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 doing business’ liberties were revoked by that state’s Gambling Control Commission recently.
Galaxy Gaming CEO Robert Saucier has delivered a four-page missive to investors, claiming that all the issues decried by the California regulators inside their decisions stemmed from a ‘predecessor entity that ceased business procedure in 2009 and dissolved. The procedures didn’t involve Galaxy, directly’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] as we continue to supply our products and services without the interruption.’
With Galaxy doing plenty of its business in the Golden State specially with many Indian tribes who have gambling enterprises Saucier wished to guarantee customers and investors that Galaxy’s ‘gaming license with Ca 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 fact, we continue to seek and acquire licenses that are new approvals in additional jurisdictions,’ the letter went on to say.
And also this is where things have, 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’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’re 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 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 be able to operate as a vendor that is tribal California following the Gambling Commission decision. In fact, he will not even have the ability to request a reconsideration unless brand new evidence crops up.
Details of ‘Can’t Lose’ Promotion do not stay Well with Revel Customers
Enjoy 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 one of the most disastrous starts for a casino in recent memory.
That’s why Revel designed summer that is special, in an attempt to get players back through the casino’s doors. In an ad campaign that admitted things got off to a beginning that is rough 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.
Unfortuitously, numerous players didn’t browse the small print. And when they discovered exactly what the advertising entailed, some weren’t happy with exactly what they would to get their refunds.
‘I employ a different definition of a ‘refund’ compared to the Revel and I also believe a most of others would agree that a reimbursement implies that 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 fine print on the offer from the casino makes the promotion a little less amazing than it may look initially. A few 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 aren’t covered.
It’s the way in which the ‘refunds’ are provided to players that has Conti and others upset. Players can get their refunds only 5 percent at time, with every ‘block’ of 5 percent being offered in one of this 20 weeks following the advertising ends. If a gambler doesn’t go to 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 cash, but in free play credits that can be used in the devices; it can not be directly cashed down.
Some might say that a few conditions on an offer similar to this one are to be expected: most likely, it would be foolish to think that the casino could simply give back each of its winnings to clients, even over a period that is short of. However, the fact that the details of the ‘refund’ program are flashed on tv ads for just a 2nd and in extremely tiny print could mean that Revel is skirting laws on clarity in advertising, if not actually breaking them.
Regardless of the appropriate standing of the ad, the nature associated with the promotion has turned off one or more gambler from visiting Revel once again.
‘When we told my mom concerning this she said, ‘That’s not just what the ad on TV said,” Conti stated. ‘My mom hasn’t attended the Revel and will not go as time goes on.’
Federal Theft Trial Begins for Former Pequot Tribe Chairman
Michael Thomas, a disgraced previous Mashantucket Pequot Tribal country president, has become facing theft that is federal involving inappropriate usage 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 business card to personally rack up $80,000 in limousine service costs to get his mother to and from her appointments that are medical according towards the prosecutor’s opening statements at his trial.
Expensive, Extensive Limo Rides
$80,000? That has to’ve been close to 200 round trips, by our conservative estimation. Thomas’ protection is which he was having monetary hardships when he decided Mom could just begin to see the doc arriving via limo. The charges that are actual destination 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 protection lawyer, Paul Thomas, says it’s as much as the jury to ascertain if those expenses were really prohibited.
‘Was it impermissible to charge travel with respect to 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 due to his mother, we’re maybe not entirely sure. Irrespective, it appears that Michael Thomas never submitted required expense reports detailing his ill mom’s limo solution. Additionally not assisting the former president’s instance had been testimony from Barbara Poirier, the tribe’s manager 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 Lingerie
Additionally apparently not for mother there had been some Victoria’s Secret credit charges made towards the tribal account. Probably for a rainfall party something or ceremony, we’re guessing. Prosecutors brought to light taxation statements showing Thomas’ income of $863,000 in 2008 had dropped to $354,000 by 2009, therefore obviously anybody could connect to their suffering.
Defendant Thomas has pleaded perhaps not responsible to at least one count of theft from A indian tribal organization, and to two counts of theft concerning an Indian tribal government getting federal funds. His brother Steven Thomas who is being tried separately was also indicted early this 12 months. 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 for the tribe’s natural resources department.
The family that steals together, appeals together? That’s a complete great deal of wampum.
UK Debt Collector Makes Bad Casino Bets Using Collected Funds
A Coventry, UK debt collector decided it was a good clear idea to gamble away a £6,000 (over $9,000) agreement which he had restored from the debtor on behalf of his employer, in order to recover his or her own £30 ($46) petrol bill.
Not Certified to Steal
Unfortunately for him, this is not a good notion after all. In fact, it had been probably the decision that is stupidest he ever made, as he’s now been sentenced to 12 months in prison, suspended for two years, and is forced to complete 80 hours of unpaid work for his employer, and spend straight back payment 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 ability to steal the money in February year that is last after being instructed to get 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 was Chatha’s task to deposit the funds to the company’s account within twenty four hours. However, seizing the ability to create a little money that is extra the 34-year-old instead deposited just one of the contracted quantities, and tottered on over to a local casino where he gambled away all the money over the course of several days.
When questioned by authorities, he attempted to claim that it had been all just an easy banking mistake, and this one £6,000 deposit had been compensated over the counter, whilst the other was deposited to the Face 2 Face account via a deposit machine that is automated.
Surveillance Video Tells the Tale
However, whenever police took to the CCTV footage through the bank branch, they determined that Chatha was in fact creating a false testimony, and finally monitored him down again in February this season, after he had changed their address, and unveiled their findings, which left him no choice but to admit his actions and realize the theft.
‘I needed seriously to purchase petrol while I was working,’ said Chatha, whom chose to represent himself. ‘I wasn’t thinking directly. It was never ever my intention to just take it all. I spent some funds to fund my petrol costs, and had been then trying to get the cash back without anyone knowing, and so I went to a bookmakers and a casino,’ he stated, incorporating that with the pressure of trying to win back his losses, ‘I used it all.’
The judge, however, had beenn’t buying it.
‘ I don’t believe your account of what happened, but I cannot be sure what did happen to it,’ reported Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is very important that this didn’t carry on for a long period of time. It was one impulsive act to steal the money, and you also pleaded bad at the first opportunity.’