Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

noman haider February 14, 2020

Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A Nevada-based casino table games developer, maker and distributor is trying to reassure worried shareholders following the company’s California ‘suitability to do company’ liberties were revoked by that state’s Gambling Control Commission recently.

Defending Letter

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 procedures did not involve Galaxy, directly’ Saucier went on, incorporating that ‘it is business as usual [at Galaxy ] even as we continue to supply our products and services without the interruption.’

With Galaxy doing a lot of its business in the Golden State specially with many tribes that are indian have casinos Saucier wished to ensure customers and investors that Galaxy’s ‘gaming license with California tribes is unchanged and in good standing. Likewise, our status in every other jurisdictions we serve is also unchanged and remains in good standing. In reality, we continue steadily 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 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 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 shareholders to believe?

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

Whatever Saucier is attempting to convince his minions of, it nonetheless seems that Galaxy Gaming LLC will not manage to run as a vendor that is tribal Ca following the Gambling Commission decision. In reality, he won’t even have the ability to request a reconsideration unless new evidence crops up.

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

Experience 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 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 right back through the casino’s doors. Within an advertisement 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 until the end of the a deal that many gamblers simply couldn’t pass up month.

Regrettably, many players didn’t read the print that is fine. And whenever they found out just what the promotion entailed, some weren’t satisfied with what they would to get their refunds.

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

Read the Fine Print

The print that is fine the offer from the casino makes the promotion a little less incredible than it may seem in the beginning. A number of the restrictions are instead tame: gamblers must lose at least $100 to qualify, the loss rebates are capped at $100,000, and table game losses are not covered.

It’s the real method by which the ‘refunds’ are fond of players that has Conti and others upset. Players can receive their refunds only 5 percent at time, with every ‘block’ of 5 percent being offered 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 these refund. In addition, the refund doesn’t pay out in cash, but in free play credits that is used 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: most likely, it will be foolish to think that a casino could simply hand back every one of its winnings to clients, even over a period that is short of. However, the fact that the details associated with the ‘refund’ program are flashed on tv ads for just a second and in very print that is small mean that Revel is skirting laws on clarity in marketing, if you don’t actually breaking them.

Whatever the legal standing of the ad, the nature associated with promotion has turned off at least one gambler from visiting Revel once again.

‘When we told my mother about that she said, ‘That’s not what the ad on TV said,” Conti said. ‘My mother has not visited the Revel and will perhaps not go later on.’

Federal Theft Trial Starts for Former Pequot Tribe Chairman

Michael Thomas, a disgraced former Mashantucket Pequot Tribal Nation president, is now facing federal theft charges involving inappropriate use of a tribe-issued bank 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 company card to personally rack up $80,000 in limousine service expenses to get his mother to and from her appointments that are medical according towards the prosecutor’s opening statements at his trial.

Costly, Considerable Limo Rides

$80,000? That must’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 2 years between 2007 and 2009 just as the tribe began grappling with tighter available funds after being hit by both the recession and much more neighboring states’ land casino competition.

Thomas’ unrelated defense attorney, Paul Thomas, says it is as much as the jury to ascertain if those expenses were really banned.

‘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 usually buy gifts for high rollers with these cards, though what that is because of his mother, we’re maybe not totally sure. Regardless, it seems that Michael Thomas never submitted required expense reports detailing his unwell mom’s limo solution. Also not helping the previous chairman’s case had been testimony from Barbara Poirier, the tribe’s manager of wellness solutions, whom noted that the tribe makes transportation services available for members whom have to get to and from medical appointments.

Dirty Laundry…or Lingerie

Additionally apparently not for Mom there had been 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 tax that is light showing Thomas’ income of $863,000 in 2008 had fallen to $354,000 by 2009, so naturally anybody could connect to their suffering.

Defendant Thomas has pleaded not responsible to 1 count of theft from A indian tribal organization, and to two counts of theft concerning an Indian tribal federal government receiving federal funds. His brother Steven Thomas who 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 of the tribe’s natural resources department.

Your family that steals together, appeals together? That’s a complete lot 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) agreement which he had restored from a debtor on behalf of his employer, in order to recover his own £30 ($46) petrol bill.

Maybe Not Certified to Steal

Unfortunately for him, this is perhaps not an idea that is good all. In reality, it had been most likely the stupidest decision he ever made, as he’s now been sentenced to 12 months in prison, suspended for two years, and is forced to accomplish 80 hours of unpaid work for his company, and pay right back settlement 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 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 had been Chatha’s work to deposit the funds to the company’s account within 24 hours. However, seizing the ability to produce a little money that is extra the 34-year-old alternatively deposited one of the contracted quantities, and tottered on over to a neighborhood casino where he gambled away all the money over the course of several days.

When questioned by authorities, he attempted to claim that it had been all just an easy banking mistake, and this 1 £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 Tale

However, whenever police took to the CCTV footage from the bank branch, they determined that Chatha was in fact building a false testimony, and eventually monitored him down again in February in 2010, 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 buy petrol while I was working,’ said Chatha, who chose to represent himself. ‘I was not thinking directly. It was never ever my intention to just take it all. I spent some money to finance my petrol expenses, and was then attempting to get the amount of money back without anyone knowing, so I went up to a bookmakers and a casino,’ he said, incorporating that utilizing the force of wanting to win his losses back, ‘We used it all.’

The judge, however, wasn’t buying it.

‘ I don’t believe your account of what happened, but I may not be sure just what did occur to it,’ claimed Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is important that this failed to continue for a period that is long of. It was one impulsive act to steal the money, and you also pleaded accountable at the first opportunity.’


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