Table game provider Galaxy Gaming said Monday its founder and largest shareholder was resigning, and the company had retained a Wall Street investment house to assist in evaluating “strategic alternatives.”
Las Vegas-based Galaxy said Robert Saucier resigned from the board, effectively immediately, and would give up his position as executive vice president of business development on Dec. 31.
Last year, Saucier resigned his roles as CEO and board chairman after Nevada gaming regulators threatened to reject the company’s license application because of issues in Saucier’s past. Longtime gaming equipment executive Todd Cravens was named CEO and former Gaming Control Board Chairman Mark Lipparelli became board chairman.
In a brief statement, Galaxy said it retained Macquarie Capital to assist it in evaluating strategic alternatives, “including the potential sale of the shares of the company’s common stock held by Triangulum Partners LLC,” which is controlled by Saucier.
Galaxy Gaming Chief Financial Officer Harry Hagerty said Triangulum owns 23.3 million shares – roughly 60 percent of the company. He said the shares could be purchased by one buyer or divided among several buyers. Shares of Galaxy are traded on the Over the Counter Market and closed at $1.28 Monday, up 5 cents or 4.07 percent.
In July 2017, Galaxy’s gaming license application in Nevada was referred back to staff for additional work after the Gaming Control Board spent two days grilling the company and Saucier over past business practices in Washington, Oregon and California. The company was licensed as a manufacturer and distributor two months later after Saucier was removed from the key positions. Saucier’s license was also referred back to staff.
Hagerty said Monday the company was seeking licensing opportunities in other jurisdictions, but regulators “were unwilling to move forward,” due primarily to last year’s investigation in Nevada and Saucier’s continued majority ownership stake in the company.
Saucier, who operated casinos in Washington, founded Galaxy 18 years ago.
Galaxy provides casinos with non-traditional table games and table game bonus features, such as side wagers on blackjack.
