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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 trying to reassure worried shareholders following the company’s California ‘suitability to complete business’ rights were revoked by that state’s Gambling Control Commission recently.

Defending Page

Galaxy Gaming CEO Robert Saucier has sent out 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 proceedings failed to involve Galaxy, directly’ Saucier went on, adding that ‘it is business as usual [at Galaxy ] once we continue to produce our products and solutions without the interruption.’

With Galaxy doing a great deal of its business in the Golden State specially with many tribes that are indian have casinos Saucier wished to assure clients and investors that Galaxy’s ‘gaming permit with Ca 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 licenses that are new approvals in additional jurisdictions,’ the letter went on to express.

Conflicting Stories

And also this is where things have, 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 closed regulatory meeting, all proof points to the contrary. In fact, 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 by which he now finds himself. So who’re investors to believe?

According to Administrative Law Judge Catherine Frink, not Saucier. She has described him as ‘evasive, intentionally dishonest, and misleading in his response 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 wanting to persuade his minions of, it nonetheless seems that Galaxy Gaming LLC will no longer have the ability to operate as a tribal vendor in California after the Gambling Commission decision. In reality, he won’t also be able to request a reconsideration unless new evidence crops up.

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

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

Summertime ‘Refunds’

That’s why Revel designed summer that is special, so that you can get players back through the casino’s doorways. Within an ad campaign that admitted things got off to a rough beginning, Revel invited players straight back in July, with the promise of a ‘can’t lose’ promotion on slot machines. According to the ads, players would get 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.

Unfortuitously, numerous players didn’t browse the print that is fine. And whenever they discovered what the promotion entailed, some weren’t pleased with exactly what they would to get their refunds.

‘we employ a definition that is different of ‘refund’ than the Revel and I also believe a most of other folks would agree totally that a reimbursement implies you will receive a full reimbursement of funds,’ customer Ed Conti told The Star-Ledger after visiting Revel. ‘ I do not feel it’s 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. Some of the restrictions are rather tame: gamblers must lose at the very 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 given to players that has Conti and others upset. Players can receive their refunds only 5 percent at time, with each ‘block’ of 5 percent being offered in one associated with 20 weeks after the promotion ends. If a gambler doesn’t look at the casino in a given week, they won’t be able to receive that percentage of the refund. In addition, the refund doesn’t shell out in cash, but in free play credits that may 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 will be foolish to think that a casino could simply give back most of its winnings to customers, even over a period that is short of. Nonetheless, the fact that the details of the ‘refund’ program are flashed on tv ads for only royal palace las vegas a second and in extremely print that is small mean that Revel is skirting laws on clarity in marketing, or even actually breaking them.

Whatever the standing that is legal of ad, the type associated with the promotion has turned off a minumum of one gambler from visiting Revel again.

‘When I told my mom about this she stated, ‘That’s not just what the ad on TV said,” Conti stated. ‘My mom hasn’t gone to the Revel and will not go in the foreseeable future.’

Federal Theft Trial Begins for Former Pequot Tribe Chairman

Michael Thomas, a disgraced former Mashantucket Pequot Tribal country president, 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 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 have 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 only start to see the doc arriving via limo. The actual charges took destination for 2 years between 2007 and 2009 just as the tribe began grappling with tighter available funds after being struck by both the recession and more neighboring states’ land casino competition.

Thomas’ unrelated protection lawyer, Paul Thomas, says it’s up to the jury to ascertain if those costs were actually not allowed.

‘Was it impermissible to charge travel on behalf of his unwell, 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 is due to his mother, we’re maybe not entirely sure. Irrespective, it appears that Michael Thomas never submitted required expense reports detailing his sick mom’s limo service. Also not assisting the chairman that is former instance had been testimony from Barbara Poirier, the tribe’s manager of health solutions, who noted that the tribe makes transportation services available for members whom have to get to and from medical appointments.

Dirty Laundry…or Lingerie

Also 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 statements showing Thomas’ income of $863,000 in 2008 had dropped to $354,000 by 2009, therefore naturally anyone could connect to his suffering.

Defendant Thomas has pleaded not bad to 1 count of theft from an indian organization that is tribal and to two counts of theft concerning an Indian tribal federal government getting 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 a lot more than $700,000 between 2005 and 2008, while acting as assistant director of 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 casino that is bad Using Collected Funds

A Coventry, UK debt collector decided it in fact was a good idea to gamble away a £6,000 (over $9,000) contract which he had restored from a 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 a good idea after all. In reality, it absolutely was probably the stupidest decision he ever made, as he’s now been sentenced to 12 months in jail, suspended for two years, and will likely be forced to accomplish 80 hours of unpaid work for his manager, and pay back payment towards the sum of £3,600.

Sandeep Chatha pleaded guilty to stealing the cash after their employers noticed the missing amount and called in police.

Chatha took the opportunity 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 with respect to utility companies.

Upon collecting the debts, it had been Chatha’s work to deposit the funds to the company’s account within twenty four hours. However, seizing the chance to make a small money that is extra the 34-year-old instead deposited one among the contracted amounts, 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 an easy banking error, and that one £6,000 deposit had been compensated over the countertop, although the other was deposited to the Face 2 Face account via a automated deposit device.

Surveillance Video Tells the Tale

However, whenever police took to the CCTV footage from the bank branch, they determined that Chatha was in reality building a false testimony, and eventually monitored him down again in February in 2010, after he had changed their address, and unveiled their findings, which left him no option but to admit his actions and admit the theft.

‘I had a need to purchase petrol while I was working,’ said Chatha, whom chose to express himself. ‘I was not thinking directly. It was never my intention to just take it all. I spent some cash to finance my petrol expenses, and had been then wanting to get the money back without anyone knowing, so I went up to a bookmakers and a casino,’ he said, adding that aided by the force of wanting to win his losses back, ‘I tried it all.’

The judge, however, wasn’t purchasing it.

‘ I do not believe your account of what happened, but I can not be certain just what did happen to it,’ reported Judge Richard Griffith-Jones upon sentencing your debt collector. ‘It is essential that this didn’t continue for a period that is long of. It was one impulsive work to take the money, and also you pleaded responsible at the first opportunity.’

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