Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A Nevada-based casino table games developer, manufacturer and distributor is trying to reassure worried shareholders after the company’s California ‘suitability doing business’ rights were revoked by that state’s Gambling Control Commission recently.

Defending Page

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 ] as we continue to provide our products and services without the interruption.’

With Galaxy doing plenty of its business in the Golden State specially with many tribes that are indian have casinos Saucier desired to ensure customers and investors that Galaxy’s ‘gaming permit with California tribes is unchanged and in good standing. Likewise, our status in all other jurisdictions we serve is additionally unchanged and remains in good standing. In reality, we continue to seek and get new licenses and approvals in extra jurisdictions,’ the letter went on to state.

Conflicting Tales

And more chilli slot sound also this is where things get, um, a confusing that is little. Because while Saucier emphatically states in their letter that the California Gambling Control Commission don’t rule against him or his company in their recent closed regulatory conference, all evidence points to the contrary. 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 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 his reaction 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 wanting to convince his minions of, it nonetheless appears that Galaxy Gaming LLC will no longer manage to operate as a tribal vendor in Ca following a Gambling Commission decision. In reality, he will not even have the ability to request a reconsideration unless brand new evidence crops up.

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

Experience Atlantic City had been designed as a Las Vegas-style resort on the city’s famous Boardwalk; however a start that is rocky the casino to file for bankruptcy simply ten months after it opened one of the most disastrous starts for a casino in recent memory.

Summertime ‘Refunds’

That’s why Revel designed unique summer promotions, in an effort to get players back through the casino’s doors. In an advertising 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 thirty days, a deal that many gamblers merely couldn’t pass up.

Unfortuitously, numerous players didn’t browse the print that is fine. And when they discovered exactly what the promotion entailed, some weren’t satisfied with exactly what they would to obtain refunds.

‘we employ a definition that is different of ‘refund’ than the Revel and I believe a most of other people would concur that a reimbursement 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 incredible than it may look at first. 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 manner in 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 available in one of the 20 weeks after the promotion ends. If a gambler doesn’t visit the casino in a given week, they won’t manage to receive that percentage of these refund. In addition, the refund doesn’t shell out in cash, but in free play credits that may be used in the machines; it can’t be directly cashed away.

Some might say that the few conditions on an offer similar to this one are become expected: most likely, it might be foolish to think that the casino could simply surrender every one of its winnings to clients, even over a period that is short of. Nonetheless, the fact that the details for the ‘refund’ program are flashed on television ads for just a 2nd and in extremely print that is small mean that Revel is skirting laws on clarity in advertising, or even actually breaking them.

Regardless of the standing that is legal of ad, the character for the advertising has turned off one or more gambler from visiting Revel again.

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

Federal Theft Trial Begins for Former Pequot Tribe Chairman

Michael Thomas, a disgraced previous Mashantucket Pequot Tribal country president, happens to be facing federal theft charges involving inappropriate usage 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 expenses to get his mother to and from her medical appointments, according to your prosecutor’s opening statements at his trial.

Expensive, Substantial Limo Rides

$80,000? That have to’ve been close to 200 round trips, by our conservative estimation. Thomas’ defense is he decided Mom could only see the doc arriving via limo that he was having financial hardships when. The actual charges took spot 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 attorney, Paul Thomas, says it’s as much as the jury to find out if those expenses were actually 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 often buy gifts for high rollers with these cards, though what that is because of his mother, we’re perhaps not totally sure. Irrespective, it appears that Michael Thomas never submitted required expense reports detailing his ill mother’s limo service. Also not helping the previous president’s instance had been testimony from Barbara Poirier, the tribe’s director of health services, who noted that the tribe makes transportation services available for members whom need to get to and from medical appointments.

Dirty Laundry…or underwear

Also apparently perhaps not for Mom there were some Victoria’s Secret credit charges 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, therefore naturally anybody could connect to their suffering.

Defendant Thomas has pleaded maybe not bad to 1 count of theft from an indian organization that is tribal and to two counts of theft concerning an Indian tribal federal government getting 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 significantly more than $700,000 between 2005 and 2008, while acting as assistant director for the tribe’s natural resources department.

Your 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 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 own £30 ($46) petrol bill.

Maybe Not Licensed to Steal

Unfortunately for him, this was perhaps not an idea that is good all. In reality, it absolutely was probably the stupidest decision he ever made, as he’s now been sentenced to 12 months in jail, suspended for two years, and will likely be forced to do 80 hours of unpaid work for his boss, and spend right back compensation to the sum of £3,600.

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

Chatha took the chance to steal the profit February this past year, 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 absolutely was Chatha’s task to deposit the funds to the company’s account within a day. However, seizing the ability to make a little extra money, the 34-year-old instead deposited one of the contracted amounts, and tottered on over up to a neighborhood casino where he gambled away all the money over the course of several days.

When questioned by police, he attempted to claim that it was all just an easy banking error, and that one £6,000 deposit had been paid over the countertop, while the other was deposited to 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 from the bank branch, they determined that Chatha was in fact making a false testimony, and eventually tracked him down again in February in 2010, after he had changed their address, and unveiled their findings, which left him no choice but to admit his actions and own up to the theft.

‘we had a need to purchase petrol while I was working,’ said Chatha, whom chose to represent himself. ‘I wasn’t thinking straight. It absolutely was never my intention to take it all. We spent some money to invest in my petrol expenses, and had been then attempting to get the money back without anyone knowing, therefore I went up to a bookmakers and a casino,’ he said, adding that utilizing the stress of trying to win back his losses, ‘I used it all.’

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

‘ I do not believe your account of what happened, but I can not be certain just what did occur to it,’ reported Judge Richard Griffith-Jones upon sentencing the debt collector. ‘It is essential that this failed to carry on for a any period of time of the time. It was one impulsive act to steal the money, and you also pleaded responsible at the first opportunity.’