Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial



A Nevada-based casino table games developer, maker and distributor is wanting to reassure worried shareholders following the company’s California ‘suitability to do company’ liberties had been revoked by that state’s Gambling Control Commission recently.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 presssing issues decried by the California regulators within their decisions stemmed from a ‘predecessor entity that ceased business operation 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 give our products and services without any 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 ensure customers and investors that Galaxy’s ‘gaming license with Ca 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 reality, we continue steadily to seek and acquire new licenses and approvals in additional jurisdictions,’ the letter went on to say.

Conflicting Stories

And this is where things have, um, a little perplexing. Because while Saucier emphatically states in their letter that the Ca Gambling Control Commission didn’t rule against him or his company in their current closed regulatory conference, all proof points to the contrary. In reality, it is 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 are investors to believe?

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

Whatever Saucier is trying to persuade his minions of, it nonetheless appears that Galaxy Gaming LLC will not manage to run as a tribal vendor in California after the Gambling Commission decision. In reality, he will not also be able 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 was designed as a Las Vegas-style resort on the city’s famous Boardwalk; but a start that is rocky the casino to file for bankruptcy simply ten months after it opened one of the many disastrous starts for a casino in recent memory.

Summertime ‘Refunds’

That’s why Revel designed special summer promotions, in an attempt to get players right back through the casino’s doors. Within an ad 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. According to 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.

Unfortunately, many players didn’t read the small print. And whenever they found out just what the advertising entailed, some weren’t satisfied with just what they’d to obtain refunds.

‘I employ a definition that is different of ‘refund’ than the Revel and I also believe a majority of others would agree totally that a refund implies that you’ll 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 amazing than it may seem in the beginning. A number 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 are not 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 time, with every ‘block’ of 5 percent being available in one associated with 20 weeks after the promotion ends. If a gambler doesn’t go to the casino in a given week, they won’t manage to receive that percentage of the refund. In addition, the refund doesn’t spend in money, but in free play credits that could be used in the machines; it can not be directly cashed out.

Some might say that the few conditions on an offer similar to this one are to be expected: in the end, it will be foolish to think that the casino could simply surrender most of its winnings to clients, even over a short time frame. However, the fact that the details of the ‘refund’ program are flashed on tv ads for merely a 2nd and in really print that is small mean that Revel is skirting laws on clarity in marketing, if you don’t really breaking them.

Whatever the legal standing of the ad, the character associated with promotion has turned off a minumum of one gambler from visiting Revel once more.

‘When I told my mom concerning this she stated, ‘That’s not just what the ad on TV said,” Conti said. ‘My mother hasn’t gone to the Revel and will not go as time goes by.’

Federal Theft Trial Begins for Former Pequot Tribe Chairman

Michael Thomas, a disgraced former Mashantucket Pequot Tribal country chairman, is currently facing federal theft charges involving inappropriate usage 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 costs to get his mother to and from her medical appointments, according to your prosecutor’s opening statements at his trial.

Expensive, Extensive 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 destination for 2 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 defense attorney, Paul Thomas, says it is as much as the jury to ascertain if those costs were actually not allowed.

‘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 often buy gifts for high rollers with these cards, though what that is because of his mother, we’re maybe not completely sure. Irrespective, it seems that Michael Thomas never submitted required expense states detailing his sick mom’s limo service. Additionally not assisting the former president’s situation ended up being testimony from Barbara Poirier, the tribe’s director of wellness services, who 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 not for mother there were some Victoria’s Secret credit charges made to the account that is tribal. Probably for a rainfall dance something or ceremony, 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 anyone could connect to his suffering.

Defendant Thomas has pleaded not bad to 1 count of theft from an indian organization that is tribal 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 12 months. 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 associated with 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 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 the debtor on behalf of his employer, so that you can recoup his or her own £30 ($46) petrol bill.

Not Certified to Steal

Unfortunately for him, this is perhaps not a good clear idea after all. In fact, it absolutely was 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 will be forced doing 80 hours of unpaid work for his manager, and spend back payment to the sum of £3,600.

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

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

Upon collecting the debts, it absolutely was Chatha’s job to deposit the funds into the company’s account within 24 hours. However, seizing the chance to produce a little extra money, the 34-year-old alternatively deposited just one of the contracted quantities, and tottered on vegas royal casino over to a regional casino where he gambled away all the money during the period of several days.

When questioned by authorities, he attempted to claim that it absolutely was all just a simple banking error, and this 1 £6,000 deposit had been compensated over the counter, even though the other was deposited to your Face 2 Face account via a automated deposit device.

Surveillance Video Tells the Story

However, whenever police took to the CCTV footage through the bank branch, they determined that Chatha was in fact building a false testimony, and in the end tracked him down again in February this present year, 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 needed to buy petrol while I was working,’ said Chatha, who chose to express himself. ‘I was not thinking right. It absolutely was never ever my intention to just take it all. We spent some cash to finance my petrol costs, and ended up being then attempting to get the cash back without anyone knowing, and so I went up to a bookmakers and a casino,’ he stated, incorporating that because of the force of attempting to win back his losses, ‘We tried it all.’

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

‘ I do not believe your account of what happened, but I may not be yes what did occur to it,’ stated Judge Richard Griffith-Jones upon sentencing the debt collector. ‘It is very important that this didn’t carry on for a any period of time of time. It was one impulsive work to steal the money, and you pleaded responsible at the first opportunity.’