Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

Posted by on Feb 13, 2020 in Slots Australia | Comments Off

A casino that is nevada-based games developer, manufacturer and distributor is trying to reassure worried shareholders following the company’s California ‘suitability to do business’ rights had been revoked by that state’s Gambling Control Commission recently.

Defending Letter

Galaxy Gaming CEO Robert Saucier has sent a four-page missive to investors, claiming that all the presssing issues decried by the California regulators inside their decisions stemmed from a ‘predecessor entity that ceased business operation in 2009 and dissolved. The procedures did not directly involve Galaxy,’ Saucier went on, incorporating that ‘it is business as usual [at Galaxy ] even as we continue to give our products and solutions without any interruption.’

With Galaxy doing a lot of its business in the Golden State specially with many Indian tribes who have gambling enterprises Saucier wanted to ensure 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 fact, we continue steadily to seek and find licenses that are new approvals in extra jurisdictions,’ the letter went on to state.

Conflicting Tales

And also this is where things get, um, a little perplexing. Because while Saucier emphatically states in his letter that the Ca 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 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 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 gaming, the failure to be forthcoming with relevant information was inexcusable.’

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

Details of ‘Can’t Lose’ Promotion never 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 simply ten months after it opened one of the many disastrous starts for a casino in recent memory.

Summertime ‘Refunds’

That’s why Revel designed summer that is special, in an attempt to get players back through the casino’s doors. In an advertisement campaign that admitted things got off to a beginning that is rough Revel invited players right back in July, with the vow of a ‘can’t lose’ promotion on slot machines. In accordance with the ads, players would receive all of their losses back on slots through to the end of the month, a deal that many gamblers just couldn’t pass up.

Regrettably, many players didn’t browse the print that is fine. And whenever they found out what the promotion entailed, some weren’t happy with what they’d to obtain refunds.

‘I have a very definition that is different of ‘refund’ compared to the Revel and I also believe a most of other people would concur that a refund implies you will receive a 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 print that is fine the offer from the casino makes the promotion a little less incredible than it may seem initially. A number of the restrictions are rather tame: gamblers must lose at least $100 to qualify, the loss rebates are capped at $100,000, and table game losses are not covered.

It’s the real method by which the ‘refunds’ are provided to players that has Conti and others upset. Players can get their refunds only 5 percent at time, with each ‘block’ of 5 percent being offered in one of the 20 weeks after the advertising ends. If a gambler doesn’t visit the casino in a given week, they won’t manage to receive that percentage of the refund. In addition, the refund doesn’t pay out in money, but in free play credits that can be used in the devices; it can not be directly cashed out.

Some might say that the few conditions on an offer similar to this one are become expected: after all, it would be foolish to think that a casino could simply hand back every one of its winnings to customers, even over a period that is short of. Nevertheless, the fact that the details associated with the ‘refund’ program are flashed on tv ads for just a second and in very small print could mean that Revel is skirting laws on clarity in advertising, if you don’t really breaking them.

No matter what the legal standing of the ad, the nature for the advertising has turned off a minumum of one gambler from visiting Revel again.

‘When I told my mom about this she said, ‘That’s not what the ad on TV said,” Conti said. ‘My mother hasn’t visited the Revel and will maybe 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, has become facing federal theft charges involving inappropriate usage of a tribe-issued credit 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 appointments that are medical according towards the 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’ protection is that he was having financial hardships when he decided Mom could just see the doc showing up via limo. 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 much more neighboring states’ land casino competition.

Thomas’ unrelated protection attorney, Paul Thomas, says it is up to the jury to determine if those expenses had been actually banned.

‘Was it impermissible to charge travel on behalf of his unwell, 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 is due to his mother, we’re not entirely sure. Irrespective, it appears that Michael Thomas never submitted required expense reports detailing his sick mom’s limo solution. Additionally not assisting the previous president’s case had been testimony from Barbara Poirier, the tribe’s director of health services, whom noted that the tribe makes transportation services available for members whom have to reach and from medical appointments.

Dirty Laundry…or underwear

Additionally apparently maybe not for Mom there were some Victoria’s Secret credit charges made towards the account that is tribal. Probably for a rain party ceremony or something, we’re guessing. Prosecutors brought to light taxation 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 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 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 regarding the tribe’s natural resources department.

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

UK Debt Collector Makes Bad Casino Bets Using Collected Funds

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

Not Licensed to Steal

Unfortunately for him, this was maybe 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 prison, suspended for just two years, and are forced to do 80 hours of unpaid work for his company, and pay right back settlement 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 opportunity to steal the money in February year that is last after being instructed to get two £6,000 contracts for Face 2 Face, a company 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 24 hours. However, seizing the opportunity to create a little money that is extra the 34-year-old alternatively deposited one among 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 police, he attempted to claim that it was all just a simple banking mistake, and any particular one £6,000 deposit had been paid over the counter, while the other was deposited towards the Face 2 Face account via a automatic deposit machine.

Surveillance Video Tells the Story

However, whenever police took to the CCTV footage from the bank branch, they determined that Chatha was in reality building a false testimony, and eventually 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.

‘I had a need to purchase 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 just take it all. We spent some funds to invest in my petrol expenses, and ended up being then attempting to get the amount of money back without anyone knowing, therefore I went up to a bookmakers and a casino,’ he said, adding that because of the force of trying to win his losses back, ‘I tried it all.’

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

‘ I do not believe your account of what happened, but I can not be certain just what did happen to it,’ stated Judge Richard Griffith-Jones upon sentencing the debt collector. ‘It is very important that this would not carry on for a period that is long of. It was one impulsive act to take the money, and you also pleaded guilty at the first opportunity.’