Galaxy gaming problems in California

Quote: Paigowdan

You mean like SHFL?

Yup, just like that. Bought by somebody who has a
gaming license, cause Galaxy will never get one. Too
many questions and too many shady answers.

Quote: EvenBob

Yup, just like that. Bought by somebody who has a
gaming license, cause Galaxy will never get one. Too
many questions and too many shady answers.

Bob, you wouldn't know.
We have many gaming licenses, and a lot of installs of successful games.
We'll get through it, but you sir, are just hoping to see blood.

Quote: Paigowdan

Bob, you wouldn't know.
We have many gaming licenses, and a lot of installs of successful games.
We'll get through it, but you sir, are just hoping to see blood.

Apparently you don't have a Nevada gaming
license and thats the hard one. Calif isn't happy
with Galaxy at all, what does that tell you.

As a matter of fact, I do.

I have a Nevada Gaming license for casino pit ops/dealing, and a gaming supplier's license for Washington State. All current and in good standing.
That was the hard one. I AND my wife had to be fingerprinted; multiple forms, detailed criminal and work history, having a bona-fide (non-home) office, the whole nine yards.

Quote: Paigowdan

You mean like SHFL?

Anyone can be bought, everyone has a price.

Why did U post this 1-2 days ago? SHFL jumped 23%. Dan, it's your fault.

Aside from 401(k) plans (dollar cost averaging), I do NO individual trading in any gaming stock.

Quote: EvenBob

Apparently you don't have a Nevada gaming
license and thats the hard one. Calif isn't happy
with Galaxy at all, what does that tell you.

It does not require a Nevada Gaming license to be a game supplier. Any game developer (an individual) can market his / her games if the game has been approved.

Quote: Paigowdan

I have a Nevada Gaming license for casino pit ops/dealing, and a gaming supplier's license for Washington State.
That was the hard one. I AND my wife had to be fingerprinted; multiple forms, detailed criminal and work history, having a bona-fide (non-home) office, the whole nine yards.

I also hold a WSGC license (distributor) but let's be fair, there's a big difference between getting a WSGC supplier or distributor license and a NV gaming card as an employee of a casino. In Washington you need a license to do any sales at all, but most associated equipment vendors don't ever need a NGCB distributor license due to the regulatory structure in NV. However, I wouldn't minimize the rigorous scrutiny Galaxy is likely to face when applying for a license in NV if they are indeed required to do so.

Quote: UCivan

It does not require a Nevada Gaming license to be a game supplier. Any game developer (an individual) can market his / her games if the game has been approved.

1. A Nevada Gaming license was required of me for working in casino gaming in state, not for distributing my game. Every dealer, floorman, shift manager, etc., - everyone in the pit, needs a gaming license. No biggie here.
2. For new games, a Washington state gaming license is required for a game designer, to have his game sold; it is not just a distributor's requirement. A supplier's license is needed. They have very strict requirements, and the game designer on up gets licensed. Arduous process.

Quote: Paigowdan

1. A Nevada Gaming license was required of me for working in casino gaming in state, not for distributing my game. Every dealer, floorman, shift manager, etc., - everyone in the pit, needs a gaming license. No biggie here.
2. For new games, a Washington state gaming license is required for a game designer, to have his game sold; it is not just a distributor's requirement. A supplier's license is needed. They have very strict requirements, and the game designer on up gets licensed. Arduous process.

OK, so who at Galaxy needs these NV licenses, and why? If they're only required for casino workers, why is this an issue for a game distributor?

Quote: rdw4potus

OK, so who at Galaxy needs these NV licenses, and why? If they're only required for casino workers, why is this an issue for a game distributor?

And why does NV all of a sudden want Galaxy to get
one. They must think they won't qualify or why would
they demand one.

Quote: EvenBob

They must think they won't qualify or why would
they demand one.

I don't follow that logic at all.

Quote: rdw4potus

I don't follow that logic at all.

Why now, after all this time? They must think
something is up or they wouldn't bother.

7 days ago I told you to buy as much GLXZ stock as you could at .18. It's up 50% since then. Who listened to me???

Now sell at today's price of .27. It will go down to .23 or .24. Then buy again. Repeat until happy.

ZCore13

Quote: Zcore13

7 days ago I told you to buy as much GLXZ stock as you could at .18. It's up 50% since then. Who listened to me???

Now sell at today's price of .27. It will go down to .23 or .24. Then buy again. Repeat until happy.

