Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A Nevada-based casino table games developer, maker and distributor is attempting to reassure worried shareholders following the company’s California ‘suitability to accomplish business’ liberties had been revoked by that state’s Gambling Control Commission recently.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 would not straight involve Galaxy,’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] once we continue to provide our products and solutions with no interruption.’

With Galaxy doing a great deal of its business in the Golden State particularly with many tribes that are indian have casinos Saucier wished to ensure customers 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 to seek and get licenses that are new approvals in additional jurisdictions,’ the letter went on to say.

Conflicting Tales

And this is where things get, um, a little perplexing. 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 reality, it is the CEO’s very checkered past involving 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 investors 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 response 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 wanting to convince his minions of, it nonetheless seems that Galaxy Gaming LLC will not manage to run as a vendor that is tribal California following Gambling Commission decision. In reality, he won’t even manage to request a reconsideration unless new evidence crops up.

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

Enjoy Atlantic City had been designed as a Las Vegas-style resort in the city’s famous Boardwalk; however 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 special summer time promotions, in order to get players right back through the casino’s doors. In a 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. Based on the ads, players would receive all of their losses back on slots through to the end of the thirty days, a deal that many gamblers just couldn’t pass up.

Unfortunately, numerous players didn’t read the terms and conditions. And when they found out exactly what the advertising entailed, some weren’t satisfied with exactly what they would to get their refunds.

‘I possess a definition that is different of ‘refund’ than the Revel and I 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 Fine Print

The print that is fine the offer from the casino makes the promotion a little less amazing than it may seem in the beginning. Some 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 way in which the ‘refunds’ are fond of players that has Conti and others upset. Players can get their refunds only 5 percent at a right time, with each ‘block’ of 5 percent being available in one regarding the 20 weeks after the advertising ends. If a gambler doesn’t look at 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 money, but in free play credits that may be used in the devices; it cannot be directly cashed down.

Some might say that a few conditions on an offer such as this one are to be expected: all things considered, it will be foolish to think that the casino could simply give back most of its winnings to clients, even over a short period of time. However, the fact that the details of the ‘refund’ program are flashed on television ads for merely a second and in very tiny print could mean that Revel is skirting laws on clarity in advertising, if not really breaking them.

Regardless of legal standing of the ad, the character regarding the promotion has turned off at least one gambler from visiting Revel once again.

‘When I told my mom concerning this she said, ‘That’s not exactly what the ad on TV said,” Conti stated. ‘My mother has not visited 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, happens to be facing federal theft charges 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 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 was having economic hardships when he decided Mom could only start to see the doc showing up via limo. The charges that are actual place for two years between 2007 and 2009 just as the tribe began grappling with tighter available funds after being hit by both the recession and much more neighboring states’ land casino competition.

Thomas’ unrelated defense lawyer, Paul Thomas, says it is up to the jury to determine if those costs had been actually banned.

‘Was it impermissible to charge travel with respect to his ill, dying mother to get treatment?’ stated defense attorney Thomas. Nice touch, there. The lawyer added that tribal leaders often buy gifts for high rollers with these cards, though what that has to do with his mother, we’re maybe not entirely sure. Irrespective, it seems that Michael Thomas never submitted required expense reports detailing his unwell mother’s limo solution. Also not helping the chairman that is former case ended up being testimony from Barbara Poirier, the tribe’s director of health services, whom noted that the tribe makes transportation services available for members who need 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 rain party something or ceremony, we’re guessing. Prosecutors brought to tax that is light showing Thomas’ income of $863,000 in 2008 had dropped to $354,000 by 2009, so naturally anyone could relate to their suffering.

Defendant Thomas has pleaded maybe not guilty to one count of theft from an indian organization that is tribal 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 significantly more than $700,000 between 2005 and 2008, while acting as assistant director of the tribe’s natural resources department.

The household 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 in fact 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, so that you can recoup their own £30 ($46) petrol bill.

Not Certified to Steal

Unfortunately for him, this is maybe not an idea that is good all. In reality, it absolutely was probably the decision that is stupidest he ever made, as he’s now been sentenced to 12 months in jail, suspended for 2 years, and is forced doing 80 hours of unpaid work for his company, and pay straight back compensation 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 profit February year that is last after being instructed to get two £6,000 contracts for Face 2 Face, a business that executes warrants and recover debts with respect to utility companies.

Upon collecting the debts, it was Chatha’s job to deposit the funds to the company’s account within twenty four hours. However, seizing the opportunity to make a little extra money, the 34-year-old alternatively deposited one among the contracted amounts, and tottered on over to a neighborhood royal vegas review 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 an easy banking error, and this one £6,000 deposit had been compensated over the countertop, even though the other was deposited to your Face 2 Face account via a automatic deposit machine.

Surveillance Video Tells the Tale

However, when police took to the CCTV footage from the bank branch, they determined that Chatha was in fact making a false testimony, and finally 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 to purchase petrol while I was working,’ said Chatha, whom chose to express himself. ‘I was not thinking right. It had been never my intention to take it all. I spent some cash to finance my petrol expenses, and was then attempting to get the money back without anyone knowing, and so I went up to a bookmakers and a casino,’ he said, incorporating that with the stress of wanting to win his losses back, ‘We used it all.’

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

‘ I do not believe your account of what happened, but I can’t be yes just what did happen to it,’ stated Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is important that this failed to carry on for a any period of time of time. It was one impulsive work to take the money, and you pleaded accountable during the first opportunity.’

Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial
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