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Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

Galaxy Gaming CEO Reassures Shareholders After Regulatory Denial

A casino that is nevada-based games developer, manufacturer and distributor is wanting to reassure worried shareholders after the company’s California ‘suitability doing company’ liberties were revoked by that state’s Gambling Control Commission recently.

Defending Page

Galaxy Gaming CEO Robert Saucier has delivered a four-page missive to investors, claiming that all the presssing issues decried by the Ca regulators within their decisions stemmed from a ‘predecessor entity that ceased business procedure in 2009 and dissolved. The procedures would not involve Galaxy, directly’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] once we continue to offer our products and solutions 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 assure 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 also unchanged and remains in good standing. In reality, we continue steadily to seek and acquire new licenses and approvals in additional jurisdictions,’ the letter went on to express.

Conflicting Tales

And this is where things get, um, a little confusing. Because while Saucier emphatically states in their letter that the Ca Gambling Control Commission did not rule against him or their company in their current shut regulatory conference, all proof points to the contrary. In fact, 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 in which he now finds himself. So who are investors to believe?

According to Administrative Law Judge Catherine Frink, not Saucier. She’s got described him as ‘evasive, intentionally dishonest, and misleading in his reaction to questions.’ She adds that ‘in a highly regulated industry such as gaming, the failure to be forthcoming with relevant information was inexcusable.’

Whatever Saucier is wanting to persuade his minions of, it nonetheless seems that Galaxy Gaming LLC will not have the ability to operate as a vendor that is tribal California following a Gambling Commission decision. In fact, he will not also 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

Experience 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 summer that is special, in an attempt to get players right back through the casino’s doors. Within an ad 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. In accordance with the ads, players would get all of their losses back on slots until the end of the thirty days, a deal that many gamblers merely couldn’t pass up.

Unfortunately, many players didn’t browse the fine print. And whenever they found out just what the promotion entailed, some weren’t pleased with exactly what they would to obtain refunds.

‘we have a very definition that is different of ‘refund’ than the Revel and I believe a majority of other folks would agree that a refund implies that you’ll receive a full reimbursement of funds,’ customer Ed Conti told The Star-Ledger after visiting Revel. ‘ I don’t feel it’s 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 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 manner in which the ‘refunds’ are fond of 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 available in one of this 20 weeks after the advertising 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 shell out in cash, but in free play credits that is used in the devices; it may not be directly cashed out.

Some might say that the few conditions on an offer similar to this one are become expected: most likely, it might be foolish to think that a casino could simply hand back all of its winnings to clients, even over a short time period. Nevertheless, the fact that the details of the ‘refund’ program are flashed on tv ads for only a second and in extremely little printing could mean that Revel is skirting laws on clarity in advertising, if you don’t really breaking them.

No matter what the appropriate standing of the ad, the character associated with the promotion has turned off one or more gambler from visiting Revel once again.

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

Federal Theft Trial Begins for Former Pequot Tribe Chairman

Michael Thomas, a disgraced previous Mashantucket Pequot Tribal country chairman, happens to be facing theft that is federal involving inappropriate use 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 business card to personally rack up $80,000 in limousine service costs to get his mother to and from her medical appointments, according to the royal vegas review prosecutor’s opening statements at his trial.

Costly, Extensive Limo Rides

$80,000? That have to’ve been close to 200 round trips, by our conservative estimation. Thomas’ defense is he decided Mom could only see the doc arriving via limo that he was having financial hardships when. The charges that are actual spot 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’s as much as the jury to ascertain if those expenses were actually prohibited.

‘Was it impermissible to charge travel on behalf of their sick, dying mother to get treatment?’ said 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 perhaps not entirely sure. Irrespective, it seems that Michael Thomas never submitted required expense reports detailing his sick mom’s limo solution. Also not helping the chairman that is former case ended up being testimony from Barbara Poirier, the tribe’s director of wellness services, who noted that the tribe makes transportation services available for members whom need certainly to arrive at and from medical appointments.

Dirty Laundry…or underwear

Also apparently maybe not for Mom there had been some Victoria’s Secret credit charges made to your tribal account. Probably for a rainfall party ceremony or something, we’re guessing. Prosecutors brought to light tax returns showing Thomas’ income of $863,000 in 2008 had fallen to $354,000 by 2009, so naturally anyone could connect to their suffering.

Defendant Thomas has pleaded perhaps 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 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 for the tribe’s natural resources department.

Your family that steals together, appeals together? That’s great deal of wampum.

UK Debt Collector Makes Bad Casino Bets 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 recovered from the debtor on behalf of his employer, to be able to recoup his own £30 ($46) petrol bill.

Not Licensed to Steal

Unfortunately for him, this is perhaps not a good clear idea after all. In fact, it had been probably the stupidest decision he ever made, as he’s now been sentenced to 12 months in prison, suspended for 2 years, and is going to be forced to do 80 hours of unpaid work for his employer, and spend straight back compensation 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 steal the profit February year that is last after being instructed to pick up 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 task to deposit the funds into the company’s account within 24 hours. However, seizing the chance to make a little money that is extra the 34-year-old instead deposited just one of the contracted quantities, and tottered on over up to a regional casino where he gambled away all the money over the course of several days.

When questioned by authorities, he attempted to claim that it was all just a simple banking mistake, and this 1 £6,000 deposit had been paid over the countertop, even though the other was deposited to the Face 2 Face account via a automated 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 fact making a false testimony, and in the end tracked him down again in February this year, 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 needed seriously to buy petrol while I was working,’ said Chatha, who chose to express himself. ‘I wasn’t thinking directly. It was never ever my intention to just take it all. We spent some money to invest in my petrol expenses, and ended up being then wanting to get the money back without anyone knowing, and so I went up to a bookmakers and a casino,’ he stated, incorporating that using the force of trying to win back his losses, ‘We used it all.’

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

‘ I do not believe your account of what happened, but I may not be sure just what did occur to it,’ stated Judge Richard Griffith-Jones upon sentencing the debt collector. ‘It is very important that this would not go on for a long period of the time. It was one impulsive work to take the money, and you pleaded bad at the first opportunity.’

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