VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
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CASINO SUPPLIER CEO: BANK OF AMERICA IS BULLYING COMPANY IN BUSINESS COURTS By Steve Green senior staff writer T axy Gaming Inc. he CEO of casino supplier Galaxy Gaming Inc. accused Bank of America on Nov. 14 of "bullying tactics" that have caused unnecessary scrutiny by gam- ing regulators, and he reported that Galaxy is countersuing the bank in a dispute over a $1.1 million loan. TOURISM GOODMAN SENT OUT TO BRING IN CONVENTIONS By Richard N. Velotta senior staff writer W hen the Las Vegas Convention and Visitors Authority goes on the road to tourism trade shows, showgirls and El- vis impersonators are the magnets that draw people away from the likes of New York and Orlando. And so does former Mayor Oscar Goodman, now the head of the author- ity's Host Committee. He makes appear- ances at shows and welcomes conven- tioneers to any opening event to which sponsors invite him. It's old-hat schtick for Las Vegans who are used to seeing the former mayor with a showgirl on each arm and a martini glass in hand. But for people intrigued with the city, Goodman — who is paid $60,000 a year to lead the com- mittee — and his entourage are iconic symbols of Las Vegas. Goodman gave a sampling of what he does at a Nov. 13 meeting of the LVCVA board of directors. He said the purpose of the committee is to engage the business community on the importance of tourism to the local economy and to roll out the red carpet for those attending special events and conventions. The organization has recruited more than 500 "ambassadors" to make visi- tors feel welcome in Las Vegas. Backers say most of their best work occurs at out-of-town trade shows. "They work from sunup to sundown," said Clark County Commissioner Law- rence Weekly, a member of the LVCVA board who recently traveled with an au- thority contingent to South America. Their primary job is to draw attention to Las Vegas, and they do it just by be- ing there. Goodman and the showgirls have posed for thousands of pictures since the formation of the committee, which receives $200,000 in funding a year from the LVCVA. | 26 NOVEMBER 2012 | B of A last month filed suit charging that in 2007, when it made the loan to an entity called Galaxy Gaming LLC, false statements were made about the own- ership of the limited liability company and that the bank was later victimized by an allegedly fraudulent transfer of assets from Galaxy Gaming LLC to Gal- The bank lawsuit is against Galaxy Gaming Inc. and a trust benefiting the daughter of the company's CEO, Robert Saucier. The suit demands that Galaxy Gaming Inc. pay the outstanding balance of the loan plus interest and legal fees. Saucier has managed both Galaxy Gaming LLC and Galaxy Gaming Inc. in recent years, and is the CEO of Galaxy Gaming Inc. "We examined the claims and made the decision that Bank of America with its bullying tactics is trying to get us to be responsible for a note that we never agreed to be involved in," Sauciersaid. " My City National team watches over my investments. " My eff orts need to stay focused on knee and shoulder surgery, and not on personal investments. With City National in charge, I know there will be money set aside for my children's education, for philanthropy and for other needs. Th ey are my trusted fi nancial experts. City National is Th e way up® for me and my business. Steven Th omas, M.D. Th omas & Bigler Knee & Shoulder Institute Hear Dr. Th omas' complete story at cnb.com/thewayup. Experience the City National Diff erence. SM Call (702) 425-6559 or visit cnb.com to fi nd a Wealth Management advisor near you. City National Wealth Management Non-deposit Investment Products: ■ are not FDIC insured Past performance is not an indication of future results. Member FDIC ■ are not Bank guaranteed ■ may lose value ©2012 City National Bank 7