Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A casino that is nevada-based games developer, manufacturer and distributor is trying to reassure worried shareholders after the company's California 'suitability to do company' rights were 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 Ca regulators inside their decisions stemmed from a 'predecessor entity that ceased business operation in 2009 and dissolved. The proceedings failed to straight involve Galaxy,' Saucier went on, adding that 'it is business as usual [at Galaxy ] even as we continue to provide our products and solutions without the interruption.'

With Galaxy doing plenty of its business in the Golden State especially with many Indian tribes who have casinos Saucier desired to assure clients 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 additionally unchanged and remains in good standing. In reality, we continue steadily to seek and acquire licenses that are new approvals in additional jurisdictions,' the letter went on to state.

Conflicting Stories

And also this is where things get, um, a confusing that is little. Because while Saucier emphatically states in his letter that the Ca Gambling Control Commission didn't rule against him or their company in their recent shut regulatory conference, all evidence points to the contrary. In reality, 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're investors 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 regulated 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 have the ability to run as a vendor that is tribal Ca following Gambling Commission decision. In reality, he will not also manage to request a reconsideration unless new evidence crops up.

Details of 'Can't Lose' Promotion never Sit Well with Revel Customers

Experience Atlantic City ended up being designed as a Las Vegas-style resort in the city's famous Boardwalk; however a rocky start caused the casino to file for bankruptcy just ten months after it opened certainly one of the many disastrous starts for a casino in recent memory.

Summer 'Refunds'

That's why Revel designed unique summer promotions, in order to get players right back through the casino's doorways. In a ad campaign that admitted things got off to a rough beginning, Revel invited players back in July, with the vow of a 'can't lose' promotion on slot machines. In accordance with the ads, players would get all of their losses back on slots through to the end of the a deal that many gamblers simply couldn't pass up month.

Regrettably, numerous players didn't browse the print that is fine. And whenever they discovered what the advertising entailed, some weren't pleased with what they would to get their refunds.

'I employ a definition that is different of 'refund' than the Revel and I believe a majority of other people would agree totally that a reimbursement implies you will receive a complete reimbursement of funds,' customer Ed Conti told The Star-Ledger after visiting Revel. ' I do not feel it really is right.'

Read the print that is fine

The print that is fine the offer from the casino makes the promotion a little less amazing than it may look initially. A few 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 aren't 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 each 'block' of 5 percent being offered in one of the 20 weeks following the advertising 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 shell out in cash, but in free play credits that is used in the machines; it cannot be directly cashed down.

Some might say that a few conditions on an offer such as this one are become expected: all things considered, it will be foolish to think that the casino could simply hand back every one of its winnings to clients, even over a period that is short of. Nevertheless, the fact that the details for the 'refund' program are flashed on television ads for merely a second and in really print that is small mean that Revel is skirting laws on clarity in marketing, or even actually breaking them.

No matter what the appropriate standing of the ad, the type of this advertising has turned off a minumum of one gambler from visiting Revel once more.

'When I told my mom about this she said, 'That's not just what the ad on TV said," Conti said. 'My mom have not attended the Revel and will maybe not go as time goes by.'

Federal Theft Trial Starts for Former Pequot Tribe Chairman

Michael Thomas, a disgraced former Mashantucket Pequot Tribal Nation president, happens to be 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 utilising 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 to the prosecutor's opening statements at his trial.

Costly, Considerable 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 real charges took spot for just two years between 2007 and 2009 just as the tribe began grappling with tighter available funds after being hit by both the recession and more neighboring states' land casino competition.

Thomas' unrelated defense lawyer, Paul Thomas, says it is as much as the jury to determine if those costs were really prohibited.

'Was it impermissible to charge travel on behalf of their unwell, 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 because of his mother, we're maybe not totally sure. Irrespective, it appears that Michael Thomas never submitted required expense states detailing his sick mom's limo solution. Additionally not helping the chairman that is former instance ended up being testimony from Barbara Poirier, the tribe's director of health solutions, who noted that the tribe makes transportation services available for members whom need certainly to reach and from medical appointments.

Dirty Laundry…or underwear

Additionally apparently maybe not for Mom there had been some Victoria's Secret credit charges made towards 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, therefore naturally anybody could relate to his suffering.

Defendant Thomas has pleaded not bad to at least one 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 that 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.

The family that steals together, appeals together? That's great deal of wampum.

UK Debt Collector Makes casino that is bad Using Collected Funds

A Coventry, UK debt collector decided it was a good notion to gamble away a £6,000 (over $9,000) contract which he had recovered from the debtor on behalf of his employer, to be able to recover their own £30 ($46) petrol bill.

Not Certified to Steal

Unfortunately for him, it was perhaps not a good clear idea after 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 are forced to do 80 hours of unpaid work for his manager, and spend straight 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 chance to steal the money in February this past year, 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 job to deposit the funds into the company's account within twenty four hours. However, seizing the chance to make a small extra money, the 34-year-old alternatively deposited one of the contracted quantities, and tottered on over up to a regional casino where he gambled away all the money over the course of several days.

When questioned by police, he attempted to claim that it had been all just an easy banking error, and this 1 £6,000 deposit had been paid over the countertop, whilst the other was deposited to the Face 2 Face account via a automated deposit machine.

Surveillance Video Tells the Story

However, when police took play more chilli slot online free to the CCTV footage from the bank branch, they determined that Chatha was in fact building a false testimony, and in the end 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 needed seriously to pay for petrol while I was working,' said Chatha, who chose to represent himself. 'I was not thinking right. It was never my intention to simply take it all. We spent some money to invest in my petrol costs, and had been then attempting to get the money back without anyone knowing, so I went to a bookmakers and a casino,' he stated, incorporating that using the force of wanting to win his losses back, 'We used it all.'

The judge, however, wasn't buying it.

' I do not believe your account of what happened, but I cannot be yes exactly what did occur to it,' reported Judge Richard Griffith-Jones upon sentencing the debt collector. 'It is important that this did not carry on for a period that is long of. It was one impulsive act to steal the money, and you pleaded responsible during the first opportunity.'