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Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A Nevada-based casino table games developer, maker and distributor is attempting to reassure worried shareholders after the company’s California ‘suitability to do business’ liberties were 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 issues decried by the Ca 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, incorporating that ‘it is business as usual [at Galaxy ] as we continue to supply our products and solutions with no interruption.’

With Galaxy doing a whole lot of its business in the Golden State especially with many tribes that are indian have casinos Saucier desired to assure customers and investors that Galaxy’s ‘gaming permit 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 extra jurisdictions,’ the letter went on to state.

Conflicting Tales

And also this is where things get, um, a little confusing. 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. She has described him as ‘evasive, intentionally dishonest, and misleading in his reaction to questions.’ She adds that ‘in a highly controlled industry such as gaming, the failure become forthcoming with relevant information was inexcusable.’

Whatever Saucier is trying to persuade his minions of, it nonetheless seems that Galaxy Gaming LLC will no longer manage to run as a vendor that is tribal Ca following the Gambling Commission decision. In fact, he won’t also have the ability 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 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 certainly one of the many disastrous starts for a casino in recent memory.

Summer ‘Refunds’

That’s why Revel designed unique summer promotions, in an attempt to get players right back through the casino’s doorways. Within an ad campaign that admitted things got off to a beginning that is rough Revel invited players back in July, with the promise of a ‘can’t lose’ promotion on slot machines. In accordance with the ads, players would receive all of their losses back on slots until the end of the thirty days, a deal that many gamblers simply couldn’t pass up.

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

‘we employ a definition that is different of ‘refund’ than the Revel and I believe a majority of other people would agree that a reimbursement 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’s right.’

Read the Fine Printing

The print that is fine the offer from the casino makes the promotion a little less incredible than it may look at first. A number of the restrictions are instead 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 method by which the ‘refunds’ are provided to players that has Conti and others upset. Players can receive their refunds only 5 percent at a right time, with every ‘block’ of 5 percent being offered in one regarding the 20 weeks following the promotion ends. If a gambler doesn’t visit 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 cash, but in free play credits that could be used in the devices; it can not be directly cashed away.

Some might say that the few conditions on an offer such as this one are to be expected: in the end, it will be foolish to think that the casino could simply give back each of its winnings to customers, even over a short time frame. However, the fact that the details of the ‘refund’ program are flashed on tv ads for merely a 2nd and in very little printing could mean that Revel is skirting laws on clarity in marketing, or even really breaking them.

No matter what the standing that is legal of ad, the type regarding the advertising has turned off one or more gambler from visiting Revel once again.

‘When we told my mom relating to this she stated, ‘That’s not what the ad on TV said,” Conti stated. ‘My mother hasn’t attended the Revel and will maybe not go as time goes by.’

Federal Theft Trial Starts for Former Pequot Tribe Chairman

Michael Thomas, a disgraced former Mashantucket Pequot Tribal Nation president, is now facing theft that is federal involving inappropriate usage of a tribe-issued bank card during hus tenure from 2003 to 2009. Thomas, who chaired the Indian tribe that owns Connecticut’s Foxwoods Casino, is charged with utilising 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.

Expensive, Substantial Limo Rides

$80,000? That has to’ve been close to 200 round trips, by our conservative estimation. Thomas’ protection is he decided Mom could only see the doc arriving via limo that he was having financial hardships when. 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 struck by both the recession and much more neighboring states’ land casino competition.

Thomas’ unrelated defense lawyer, Paul Thomas, says it is as much as the jury to find out if those costs were actually not allowed.

‘Was it impermissible to charge travel on behalf of his sick, dying mother to get treatment?’ stated 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 because of his mother, we’re perhaps not totally sure. Irrespective, it appears that Michael Thomas never submitted required expense states detailing his sick mom’s limo solution. Additionally not assisting the previous president’s case ended up being testimony from Barbara Poirier, the tribe’s manager of wellness services, whom noted that the tribe makes transportation services available for members who have to arrive at and from medical appointments.

Dirty Laundry…or Lingerie

Also apparently not for mother there had been some Victoria’s Secret credit fees made towards the account that is tribal. Probably for a rain 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, so obviously anyone could connect to their suffering.

Defendant Thomas has pleaded not guilty to at least one 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 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 a lot more than $700,000 between 2005 and 2008, while acting as assistant director associated with tribe’s natural resources department.

The family that steals together, appeals together? That’s a complete lot of wampum.

UK Debt Collector Makes Bad Casino Bets Using Collected Funds

A Coventry, UK debt collector decided it was a idea that is good gamble away a £6,000 (over $9,000) contract which he had recovered from a debtor on behalf of his employer, so that you can recover his or her own £30 ($46) petrol bill.

Maybe Not Certified to Steal

Unfortunately for him, this is maybe not an idea that is good all. In fact, it had been most likely the stupidest decision he ever made, as he’s now been sentenced to 12 months in prison, suspended for 2 years, and are forced to accomplish 80 hours of unpaid work for his company, and pay back payment 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 chance to take the profit 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 work to deposit the funds into the company’s account within 24 hours. However, seizing the opportunity to produce a little money that is extra the 34-year-old alternatively deposited just one of the contracted amounts, and tottered on over to a neighborhood 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 that one £6,000 deposit had been compensated over the countertop, although the other was deposited to your Face 2 Face account via a deposit machine that is automated.

Surveillance Video Tells the Tale

However, when police took to the CCTV footage through the bank branch, they determined that Chatha was in fact building a false testimony, and in the end monitored him down again in February this year, after he had changed their address, and revealed their findings, which left him no option but to admit their actions and admit the theft.

‘we had a need to pay for petrol while I was working,’ said Chatha, whom chose to represent himself. ‘I was not thinking straight. It was never my intention to take it all. I spent some cash to invest in my petrol costs, and was then wanting to get the amount of money back without anyone knowing, therefore I went to a bookmakers and a casino,’ he said, adding that with all the stress of attempting to win his losses back, ‘I used it all.’

The judge, however, wasn’t purchasing it.

‘ I don’t believe your account of what happened, but I cannot be yes exactly what did occur to it,’ stated Judge Richard Griffith-Jones upon sentencing the debt collector. ‘It is essential that this failed to carry on for a period that is long of. It was one impulsive work to take the money, and royal vegas flash casino you pleaded responsible at the first opportunity.’

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