Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

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Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A Nevada-based casino table games developer, maker and distributor is attempting to reassure worried shareholders after the company’s California ‘suitability to complete company’ liberties had been revoked by that state’s Gambling Control Commission recently.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 sent out a four-page missive to investors, claiming that all the issues decried by the Ca regulators within their decisions stemmed from a ‘predecessor entity that ceased business operation in 2009 and dissolved. The proceedings would not directly involve Galaxy,’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] once we continue to give our products and solutions without the interruption.’

With Galaxy doing a lot of its business in the Golden State particularly with many tribes that are indian have casinos Saucier wanted to guarantee customers and investors that Galaxy’s ‘gaming license with California tribes is unchanged and in good standing. Likewise, our status in all other jurisdictions we serve is also unchanged and remains in good standing. In reality, we continue to seek and acquire new licenses and 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. 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’s the CEO’s very checkered past involving 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. She has described him as ‘evasive, intentionally dishonest, and misleading in his reaction to questions.’ She adds that ‘in a highly regulated industry such as gaming, the failure become forthcoming with relevant information was inexcusable.’

Whatever Saucier is wanting to persuade his minions of, it nonetheless seems that Galaxy Gaming LLC will no longer manage to run as a vendor that is tribal Ca following a Gambling Commission decision. In fact, he won’t 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

Experience Atlantic City ended up being designed as a Las Vegas-style resort in the city’s famous Boardwalk; but a rocky start caused the casino to file for bankruptcy simply 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, in order to get players back through the casino’s doorways. In a 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. 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, many players didn’t see the print that is fine. And when they learned exactly what the advertising entailed, some weren’t satisfied with just what they would to obtain refunds.

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

Read the print that is fine

The fine print on the offer from the casino makes the promotion a little less amazing than it may look at first. A number 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 method by which the ‘refunds’ are provided to 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 associated with 20 weeks after the advertising ends. If a gambler doesn’t look at the casino in a given week, they won’t be able to receive that percentage of the refund. In addition, the refund doesn’t spend in money, but in free play credits that can be used in the machines; it can not be directly cashed down.

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 the casino could simply hand back most of its winnings to customers, even over a period that is short of. But, the fact that the details of the ‘refund’ program are flashed on television ads for only a second and in very small print could mean that Revel is skirting laws on clarity in advertising, if you don’t actually breaking them.

Regardless of standing that is legal of ad, the type associated with the advertising has turned off at least one gambler from visiting Revel once again.

‘When we told my mom concerning this she said, ‘That’s not just what the ad on TV said,” Conti said. ‘My mother has not attended the Revel and will perhaps not go later on.’

Federal Theft Trial Begins for Former Pequot Tribe Chairman

Michael Thomas, a disgraced former Mashantucket Pequot Tribal country president, happens to be 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 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 towards the prosecutor’s opening statements at his trial.

Expensive, Extensive 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 place for 2 years between 2007 and 2009 just as the tribe started grappling with tighter available funds after being hit by both the recession and more neighboring states’ land casino competition.

Thomas’ unrelated protection lawyer, Paul Thomas, says it is as much as the jury to ascertain if those costs had been really not allowed.

‘Was it impermissible to charge travel on behalf of their ill, dying mother to get treatment?’ said defense attorney Thomas. Nice touch, there. The lawyer added that tribal leaders usually buy gifts for high rollers with these cards, though what that has to do with his mother, we’re perhaps not entirely sure. Irrespective, it appears that Michael Thomas never submitted required expense reports detailing his ill mother’s limo service. Also not helping the chairman that is former situation had been testimony from Barbara Poirier, the tribe’s manager of health services, whom noted that the tribe makes transportation services available for members who have to get to and from medical appointments.

Dirty Laundry…or Lingerie

Also apparently not for mother there were some Victoria’s Secret credit fees made towards the tribal account. Probably for a rain party something or ceremony, we’re guessing. Prosecutors brought to light tax statements 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 perhaps not accountable to at least one count of theft from A indian tribal organization, and to two counts of theft concerning an Indian tribal 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 a lot more than $700,000 between 2005 and 2008, while acting as assistant director associated with tribe’s natural resources department.

The family that steals together, appeals together? That’s a complete lot of wampum.

UK Debt Collector Makes casino that is bad Using Collected Funds

A Coventry, UK debt collector decided it was a good clear idea to gamble away a £6,000 (over $9,000) agreement which he had recovered from a debtor on behalf of his employer, to be able to recoup his or her own £30 ($46) petrol bill.

Maybe Not Certified to Steal

Unfortunately for him, this is not an idea that is good all. In fact, it had been probably the stupidest decision he ever made, as he’s now been sentenced to 12 months in jail, suspended for just two years, and is going to be forced to accomplish 80 hours of unpaid work for his manager, and pay straight back compensation towards the sum of £3,600.

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

Chatha took the ability to take the money in February a year ago, after being instructed to pick up two £6,000 contracts for Face 2 Face, an organization that executes warrants and recover debts on behalf of utility companies.

Upon collecting the debts, it was Chatha’s work to deposit the funds into the company’s account within a day. However, seizing the opportunity to create a little additional money, the 34-year-old instead deposited one of the contracted amounts, and tottered on over to a local casino where he gambled away all the money over the course of several days.

When questioned by authorities, he attempted to claim that it absolutely was all just a simple banking mistake, and any particular one £6,000 deposit had been paid 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, whenever police took to the CCTV footage through the bank branch, they determined that Chatha was in fact creating a false testimony, and finally monitored him down again in February this year, after he had changed his address, and unveiled their findings, which left him no option but to admit their actions and own up to the theft.

‘we had a need to pay for 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. I spent some funds to finance my petrol expenses, and was then trying to get the money back without anyone knowing, therefore I went up to a bookmakers and a casino,’ he stated, incorporating that using the stress of wanting to win his losses back, ‘We used it all.’

The judge, however, wasn’t purchasing it.

‘ I don’t believe your account of what happened, but I can’t be certain exactly what did happen to it,’ stated Judge Richard Griffith-Jones free more chilli slots upon sentencing the debt collector. ‘It is essential that this failed to go on for a period that is long of. It was one impulsive work to take the money, and you pleaded accountable at the first opportunity.’

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