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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 following the company’s California ‘suitability to complete business’ liberties were 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 in their decisions stemmed from a ‘predecessor entity that ceased business operation in 2009 and dissolved. The proceedings failed to involve Galaxy, directly’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] as we continue to provide our products and services with no interruption.’

With Galaxy doing a great deal of its business in the Golden State specially with many Indian tribes who 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 get new licenses and approvals in extra jurisdictions,’ the letter went on to express.

Conflicting Stories

And this is where things have, um, a little confusing. Because while Saucier emphatically states in their letter that the Ca Gambling Control Commission did not rule against him or his company in their recent closed regulatory meeting, 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 shareholders to believe?

According to Administrative Law Judge Catherine Frink, not Saucier. He has been described by her as ‘evasive, intentionally dishonest, and misleading in his reaction to questions.’ She adds that ‘in a highly managed industry such as video gaming, the failure become forthcoming with relevant information ended up being inexcusable.’

Whatever Saucier is trying to convince his minions of, it nonetheless seems that Galaxy Gaming LLC will no longer be able to operate as a tribal vendor in Ca following the Gambling Commission decision. In reality, he won’t even have the ability to request a reconsideration unless brand new evidence crops up.

Details of ‘Can’t Lose’ Promotion Don’t stay Well with Revel Customers

Enjoy Atlantic City had been designed as a Las Vegas-style resort regarding the city’s famous Boardwalk; however a start that is rocky 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 special summer promotions, so that you can get players right 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 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 until the end of the month, a deal that many gamblers merely couldn’t pass up.

Regrettably, numerous players didn’t read the print that is fine. And when they discovered exactly what the promotion entailed, some weren’t happy with just what they’d to obtain refunds.

‘we possess a definition that is different of ‘refund’ compared to the Revel and I also believe a majority 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 is right.’

Read the print that is fine

The print that is fine the offer from the casino makes the promotion a little less incredible than it may seem in the beginning. Some of the restrictions are instead 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 available in one of this 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 pay out in money, but in free play credits that could be used in the machines; it can’t be directly cashed away.

Some might say that a 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 surrender all of its winnings to clients, even over a short time period. Nevertheless, the fact that the details for the ‘refund’ program are flashed on television ads for just a 2nd and in extremely tiny print could mean that Revel is skirting laws on clarity in marketing, or even actually breaking them.

Regardless of the appropriate standing of the ad, the type for the promotion has turned off at least one gambler from visiting Revel once more.

‘When we told my mother about any of it she stated, ‘That’s not just what the ad on TV said,” Conti stated. ‘My mother has not attended the Revel and will not go as time goes on.’

Federal Theft Trial Starts for Former Pequot Tribe Chairman

Michael Thomas, a disgraced previous Mashantucket Pequot Tribal country chairman, is currently facing theft that is federal involving inappropriate use of a tribe-issued charge 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 company card to personally rack up $80,000 in limousine service expenses to get his mother to and from her medical appointments, according towards the prosecutor’s opening statements at his trial.

Costly, Extensive Limo Rides

$80,000? That has 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 real charges took destination for two 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 protection lawyer, Paul Thomas, says it is as more chilli free slots much as the jury to determine if those expenses had been really not allowed.

‘Was it impermissible to charge travel on behalf of their sick, 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 maybe not completely sure. Irrespective, it appears that Michael Thomas never submitted required expense states detailing his unwell mom’s limo solution. Additionally not helping the chairman that is former 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 who have to get to and from medical appointments.

Dirty Laundry…or underwear

Also apparently not for mother there had been some Victoria’s Secret credit fees made to your account that is tribal. Probably for a rainfall dance ceremony or something, we’re guessing. Prosecutors brought to light tax returns showing Thomas’ income of $863,000 in 2008 had dropped to $354,000 by 2009, therefore obviously anyone could connect to his suffering.

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

The household that steals together, appeals together? That’s lot of wampum.

UK Debt Collector Makes casino that is bad 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, to be able to recoup his own £30 ($46) petrol bill.

Maybe Not Licensed to Steal

Unfortunately for him, this was not a good clear idea after all. In reality, it had been probably the stupidest decision he ever made, as he’s now been sentenced to 12 months in jail, suspended for two years, and will be forced to accomplish 80 hours of unpaid work for his boss, and pay right back compensation towards 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 opportunity to take the money in February year that is last 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 into the company’s account within a day. However, seizing the chance to produce a small additional money, the 34-year-old alternatively deposited just 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 authorities, he attempted to claim that it absolutely was all just a simple banking error, and this 1 £6,000 deposit had been paid over the countertop, although the other was deposited to the Face 2 Face account via a deposit machine that is automated.

Surveillance Video Tells the Story

However, when police took to the CCTV footage from the bank branch, they determined that Chatha was in reality creating 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 had a need to buy petrol while I was working,’ said Chatha, whom chose to represent himself. ‘I wasn’t thinking straight. It had been never ever my intention to simply take it all. I spent some funds to fund my petrol costs, and had been then attempting to get the amount of money back without anyone knowing, and so I went up to a bookmakers and a casino,’ he stated, adding that utilizing the stress of attempting to win his losses back, ‘I used it all.’

The judge, however, ended up beingn’t purchasing it.

‘ I don’t believe your account of what happened, but I can’t be sure just what did happen to it,’ claimed Judge Richard Griffith-Jones upon sentencing the debt collector. ‘It is important that this would not continue for a period that is long of. It was one impulsive act to steal the money, and you pleaded accountable at the first opportunity.’

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