Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A casino that is nevada-based games developer, maker and distributor is trying to reassure worried shareholders after the company’s California ‘suitability to accomplish business’ rights had been revoked by that state’s Gambling Control Commission recently.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 issues decried by the Ca regulators within their decisions stemmed from a ‘predecessor entity that ceased business operation in 2009 and dissolved. The procedures did not involve Galaxy, directly’ Saucier went on, incorporating that ‘it is business as usual [at Galaxy ] as we continue to give our products and services without any interruption.’

With Galaxy doing plenty of its business in the Golden State particularly with many tribes that are indian have casinos 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 most other jurisdictions we serve is also unchanged and remains in good standing. In reality, we continue steadily to seek and find new licenses and approvals in additional jurisdictions,’ the letter went on to express.

Conflicting Tales

And this is where things get, um, a confusing that is little. 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 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’re investors to believe?

According to Administrative Law Judge Catherine Frink, not Saucier. She’s described him as ‘evasive, intentionally dishonest, and misleading in his response to questions.’ She adds that ‘in a highly controlled industry such as video gaming, the failure become forthcoming with relevant information ended up being inexcusable.’

Whatever Saucier is attempting to convince his minions of, it nonetheless appears that Galaxy Gaming LLC will not have the ability to operate as a tribal vendor in Ca after the Gambling Commission decision. In reality, he will not even have the ability to request a reconsideration unless new evidence crops up.

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

Revel in Atlantic City was designed as a Las Vegas-style resort regarding the city’s famous Boardwalk; but 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.

Summer ‘Refunds’

That’s why Revel designed unique summer promotions, in order to get players back through the casino’s doors. Within an 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. According to the ads, players would get all of their losses back on slots until the end of the a deal that many gamblers simply couldn’t pass up month.

Unfortunately, numerous players didn’t see the small print. And whenever they found out what the promotion entailed, some weren’t happy with what they’d to get their refunds.

‘I have a very definition that is different of ‘refund’ than the Revel and I also believe a majority of other folks would concur that a refund implies that you’ll receive a complete reimbursement of funds,’ customer Ed Conti told The Star-Ledger after visiting Revel. ‘ I do not feel it 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 look at first. A few 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 real way in which the ‘refunds’ are given to 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 of the 20 weeks following the advertising ends. If a gambler doesn’t go to the casino in a given week, they won’t have the ability to receive that percentage of their refund. In addition, the refund doesn’t spend in money, but in free play credits that may be used in the devices; it cannot be directly cashed away.

Some might say that the few conditions on an offer similar to this one are become expected: most likely, it would be foolish to think that a casino could simply give back every one of its winnings to clients, even over a short time period. Nonetheless, the fact that the details of the ‘refund’ program are flashed on television ads for only a 2nd and in extremely print that is small mean that Revel is skirting laws on clarity in advertising, if you don’t actually breaking them.

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

‘When I told my mother about this she said, ‘That’s not what the ad on TV said,” Conti said. ‘My mom have not visited 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 chairman, is currently 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 using the business 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.

Costly, Extensive Limo Rides

$80,000? That has to’ve been close to 200 round trips, by our conservative estimation. Thomas’ protection is he was having financial hardships as he decided Mom could just start to see the doc arriving via limo. The actual charges took place for two 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 lawyer, Paul Thomas, says it is as much as the jury to find out if those costs were really banned.

‘Was it impermissible to charge travel on behalf of his unwell, dying mother to get treatment?’ stated defense attorney Thomas. Nice touch, there. The lawyer added that tribal leaders frequently 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 states detailing his sick mom’s limo service. Additionally not helping the former chairman’s instance ended up being testimony from Barbara Poirier, the tribe’s director of wellness solutions, whom noted that the tribe makes transportation services available for members whom need certainly to reach and from medical appointments.

Dirty Laundry…or underwear

Additionally apparently maybe not for Mom there had been some Victoria’s Secret credit charges made to your tribal account. Probably for a rainfall dance something or ceremony, we’re guessing. Prosecutors brought to light tax returns showing Thomas’ income of $863,000 in 2008 had fallen to $354,000 by 2009, therefore obviously anybody could relate to his suffering.

Defendant Thomas has pleaded maybe not responsible to 1 count of theft from A indian tribal organization, and to two counts of theft concerning an Indian tribal 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 of this 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 idea to gamble away a £6,000 (over $9,000) agreement which he had recovered from the debtor on behalf of his employer, to be able to recover his own £30 ($46) petrol bill.

Not Licensed to Steal

Unfortunately for him, this is maybe not an idea that is good all. In reality, it absolutely was most likely the decision that is stupidest he ever made, as he’s now been sentenced to 12 months in prison, suspended for two years, and will be forced to complete 80 hours of unpaid work for his boss, and spend back settlement towards 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 take the profit February year that is last after being instructed to pick up 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 was Chatha’s work to deposit the funds into the company’s account within 24 hours. However, seizing the opportunity to make a little extra money, the 34-year-old alternatively deposited just one of the contracted amounts, and tottered on over to a local casino where he gambled away all the money during the period of several days.

When questioned by police, he attempted to claim that it was all just an easy banking mistake, and this one £6,000 deposit had been compensated over the countertop, whilst the other was deposited to the Face 2 Face account via a deposit machine that is automated.

Surveillance Video Tells the Tale

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, after he had changed his address, and revealed their findings, which left him no choice but to admit his actions and admit the theft.

‘I needed seriously to pay for petrol while I was working,’ said Chatha, who chose to represent himself. ‘I was not thinking straight. It absolutely was never ever my intention to simply take it all. We spent some funds to finance my petrol costs, and ended up being then trying to get the funds back without anyone knowing, therefore I went to a bookmakers and a casino,’ he said, incorporating that with all the pressure of wanting to win his losses back, ‘We tried it all.’

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

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