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 attempting to reassure worried shareholders after the company’s California ‘suitability to complete company’ rights were revoked by that state’s Gambling Control Commission recently.

Defending Letter

Galaxy Gaming CEO Robert Saucier has sent out 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 procedures would not straight involve Galaxy,’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] once we continue to deliver our products and services without the interruption.’

With Galaxy doing a whole lot of its business in the Golden State particularly with many tribes that are indian have gambling enterprises Saucier wished to assure customers and investors that Galaxy’s ‘gaming license with Ca tribes is unchanged and in good standing. Likewise, our status in every other jurisdictions we serve is additionally unchanged and remains in good standing. In fact, we continue to seek and get new licenses and approvals in additional jurisdictions,’ the letter went on to state.

Conflicting Tales

And this is where things get, 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. He has been described by her as ‘evasive, intentionally dishonest, and misleading in their reaction to questions.’ She adds that ‘in a highly controlled industry such as gaming, the failure to be forthcoming with relevant information ended up being 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 tribal vendor in California following the Gambling Commission decision. In reality, he will not even have the ability to request a reconsideration unless brand new evidence crops up.

Details of ‘Can’t Lose’ Promotion never stay Well with Revel Customers

Revel in Atlantic City ended up being designed as a Las Vegas-style resort regarding the city’s famous Boardwalk; however a start that is rocky the casino to file for bankruptcy just ten months after it opened one of the most disastrous starts for a casino in recent memory.

Summertime ‘Refunds’

That’s why Revel designed unique summer time promotions, in order to get players back through the casino’s doorways. Within an ad 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. 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 just couldn’t pass up.

Unfortuitously, many players didn’t read the fine print. And whenever they found out exactly what the promotion entailed, some weren’t happy with exactly what they’d to obtain refunds.

‘we have a very different definition of a ‘refund’ than the Revel and I also believe a most of other folks would agree that a reimbursement implies that you will receive the full reimbursement of funds,’ customer Ed Conti told The Star-Ledger after visiting Revel. ‘ I do not feel it really is right.’

Read the Fine Printing

The print that is fine the offer from the casino makes the promotion a little less incredible than it may seem in the beginning. Some of the restrictions are rather 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 way in which the ‘refunds’ are given to players that has Conti and others upset. Players can get their refunds only 5 percent at a right time, with each ‘block’ of 5 percent being offered in one regarding 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 these refund. In addition, the refund doesn’t pay out in money, but in free play credits that are used in the devices; it may not be directly cashed out.

Some might say that the few conditions on an offer such as this one are become expected: after all, it would be foolish to think that a casino could simply surrender each of its winnings to customers, even over a short time period. However, the fact that the details regarding the ‘refund’ program are flashed on tv ads for just a second and in extremely print that is small mean that Revel is skirting laws on clarity in marketing, if not actually breaking them.

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

‘When we told my mom about this she stated, ‘That’s not what the ad on TV said,» Conti said. ‘My mom have not attended the Revel and will maybe not go in the foreseeable future.’

Federal Theft Trial Begins for Former Pequot Tribe Chairman

Michael Thomas, a disgraced former Mashantucket Pequot Tribal country president, is currently 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 using the business card to personally rack up $80,000 in limousine service costs 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 has to’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 just understand doc arriving via limo. The charges that are actual destination for just two years between 2007 and 2009 just as the tribe began grappling with tighter available funds after being struck by both the recession and much more neighboring states’ land casino competition.

Thomas’ unrelated protection lawyer, Paul Thomas, says it’s up to the jury to ascertain if those costs had been actually banned.

‘Was it impermissible to charge travel on behalf of his sick, 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 has to do with his mother, we’re perhaps not completely sure. Irrespective, it seems that Michael Thomas never submitted required expense reports detailing his unwell mom’s limo service. Additionally not helping the chairman that is former situation 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 underwear

Also apparently maybe not for mother 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 taxation statements showing Thomas’ income of $863,000 in 2008 had dropped to $354,000 by 2009, so naturally anyone could connect to their suffering.

Defendant Thomas has pleaded perhaps not responsible to at least one 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 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 significantly 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 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 idea to gamble away a £6,000 (over $9,000) agreement which he had recovered from the debtor on behalf of his employer, in order to recoup their own £30 ($46) petrol bill.

Maybe Not Licensed to Steal

Unfortunately for him, it was not an idea that is good all. In fact, it absolutely was most likely the stupidest decision he ever made, as he’s now been sentenced to 12 months in prison, suspended for just two years, and are going to be forced doing 80 hours of unpaid work for his manager, and pay straight back payment to the sum of £3,600.

Sandeep Chatha pleaded guilty to stealing the cash after his employers noticed the sum that is missing called in police.

Chatha took the opportunity to steal the profit February year that is last after being instructed to get two £6,000 contracts for Face 2 Face, a business that executes warrants and recover debts on behalf of utility companies.

Upon collecting the debts, it absolutely was Chatha’s work to deposit the funds to the company’s account within 24 hours. However, seizing the opportunity to create a small additional money, the 34-year-old alternatively deposited one among the contracted amounts, and tottered on over up to a neighborhood casino where he gambled away all the money during the period of several days.

When questioned by police, he attempted to claim that it absolutely was all just a simple banking error, and any particular one £6,000 deposit had been compensated over the counter, even though the other was deposited towards the Face 2 Face account via a deposit machine that is automated.

Surveillance Video Tells the Story

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

‘we needed seriously to purchase petrol while I was working,’ said Chatha, who chose to represent himself. ‘I was not thinking right. It had been never my intention to simply take it all. I spent some cash to fund my petrol expenses, and ended up being then trying to get the cash back without anyone knowing, so I went to a bookmakers and a casino,’ he stated, adding that because of the stress of wanting to win his losses back, ‘I royal vegas online casino download used it all.’

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

‘ I do not believe your account of what happened, but I can’t be certain just what did happen to it,’ claimed Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is important that this failed to carry on for a any period of time of time. It was one impulsive work to steal the money, and also you pleaded accountable during the first opportunity.’