Gambling, soliciting prostitutes, ripping off a ladies’ charity and leaking painful and sensitive company information, it’s all just a later date at the office, evidently, for the former president of America’s milk-processing companies that are biggest.
William ‘Billy’ Walters leaves a Manhattan court that is federal. He is alleged to possess made $43 million in unlawful stock trades on Dallas-based Dean Foods. He is pleading not guilty.
Tom Davis, the previous president of Dean Foods, of Dallas, continued their testimony in the trial of his one-time buddy, the legendary gambler Billy Walters, on Wednesday. Walters is accused of making $43 million from illegal trades on Dean Foods’ stock, using information that is privileged given by Walters.
Once the star witness for the prosecution, Davis was asked by US Assistant Attorney Brooke Cucinella to reveal any unsavory factual statements about his background that will later surface on the course for the trial. This is standard practice, as it’s better that such information is presented to the court in advance in place of being wheedled out of the witness later on with a protection attorney.
And, kid, did Davis deliver!
$200,000 On One Hand of Blackjack
The court had heard the previous day how the nature of Davis’ relationship with Walters changed after the latter loaned him around $1 million. After Davis became indebted to him, Walters’ request information became ‘more demanding.’
On Wednesday Davis explained that also after borrowing the cash, their failed investments that are numerous gambling habits forced him to embezzle $100,000 from a tennis charity for battered ladies. Davis eventually paid the money back, but later took another $50,000 which he used on ‘gambling and hookers.’
Davis stated he initially received $625,000 from Walters but he blew it quickly, losing $200,000 alone on one hand of blackjack in 2011 during the Cosmopolitan in Las Vegas. He then asked Walters for the next loan of $400,000 which he said was to help refinance a bank in Dallas.
Davis Lying, Claims Walters Attorney
‘I made an extremely poor decision at that amount of amount of time in my life,’ admitted Davis, in what Bloomberg described this week as ‘his gravelly Texas drawl.’
‘I’d developed a friendship that is strong Mr. Walters,’ Davis said. ‘I knew who Billy Walters was… he was a gambler that is fairly famous. He had large amount of connections in nevada. He was a big activities gambler. We was frankly enamored with him.’
Barry Berke, Walters’ attorney called Davis ‘a liar’ who ‘wrongfully implicated Walters only after he got caught stealing from the charity and cheating on his taxes.’
‘We are going to show through incontrovertible evidence that he’s lying about every allegation that is single of whole story,’ Berke said.
Davis is testifying against his friend that is former as of a plea bargain with federal prosecutors after admitting charges including securities fraud and cable fraud.
Michigan Online Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates say they’re encouraged by the recent help that’s been generated for the internet casino bill that is latest introduced in Lansing.
State Sen. Mike Kowall is once more cheerful about his Michigan online gambling bill’s possibilities, but indigenous American groups are opposed. (Image: MI Senate GOP)
State Senate Majority Leader Mike Kowall (R-District 15) introduced SB 203 earlier this month. If the legislation becomes law, commercial casinos and federally recognized tribes would be permitted to obtain online gaming licenses to provide interactive poker rooms and internet gambling.
It’s perhaps not the first time Kowall has attempted to push through a bill that could end online gambling prohibition into the Wolverine State. But this time around, there is apparently more support.
Talking with WZZM 13, the ABC affiliate in Grand Rapids, Kowall stated he’s ‘cautiously optimistic’ on SB 203. ‘The number one problem is to make sure online gaming is safe while bringing in some income to the state during the same time,’ he explained.
Land-based gambling in Michigan is presently reserved to Native American groups which are permitted to supply games of opportunity on their sovereign reservations. The exception is Detroit, where the authorization of three gambling that is commercial ended up being approved during a voter referendum in 1996.
Three years later on, the three casinos in Motor City opened for company. Native American teams were none too happy at the time, therefore the potential expansion of online gambling is now seen by Indian leaders as more legislation that fails to respect sovereignty that is tribal.
The tribes tell the Michigan Senate Regulatory Committee that they are allowed under federal law to commence internet gambling in a joint letter from the Nottawaseppi Huron Band of the Potawatomi and Saginaw Chippewa Indians.
‘ The legislation requires unwarranted and unconditional waivers of sovereign immunity,’ the page states. ‘By neglecting to recognize that Indian tribes are currently authorized to conduct on reservations internet video gaming under both the Indian Gaming Regulatory Act and the illegal Internet Gambling Enforcement Act, the legislation would curtail these lawful areas of Indian tribal gaming.’
Where There Is Money, There’s Support
The tribe’s opposition is because of their belief which they would be unfairly tariffed should they decided to maneuver ahead with online gambling. Both Native American groups say from doing so if they want to offer interactive gaming to persons on their sovereign lands, there’s no barrier currently preventing them.
But if passed and finalized into legislation, Kowall’s bill would require maybe not just the operators that are commercial Detroit, but additionally the tribes, to pay $100,000 per year should they wish to launch online gambling. Ten % of these revenues that are gross also be directed towards the state’s coffers.
Michigan, like so governments that are many the nation, continues to find new income streams as tax re payments remain at lower levels than before the Great Recession hit in 2008.
