Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A Nevada-based casino table games developer, manufacturer and distributor is trying to reassure worried shareholders following the company’s California ‘suitability to complete company’ liberties had been revoked by that state’s Gambling Control Commission recently.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 California regulators in their decisions stemmed from a ‘predecessor entity that ceased business procedure in 2009 and dissolved. The procedures failed to involve Galaxy, directly’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] even as we continue to give our products and solutions without any interruption.’

With Galaxy doing plenty of its business in the Golden State particularly with many tribes that are indian have gambling enterprises Saucier wished to guarantee customers and investors that Galaxy’s ‘gaming permit with California 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 to seek and find new licenses and approvals in extra 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 their letter that the California Gambling Control Commission did not rule against him or their company in their current shut regulatory meeting, all proof points to the contrary. In fact, 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 in which he now finds himself. So who are investors to believe?

According to Administrative Law Judge Catherine Frink, not Saucier. She has 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 was inexcusable.’

Whatever Saucier is trying to persuade his minions of, it nonetheless seems that Galaxy Gaming LLC will not manage to run as a tribal vendor in Ca after the Gambling Commission decision. In reality, he will not also have the ability 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 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.

Summer ‘Refunds’

That’s why Revel designed special summer time promotions, in an effort to get players back through the casino’s doors. In a advertising campaign that admitted things got off to a rough beginning, Revel invited players back in July, with the promise of a ‘can’t lose’ promotion on slot machines. According to the ads, players would receive all of their losses back on slots until the end of the thirty days, a deal that many gamblers simply couldn’t pass up.

Regrettably, numerous players didn’t browse the terms and conditions. And when they learned what the advertising entailed, some weren’t happy with just what they would to get their refunds.

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

Read the Fine Print

The print that is fine the offer from the casino makes the promotion a little less amazing than it may look in the beginning. Some of the restrictions are instead 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 manner in which the ‘refunds’ are provided to players that has Conti and others upset. Players can receive their refunds only 5 percent at time, with each ‘block’ of 5 percent being offered in one regarding the 20 weeks after the advertising ends. If a gambler doesn’t look at the casino in a given week, they won’t manage to receive that percentage of their refund. In addition, the refund doesn’t shell out in cash, but in free play credits that could be used in the machines; it can not be directly cashed away.

Some might say that a few conditions on an offer such as this one are to be expected: in the end, it would be foolish to think that the casino could simply hand back all of its winnings to clients, even over a period that is short of. However, the fact that the details for the ‘refund’ program are flashed on television ads for only a 2nd and in really print that is small mean that Revel is skirting laws on clarity in marketing, or even actually breaking them.

Whatever the appropriate standing of the ad, royal vegas casino no deposit bonus codes the nature associated with the promotion has turned off a minumum of one gambler from visiting Revel once again.

‘When we told my mother concerning this she said, ‘That’s not exactly what the ad on TV said,” Conti said. ‘My mom hasn’t attended the Revel and will not go in the future.’

Federal Theft Trial Starts for Former Pequot Tribe Chairman

Michael Thomas, a disgraced former Mashantucket Pequot Tribal Nation chairman, is currently facing theft that is federal 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 business card to personally rack up $80,000 in limousine service costs 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 which he was having monetary hardships as he decided Mom could just see the doc arriving via limo. 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 protection lawyer, Paul Thomas, says it is up to the jury to determine if those costs were actually prohibited.

‘Was it impermissible to charge travel with respect to his ill, dying mother to get treatment?’ said defense attorney Thomas. Nice touch, there. The lawyer added that tribal leaders frequently buy gifts for high rollers with these cards, though what that is due to his mother, we’re perhaps not completely sure. Regardless, it appears that Michael Thomas never submitted required expense reports detailing his ill mom’s limo service. Also not helping the chairman that is former instance was testimony from Barbara Poirier, the tribe’s director of health solutions, whom noted that the tribe makes transportation services available for members whom need to reach and from medical appointments.

Dirty Laundry…or Lingerie

Additionally apparently not for mother there were some Victoria’s Secret credit charges made to the tribal account. 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 dropped to $354,000 by 2009, so naturally anybody could relate 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 year. 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 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 idea that is good gamble away a £6,000 (over $9,000) agreement which he had restored from a debtor on behalf of his employer, in order to recoup his or her own £30 ($46) petrol bill.

Maybe Not Certified to Steal

Unfortunately for him, it was maybe not a good clear idea after 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 prison, suspended for just two years, and will likely be forced doing 80 hours of unpaid work for his boss, and spend back settlement to 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 ability to steal the profit February a year ago, 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 into the company’s account within twenty four hours. However, seizing the ability to produce a little additional money, the 34-year-old alternatively deposited just one of the contracted amounts, and tottered on over up to a regional 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 countertop, although the other was deposited to your Face 2 Face account via a deposit machine that is automated.

Surveillance Video Tells the Story

However, whenever police took to the CCTV footage from the bank branch, they determined that Chatha was in fact creating a false testimony, and in the end monitored him down again in February this present year, after he had changed his address, and unveiled their findings, which left him no option but to admit his actions and admit the theft.

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

The judge, however, wasn’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 failed to go on for a period that is long of. It was one impulsive work to steal the money, and you pleaded bad during the first opportunity.’