ZCore13

This is such a lightly traded stock (an average of $5,400 traded per day at the current price), can you even get the current price? I'm guessing if you wanted to buy $10k worth at the current price of .27 you'd probably end up at .30 or something. So I'm not sure Zcore's strategy will work.

I've bought and sold at the current price multiple times through scottrade. Usually only 3 or 4 thousand shares.

ZCore13

About a letter issued Friday by Saucier:

"Saucier’s letter didn’t address Nevada gaming regulators’ licensing decision or the “notice of administrative charges and opportunity for an adjunctive proceeding” complaint being considered by the Washington State Gambling Commission over “numerous false and misleading statements in its renewal and other applications” between 2000 and 2011."

http://www.reviewjournal.com/business/casinos-gaming/galaxy-gaming-ceo-issues-shareholder-letter-over-california-licensing

And the beat goes on.

It's all a power struggle and circus at this point. His actions have been known for many years. Multiple States and Tribes have approved Galaxy since all of this was alleged and known.

It may or may turn out he has to give up his position within the company, but either way the company is very strong and growing. I think you'll see another jump in the stock price after the 2nd quarter results are published. Instead of wavering between .24 - .29 it will start bouncing around between .30 - .34. until the 3rd quarter results are in.

Within the industry they are doing everything right and it's going to continue to show on the P/L 's.

ZCore13

+1, Thanks Zcore13. I made $200, will continue to monitor GLXZ.

Down to .25 time to buy again. Looking for another 15% profit in 2 or 3 days. (DISCLAIMER - This post contains forward looking thinking. I am not a genie, gypsy or clairvoyant. I've just made good money trading this one stock back and forth)

ZCore13

One minor comment. When placing order, better do "All or None"; being so cheap, the trading commission would be of high %, if the trade is of low qty.

The problem is the stock has to run 25% for you to make 15% as the bid/ask spread as I write this is $0.23/$0.25.

I am not saying it won't happen and wish you well, but with a 10% spread in the bid/ask, stock needs to run from a current bid of $0.23 to $0.29 for you to make 15%.

I would wait for an ask of $0.20.....with the media stories and weaker shareholders just getting scared when the next article is published, whether the contents are true or not, the selling will give you another opportunity to buy lower than $0.25 even if they post good earnings in the next several weeks.

I'm a novice at over-the-counter stock trading, but the current quote I see for GLXZ shows a bid of 0.23 (the price you receive for a sale), and an ask of 0.25 (the price you pay). A spread of that magnitude does not appear conducive to short-term trading, as the expenses will tend to crush the profit potential. I can't see the order book, but if you try to transact in any significant quantity, the situation may actually be worse.

I think that's what jon was getting at, if I understood correctly.

EDIT: Oops, didn't see the comments from Paradigm, which I think hit the nail on the head.

Quote: UCivan

One minor comment. When placing order, better do "All or None"; being so cheap, the trading commission would be of high %, if the trade is of low qty.

Place a buy stop order in at .30 and hope to catch some pump and dump action or positive company news.

Quote: gpac1377

I'm a novice at over-the-counter stock trading, but the current quote I see for GLXZ shows a bid of 0.23 (the price you receive for a sale), and an ask of 0.25 (the price you pay). A spread of that magnitude does not appear conducive to short-term trading, as the expenses will tend to crush the profit potential. I can't see the order book, but if you try to transact in any significant quantity, the situation may actually be worse.

I think that's what jon was getting at, if I understood correctly.

EDIT: Oops, didn't see the comments from Paradigm, which I think hit the nail on the head.

And the low volume of activity on the stock almost guarantees you are only making a couple hundred bucks max at a time when you do move in and out of your position...

Spinner

Time to buy again. 26 right now. Quarterly earnings reports get filed on Wed. Look for a jump! I think it's going to hit .30, then .32 by the end of the year. Hope it still bounces up and down though. Good extra income...

ZCore13

The bid was $0.255 when I looked today, so you have made $0.005 per share since you put in your last buy on July 26th.....what am I missing?

Your not missing anything. I just said its time to buy again. I'm looking for a 15% increase (minus trading fee) in the next week. That's nothing to sneeze at.

ZCore13

OK, but the ask was $0.275 at the same time so for you to make 15% you will need the bid to go up to $0.315 or a 23.5% move in the bid price. I still think this is a tough stock to trade in the short term when you have a 8% spread between the bid/ask.....good luck to you, I hope earnings are good again (...they were last quarter as I recall).