It’s difficult to identify simply just how much the Michigan online gambling bill might experience for the state, as it’s unclear how many gambling enterprises and tribes would bite. However, some forecasts demand up to $30 million an once the market reaches maturity year.
Amaya Reports Record Revenue in Q4 But Profits Fall Slightly Short
PokerStars parent Amaya has reported record profits in Q4 and across 2016, citing ‘proactive changes’ to the web poker ecosystem, as well as better-than-expected growth of its casino operations.
Amaya CEO Rafi Ashkenazi said that record revenues were down to a controversial but successful policy of rebalancing PokerStars’ ‘ecology’ also better-than-expected recreations book and casino results. (Image: Amaya)
The company that is canadian, year-over-year, revenues rose 5.9 % in Q4, to $310 million, and 7.8 percent for the entire of 2016, to $1.15 billion.
However, profit in the quarter that is fourth 53 cents a share, which missed the typical projection of 56 cents.
PokerStars’ changes to its ecosystem, initiated in belated 2015, triggered sit-out protests by some players during the time, mainly its volume that is high stakes players, who have been, by definition, its best customers.
Rebalancing the Poker Ecosystem
But Amaya wanted to tip the scales and only leisure players, or web depositors, who had previously been scared away in recent years by a skill that is widening and also the increasing use of poker monitoring pc software by multi-tabling, net-withdrawing pros.
It tweaked its player benefits scheme and introduced a number of recreational-friendly ‘jackpot’ style games, which were designed to level the playing industry by increasing the luck factor. To the horror of pros, it appears to have worked.
Even so, Amaya is wary of relying completely on poker as the appetite for the game continues to wane globally.
‘[Changes to poker] and customer acquisition initiatives continue to reverse certain negative trends so we are starting to see natural growth in that business, our casino providing exceeded expectations as we introduced restricted marketing campaigns and focused on our cross-sell efforts, and we continued to construct and develop our sportsbook,’ said Rafi Ashkenazi, Amaya CEO.
Poker accounted for 70 per cent of revenue in Q4 compared with 78 per cent in the quarter that is previous while the share of online casino and sports guide rose to 25.8 per cent from 17.2 %, respectively.
Last was a turbulent one for Amaya year. It saw its founder and major shareholder, David Baazov, resign as chairman and CEO, in the face of serious insider trading fees, while a proposed merger with William Hill had been derailed by a William Hill shareholder revolt.
Nevertheless, Amaya is reducing the debt it accumulated in its $4.9 billion takeover of PokerStars, which means increased revenues will begin to translate soon into bigger earnings.
‘ The strong performance of our company has aided us to reduce our currency risk, lower our interest cost, and accelerate the payment of the residual amounts owed on our deferred payment responsibility, all of which will let us continue pursuing our four strategic priorities,’ stated Ashkenazi. ‘We be prepared to continue our 2016 momentum and execute on our strategy in 2017.’
Georgia Casino Bill Resuscitated But Prognosis Not Good
Supporters of casino video gaming in Georgia have actually new, albeit slim, hope. Their state’s Destination Resort Bill, which died in the Senate last month, has resurfaced in the home with a few tweaks and a sponsor that is new.
State Representative Ron Stephens hopes to breathe new life into the push to bring casino gaming to Georgia. (Image: yogonet.com)
Representative Ron Stephens (R -Savannah) presented an updated form of the bill towards the House Regulated Industries Committee on Thursday. He hopes that by proposing four licenses in the place of two, the legislation will gain more support that is statewide enabling more communities to benefit.
Double the Fun
The previous bill proposed a casino for the Metro Atlanta area and another for a smaller city, such as Savannah or Columbus, thus alienating most of the state from participation.
‘[With the bill] that is previous we’ve eliminated the opportunity for many places around hawaii to even be part of the game, if you will. No pun meant,’ Stephens told committee members.
‘We actually are searching for the investment that is high-end tourism,’ he included.
There was a feeling that if https://myfreepokies.com/aristocrat-pokies/ Atlanta is to compete nationally within the convention company it needs a far more entertainment that is compelling in the downtown area. a recent survey revealed that 22 percent of Atlanta convention site visitors stated they would not return to the city because of not enough evening activity.
Under the terms of the bill, the Atlanta resort would need a good investment of at least $2 billion from the successful bidder, aided by the second biggest casino requiring at the least $450 million. Two smaller, ‘tertiary’ properties would additionally be permitted with an investment that is minimum of150 million each.
But to opponents of casino gaming, the doubling of licenses will simply make the proposition doubly unappealing, and there are many dissenting voices in the state, particularity from church groups.
‘Casinos certainly are a loss that is net the state,’ claimed Dave Baker, executive director of the Faith and Freedom Coalition of Georgia. ‘ They bring addiction, crime and bankruptcy. That includes trafficking that is human. And we work to fight so many of these things in many other bills to bring casinos to their state is just going completely in the wrong direction.’
The version that is previous of bill, sponsored by Senator Brandon Reach, failed also to make it out of a Senate committee, after a committee hearing on the bill was canceled due to not enough interest. Its reemergence within the home suggests that its sponsors at least believes this has a better possibility there.
Stephens, certainly, is positive, it will take some political maneuvering to make it work although he concedes.