a rainfall dance ceremony or something, we’re guessing. Prosecutors brought to tax that is light showing Thomas’ income of $863,000 in 2008 had fallen to $354,000 by 2009, therefore obviously anybody could relate to their suffering.

Defendant Thomas has pleaded perhaps not responsible to 1 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 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 great deal of wampum.

UK Debt Collector Makes Bad Casino Bets Using Collected Funds

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

Maybe Not Certified to Steal

Unfortunately for him, this is not a good idea after all. In reality, it had been most likely the decision that is stupidest he ever made, as he’s now been sentenced to 12 months in prison, suspended for 2 years, and is forced to accomplish 80 hours of unpaid work for his boss, and pay right back compensation to your sum of £3,600.

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

Chatha took the opportunity to steal the profit February year that is last after being instructed to pick up 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 had been Chatha’s task to deposit the funds to the company’s account within twenty four hours. However, seizing the ability to create a little additional money, the 34-year-old instead 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 authorities, he attempted to claim that it was all just a simple banking error, and this one £6,000 deposit had been compensated over the counter, although the other was deposited to your Face 2 Face account via a automated deposit machine.

Surveillance Video Tells the Story

However, when 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 this season, after he had changed his address, and revealed their findings, which left him no choice but to admit their actions and realize the theft.

‘we had a need to purchase petrol while I was working,’ said Chatha, who chose to represent himself. ‘I was not thinking straight. It was never my intention to simply take it all. I spent some money to fund my petrol expenses, and was then wanting to get the funds back without anyone knowing, so I went to a bookmakers and a casino,’ he said, incorporating that aided by the pressure of attempting to win back his losses, ‘We used it all.’

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

‘ I do not believe your account of what happened, but I can not be certain what did occur to it,’ claimed Judge Richard Griffith-Jones upon royal vegas bonus codes sentencing your debt collector. ‘It is essential that this did not go on for a any period of time of time. It was one impulsive act to steal the money, and you also pleaded bad at the first opportunity.’

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