Table game supplier Galaxy Gaming, Inc. announced that its founder and largest shareholder, Robert Saucier, has resigned from the board of directors effective immediately, and has stepped down as executive vice president of business development for the company, effective December 31.
In addition, the company announced that it has retained Macquarie Capital (USA) Inc. 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, an entity controlled by
Saucier.
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.
Triangulum owns 23.3 million shares—roughly 60 percent of the company. Galaxy Gaming Chief Financial Officer Harry Hagerty 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 founded Galaxy 18 years ago. The company provides casinos with non-traditional table games and table game bonus features, such as side wagers on blackjack.
