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is trying to reassure worried shareholders after the company’s California ‘suitability doing company’ liberties had been revoked by that state’s Gambling Control Commission recently.

Defending Letter

Galaxy Gaming CEO Robert Saucier has delivered a four-page missive to investors, claiming that all the presssing issues decried by the Ca regulators in their decisions stemmed from a ‘predecessor entity that ceased business operation in 2009 and dissolved. The procedures would not directly involve Galaxy,’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] even as we continue to offer our products and services with no interruption.’

With Galaxy doing a whole lot 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 Ca tribes is unchanged and in good standing. Likewise, our status in all other jurisdictions we serve is additionally unchanged and remains in good standing more chilli slot machine big win. In fact, we continue to seek and find licenses that are new approvals in additional jurisdictions,’ the letter went on to state.

Conflicting Stories

And this is where things get, um, a confusing that is little. Because while Saucier emphatically states in his letter that the Ca Gambling Control Commission didn’t rule against him or their company in their recent closed regulatory meeting, all proof points to the contrary. In fact, it is the CEO’s very past that is checkered misstatements, witholding information, and providing misleading information that appears to have gotten him into the pickle in which he now finds himself. So who are investors to believe?

According to Administrative Law Judge Catherine Frink, not Saucier. She’s got described him as ‘evasive, intentionally dishonest, and misleading in their reaction to questions.’ She adds that ‘in a highly managed industry such as video gaming, the failure become 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 California after the Gambling Commission decision. In reality, he will not even manage to request a reconsideration unless new evidence crops up.

Details of ‘Can’t Lose’ Promotion do not Sit Well with Revel Customers

Enjoy Atlantic City ended up being designed as a Las Vegas-style resort on 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 many disastrous starts for a casino in recent memory.

Summertime ‘Refunds’

That’s why Revel designed special summer time promotions, in an effort to get players back through the casino’s doorways. Within an ad campaign that admitted things got off to a rough beginning, Revel invited players back in July, with the vow of a ‘can’t lose’ promotion on slot machines. Based on 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 just couldn’t pass up.

Unfortunately, numerous players didn’t read the print that is fine. And whenever they discovered what the advertising entailed, some weren’t pleased with exactly what they’d to get their refunds.

‘I have a very various definition of a ‘refund’ compared to the Revel and I believe a most of other folks would agree that a refund implies that you will receive a complete reimbursement of funds,’ customer Ed Conti told The Star-Ledger after visiting Revel. ‘ I don’t feel it really is right.’

Read the Fine Printing

The fine print on the offer from the casino makes the promotion a little less incredible than it may look at first. A number of the restrictions are instead tame: gamblers must lose at the very 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 every ‘block’ of 5 percent being available 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 their refund. In addition, the refund doesn’t spend in money, but in free play credits that can be used in the machines; it may not be directly cashed down.

Some might say that a few conditions on an offer such as this one are to be expected: all things considered, it might be foolish to think that a casino could simply hand back every one of its winnings to clients, even over a short period of time. However, the fact that the details for 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 not actually breaking them.

Regardless of legal standing of the ad, the character regarding the promotion has turned off one or more gambler from visiting Revel once more.

‘When we told my mom about that she stated, ‘That’s not just what the ad on TV said,” Conti stated. ‘My mom has not attended the Revel and will not go in the foreseeable future.’

Federal Theft Trial Begins for Former Pequot Tribe Chairman

Michael Thomas, a disgraced former Mashantucket Pequot Tribal country chairman, is now 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 utilizing 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 the prosecutor’s opening statements at his trial.

Expensive, Considerable Limo Rides

$80,000? That have to’ve been close to 200 round trips, by our conservative estimation. Thomas’ protection is that he was having monetary hardships when he decided Mom could just understand doc arriving via limo. The charges that are actual spot 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 more neighboring states’ land casino competition.

Thomas’ unrelated protection lawyer, Paul Thomas, says it’s as much as the jury to determine if those costs had been really prohibited.

‘Was it impermissible to charge travel with respect to his sick, dying mother to get treatment?’ stated 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 because of his mother, we’re maybe not completely sure. Regardless, it seems that Michael Thomas never submitted required expense states detailing his unwell mom’s limo solution. Additionally not helping the previous chairman’s instance ended up being testimony from Barbara Poirier, the tribe’s director of wellness services, whom noted that the tribe makes transportation services available for members who have to arrive at and from medical appointments.

Dirty Laundry…or Lingerie

Additionally apparently maybe not for mother there were some Victoria’s Secret credit charges made to your account that is tribal. Probably for a rainfall party ceremony or something, we’re guessing. Prosecutors brought to tax that is light showing Thomas’ income of $863,000 in 2008 had dropped to $354,000 by 2009, therefore obviously anybody could relate to their suffering.

Defendant Thomas has pleaded not responsible to 1 count of theft from an indian organization that is tribal and to two counts of theft concerning an Indian tribal federal government receiving federal funds. His brother Steven Thomas that 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 a lot more than $700,000 between 2005 and 2008, while acting as assistant director of this tribe’s natural resources department.

Your family 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 in fact was a good notion to gamble away a £6,000 (over $9,000) agreement which he had restored from the debtor on behalf of his employer, so that you can recoup his own £30 ($46) petrol bill.

Maybe Not Certified to Steal

Unfortunately for him, this was not an idea that is good all. In fact, it was most likely the decision that is stupidest he ever made, as he’s now been sentenced to 12 months in jail, suspended for 2 years, and are going to be forced doing 80 hours of unpaid work for his employer, and pay straight back compensation towards the 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 ability to steal the profit February last year, after being instructed to get two £6,000 contracts for Face 2 Face, an organization that executes warrants and recover debts with respect to utility companies.

Upon collecting the debts, it was Chatha’s job to deposit the funds in to the company’s account within twenty four hours. However, seizing the ability to create a small extra 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 during the period of several days.

When questioned by police, he attempted to claim that it had been all just a simple banking error, and this 1 £6,000 deposit had been compensated over the countertop, although the other was deposited to the Face 2 Face account via a automatic deposit device.

Surveillance Video Tells the Tale

However, whenever police took to the CCTV footage through the bank branch, they determined that Chatha was in reality creating a false testimony, and finally tracked him down again in February this season, 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.

‘we had a need to purchase petrol while I was working,’ said Chatha, who chose to represent himself. ‘I wasn’t thinking right. It absolutely was never my intention to just take it all. We spent some cash to fund my petrol costs, and had been then attempting to get the amount of money back without anyone knowing, therefore I went to a bookmakers and a casino,’ he stated, adding that with all the stress of wanting to win his losses back, ‘I tried it all.’

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

‘ I do not believe your account of what happened, but I cannot be sure exactly what did occur to it,’ stated Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is important that this would not carry on for a period that is long of. It was one impulsive act to take the money, and also you pleaded bad during the first opportunity.’