The team will have to address the CA decision in this quarter's call and it will be interesting to see if they get any tough questions from analysts or stockholders. They tend to have a pretty diverse mix of question askers on their calls.

Quote: Paradigm

I still think this is a tough stock to trade in the short term when you have a 8% spread between the bid/ask

Paradigm, I admire your diplomacy.

Quote: Zcore13

Your not missing anything. I just said its time to buy again. I'm looking for a 15% increase (minus trading fee) in the next week. That's nothing to sneeze at.

ZCore13

GLXZ is up today, having its report out today.

Bid is at 0.237 & Ask is at 0.27....that doesn't look up to me.

They appear to have had a decent quarter although I haven't dug into the details.

Stock closed today at $0.17. Market cap is $6.5 million, a huge decline in the past month.

What's going on?


LAS VEGAS, Oct. 14, 2013 (GLOBE NEWSWIRE) -- Following its largest and most successful company presence ever at the annual Global Gaming Expo (G2E), Galaxy Gaming, Inc. (GLXZ) announced that the trade show represented a major turning point for the company and validated its non-traditional approach emphasizing product demonstration along with focused dialogue and personal interaction.

"By showcasing our unique table games and detailing our company's corporate values, we proved there is both high demand and lasting appeal for the world-class products we are producing every day," said Galaxy Gaming CEO Robert Saucier.

The company found widespread interest at G2E in its signature success High Card Flush table game as well as its exclusive licensing agreement with World Poker Tour in conjunction with the launch of a new table game: WPT(R) Heads Up Hold 'Em. "As a result of being on-site at G2E, we received new orders for our games as well as continued and expanded installations both nationwide and globally," added Saucier.

"We're pleased to work with Galaxy Gaming to present an exciting new table game that is well-positioned to attract poker fans at every level, and everywhere it is played," said WPT President Adam Pliska. Also presenting with Galaxy Gaming at G2E was WPT commentator Mike Sexton and the world-famous Royal Flush Girls who met with conference attendees and posed for complimentary souvenir photos produced on-site.

The company also stated that its strong financial position and aggressive growth strategy have brought about increased attention in the industry and continued private investment.

"Galaxy is not only an established table game company, we are the go-to team for new relationships and partnership opportunities," said Gary A. Vecchiarelli, Galaxy Gaming's Chief Financial Officer. "We are the inventor-friendly company where dialogue with designers is encouraged and inventors get the attention they deserve," he said.

Vecchiarelli also outlined two specific areas of focus and the success of Galaxy Gaming's external strategy on differing platforms.
"High Card Flush is a game we acquired, evaluated, modified and made an enormous success. Now, as we also win the future of electronic gaming in casinos and iGaming online, the investment and gaming communities are backing us all the way."

CEO Saucier concluded, "Throughout 2013, we've said Galaxy Gaming is on the move, gaining ground and establishing itself as an elite player in the table games industry. After taking the time to fully evaluate our outstanding G2E conference, we know we have truly arrived."

About Galaxy Gaming

Headquartered in Las Vegas, Galaxy Gaming (www.galaxygaming.com) develops, manufactures and distributes innovative proprietary table games, state-of-the-art electronic wagering platforms and enhanced bonusing systems to land-based, riverboat, cruise ships and online casinos worldwide. Through its iGaming partner Games Marketing Ltd., Galaxy Gaming licenses its proprietary table games to the online gaming industry.

Quote: Thermos

Stock closed today at $0.17. Market cap is $6.5 million, a huge decline in the past month.

What's going on?

LAS VEGAS, Oct. 14, 2013 (GLOBE NEWSWIRE) -- .

Yeah, well, Globe Newswire is a company that you send
an article to and pay them to print it as real news. Anything
from them is just advertising from Galaxy, don't fall for it.

It might have more to do with this, they just applied for
a NV license about 8 weeks ago and the stock has
gone down a lot since then.

http://www.reviewjournal.com/business/casinos-gaming/galaxy-gaming-posts-quarterly-profit-will-file-nevada-license

Stock is down 37% since then.

Quote: Thermos

Stock is down 37% since then.

That's because the scuttlebutt is they will be turned
down because of all the crap that happened in Calif.
Who wants to own stock in a gaming company that
can't get a license in NV.

