Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

February 18, 2020

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 following the company’s California ‘suitability to complete business’ liberties were 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 Ca regulators inside their decisions stemmed from a ‘predecessor entity that ceased business operation in 2009 and dissolved. The procedures would not involve Galaxy, directly’ Saucier went on, incorporating that ‘it is business as usual [at Galaxy ] once we continue to produce our products and solutions without the interruption.’

With Galaxy doing a great deal of its business in the Golden State especially with many tribes that are indian have casinos Saucier wanted to guarantee customers and investors that Galaxy’s ‘gaming permit 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. In fact, we continue steadily to seek and acquire licenses that are new approvals in additional jurisdictions,’ the letter went on to say.

Conflicting Tales

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

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

Whatever Saucier is wanting to persuade his minions of, it nonetheless appears that Galaxy Gaming LLC will not manage 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 new evidence crops up.

Details of ‘Can’t Lose’ Promotion Don’t 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 most disastrous starts for a casino in recent memory.

Summer ‘Refunds’

That’s why Revel designed summer that is special, so that you can get players right back through the casino’s doors. In an advertisement campaign that admitted things got off to a beginning that is rough Revel invited players back in July, with the vow of a ‘can’t lose’ promotion on slot machines. Based on the ads, players would receive all of their losses back on slots until the end of the a deal that many gamblers simply couldn’t pass up month.

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

‘we have a very definition that is different of ‘refund’ compared to the Revel and I believe a most of others would concur 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’s right.’

Read the Fine Printing

The print that is fine the offer from the casino makes the promotion a little less amazing than it may look at first. Some of the restrictions are rather tame: gamblers must lose at the very least $100 to qualify, the loss rebates are capped at $100,000, and table game losses are not covered.

It’s the real way in which the ‘refunds’ are provided to 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 of this 20 weeks following the promotion ends. If a gambler doesn’t go to the casino in a given week, they won’t be able to receive that percentage of their refund. In addition, the refund doesn’t spend in cash, but in free play credits that could be used in the machines; it may not be directly cashed away.

Some might say that the few conditions on an offer similar to this one are become expected: after all, it would be foolish to think that a casino could simply hand back most of its winnings to clients, even over a period that is short of. However, the fact that the details of the ‘refund’ program are flashed on television ads for just a second and in extremely tiny printing could mean that Revel is skirting laws on clarity in marketing, if not actually breaking them.

Regardless of the legal standing of the ad, the nature of this advertising has turned off a minumum of one gambler from visiting Revel again.

‘When I told my mom about it she said, ‘That’s not what the ad on TV said,” Conti stated. ‘My mom hasn’t visited the Revel and will maybe not go later on.’

Federal Theft Trial Starts for Former Pequot Tribe Chairman

Michael Thomas, a disgraced previous Mashantucket Pequot Tribal country chairman, is currently facing federal theft charges involving inappropriate utilization of a tribe-issued charge 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 costs to get his mother to and from her appointments that are medical according to the prosecutor’s opening statements at his trial.

Expensive, 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 start to see the doc showing up via limo. The real charges took 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 more neighboring states’ land casino competition.

Thomas’ unrelated protection attorney, Paul Thomas, says it’s as much as the jury to find out if those expenses had been actually not allowed.

‘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 usually buy gifts for high rollers with these cards, though what that is due to his mother, we’re perhaps not entirely sure. Irrespective, it appears that Michael Thomas never submitted required expense reports detailing his ill mom’s limo solution. Additionally not helping the former president’s case ended up being testimony from Barbara Poirier, the tribe’s manager of wellness solutions, who noted that the tribe makes transportation services available for members who need to arrive at and from medical appointments.

Dirty Laundry…or underwear

Additionally apparently not for mother there were some Victoria’s Secret credit fees made to the tribal account. Probably for a rainfall party ceremony or something, 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 naturally anyone could connect to his suffering.

Defendant Thomas has pleaded maybe 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 12 months. 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 associated with the 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 clear 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 recover his or her own £30 ($46) petrol bill.

Not Licensed to Steal

Unfortunately for him, this was maybe not a good clear idea after all. In reality, it had been probably 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 to do 80 hours of unpaid work for his employer, and spend right back payment to 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 chance to take the money in 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 was Chatha’s work to deposit the funds in to the company’s account within twenty four hours. However, seizing the opportunity to create a little money that is extra the 34-year-old alternatively deposited one of the contracted amounts, and tottered on over to a regional casino where he gambled away all the money over myfreepokies.com the course of several days.

When questioned by authorities, he attempted to claim that it was all just an easy banking error, and that one £6,000 deposit had been compensated over the counter, while the other was deposited towards the Face 2 Face account via a deposit machine that is automated.

Surveillance Video Tells the Story

However, whenever police took to the CCTV footage through the bank branch, they determined that Chatha was in fact making a false testimony, and in the end tracked him down again in February this season, after he had changed his address, and unveiled 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 wasn’t thinking directly. It had been never my intention to take it all. We spent some cash to finance my petrol costs, and was then wanting to get the funds back without anyone knowing, so I went up to a bookmakers and a casino,’ he stated, adding that using the pressure of trying to win back his losses, ‘I tried it all.’

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

‘ I don’t believe your account of what happened, but I cannot be yes exactly what did occur to it,’ claimed Judge Richard Griffith-Jones upon sentencing the debt collector. ‘It is very important that this would not go on for a period that is long of. It was one impulsive act to steal the money, and also you pleaded bad at the first opportunity.’

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