Galaxy Gaming, Bank of America settle legal issues over business loan

3 March 2014

LAS VEGAS -- Table game provider Galaxy Gaming said it settled its legal issues with Bank of America over a disputed business loan.

In a filing with the Securities and Exchange Commission late Thursday, Las Vegas-based Galaxy said the company and the bank “reached a full settlement of all claims.”

According to the filing, Bank of America “agreed to dismiss its legal action and (Galaxy) entered into a mutual release of all claims with (the bank).” Galaxy also agreed to “vacate” its corporate headquarters at 6980 O’Bannon Drive by the end of April.

In a separate announcement, Galaxy said it was relocating its corporate office and showroom to a larger building south of McCarran International Airport.

Galaxy provides nontraditional table games and table game wagering enhancements to casinos. The company, which holds gaming licenses in several U.S. states, was recently licensed in Arizona, Missouri and areas of the Gulf Coast.

In October, Bank of America filed a lawsuit in Clark County District Court charging that in 2007, false statements were made about the ownership of Galaxy Gaming LLC when the bank gave the company a business loan. The bank claimed it was the victim of allegedly fraudulent transfer of assets from the limited liability company to Galaxy Gaming.

Galaxy Gaming countersued, claiming allegations of abuse of process and slander of business.

The company’s new headquarters is almost four times the size of it former corporate offices.

The building, located at 6767 Spencer St., has more than 24,000 square feet, including 16,000 of office space on two separate floors and 8,000 of attached warehouse storage. Also included is a 3,000-square foot showroom for presenting the company’s games.

“We intend to grow vigorously and become a dominant player in the gaming industry,” Galaxy CEO Robert Saucier said.

Related Links
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