Quote: EvenBob

Yeah, well, Globe Newswire is a company that you send
an article to and pay them to print it as real news. Anything
from them is just advertising from Galaxy, don't fall for it.

It might have more to do with this, they just applied for
a NV license about 8 weeks ago and the stock has
gone down a lot since then.

http://www.reviewjournal.com/business/casinos-gaming/galaxy-gaming-posts-quarterly-profit-will-file-nevada-license

They also had a major Executive die (Bill O'Hara) and their marketing guru (Ron Marks) leave. My guess is speculation that the company will suffer. The numbers will tell the story. If I had some extra money hanging around I'd by a bunch more right now.

ZCore13

This can't have helped during this past quarter..even though they settled it.


2013/9/10 - Galaxy Gaming Announces Withdrawal of Administrative Charges by Washington State Gambling Commission


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9-10-13 11:21 AM EDT | Email Article



LAS VEGAS, Sept. 10, 2013 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTC:GLXZ) announced that the Washington State Gambling Commission has withdrawn administrative charges against the Company. The previous action was the result of a routine audit conducted in 2010 by Commission agents who alleged the Company did not timely report certain items to the Commission. The withdrawal of all charges signifies the Company is cleared of any and all alleged wrongdoing and has entered into a settlement agreement with the Commission.

(............)

Galaxy Gaming also provided specific details of the agreement with the Commission, which included the Company's reimbursement of all administrative costs and fees associated with the audit and investigation incurred by the state. Company officials and Commission staff have agreed to cooperate together to explore more efficient reporting methods.

"Our former Chief Operating Officer, Bill O'Hara, understood these regulatory reporting obligations and took them very seriously," continued Mr. Saucier. "With Bill's passing last week, the Company continues his great work and we are aggressively bolstering our regulatory compliance program.

(.....)

(c) Morningstar 2013
Full article

Quote: beachbumbabs

The withdrawal of all charges signifies the Company is cleared of any and all alleged wrongdoing and has entered into a settlement agreement with the Commission.

And the stock went up 2% on that announcement.
It's dropped 30% since then for no apparent
reason, other than the impending NV license.

Quote: EvenBob

That's because the scuttlebutt is they will be turned
down because of all the crap that happened in Calif.
Who wants to own stock in a gaming company that
can't get a license in NV.

Is a link available to confirm "Scuttlebutt"?

Galaxy can still sell all its games via other licensees in CA if it get barred. I know for certain one company in San Diego is distributing High Card Flush for Galaxy. American corporations are always run by smart people. No fear; buy more shares.

I tried to buy some shares yesterday, but Fidelity wouldn't take the order; I got a message saying I had to call a number and place the order directly. Frustrating. Will try again.

Up 17% today; not too hard for a stock of 0.199 per share. My other pick is FB who owns huge amount of facial data posted voluntarily by users. Whoever owns data (facial prints) will be king in the future.

OK, I called Fidelity and they needed to read me the riot act before they would let me trade a penny stock online. Put in a limit order all/none at 0.185. Probably won't get any action.

Quote: EvenBob

And the stock went up 2% on that announcement.
It's dropped 30% since then for no apparent
reason, other than the impending NV license.

No apparent reason, except for the other reasons that were mentioned? Losing 2 executives, etc....

I doubt it. I would call it "rumor". It's possible their license will not be issued, but I'd say very unlikely.


ZCore13

Quote: teliot

OK, I called Fidelity and they needed to read me the riot act before they would let me trade a penny stock online. Put in a limit order all/none at 0.185. Probably won't get any action.

The timing for 0.185 has gone. Up 42% at $0.27 now. Remember, the CFO bought it at 0.25, a good benchmark number.

I am waiting for the action tmrw....it spiked today on less than 100K shares and right at the end of the day.....wonder if someone got crazy and entered a market order for 70K shares and the market maker took him/her for a ride....Tmrw will tell us....I always use limit orders on this type of stock and use the current ask as the limit price. I hope this is not the case as I am averaged in at $0.22 and would like to lighten my 0.25 shares at break even or small gain and hold my $0.19 shares for the longer term.

Quote: Paigowdan

Anyone can be bought, everyone has a price.

Apparently

Quote: UCivan

The timing for 0.185 has gone. Up 42% at $0.27 now. Remember, the CFO bought it at 0.25, a good benchmark number.

I bought 20K shares at 0.187 earlier this week. Had limit orders in all week at 0.186 for another 20k (all or none). Oh well.