Gambling, soliciting prostitutes, ripping down a women’s charity and leaking delicate company information, it’s all just another day at the office, apparently, for the previous chairman of America’s biggest milk-processing companies.
William ‘Billy’ Walters leaves a Manhattan court that is federal. He is alleged to own made $43 million in unlawful stock trades on Dallas-based Dean Foods. He is pleading not guilty.
Tom Davis, the former president of Dean Foods, of Dallas, continued their testimony in the test of his one-time friend, the legendary gambler Billy Walters, on Wednesday. Walters is accused of making $43 million from illegal trades on Dean Foods’ stock, utilizing information that is privileged given by Walters.
Because the celebrity witness for the prosecution, Davis was asked by US Assistant Attorney Brooke Cucinella to reveal any details that are unsavory his background that will later surface on the course for the test. This is standard training, as it’s preferable that such information is presented to the court up front in the place of being wheedled from the witness later with a defense attorney.
And, kid, did Davis deliver!
$200,000 On One Hand of Blackjack
The court had heard the past 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’ ask for information became ‘more demanding.’
On Wednesday Davis explained that also after borrowing the cash, their failed numerous investments and gambling habits forced him to embezzle $100,000 from the tennis charity for battered females. Davis eventually paid the cash back, but later took another $50,000 which he spent on ‘gambling and hookers.’
Davis stated that he initially received $625,000 from Walters but he blew it quickly, losing $200,000 alone on one hand of blackjack in 2011 at the Cosmopolitan in Las Vegas. He then asked Walters for the next loan of $400,000 which he said would be to help refinance a bank in Dallas.
Davis Lying, Says Walters Attorney
‘I made a really poor decision at that period of time in my life,’ admitted Davis, in what Bloomberg described this week as ‘his gravelly Texas drawl.’
‘I’d developed a strong friendship with Mr. Walters,’ Davis stated. ‘I knew who Billy Walters was… he ended up being a gambler that is fairly famous. He had lot of connections in nevada. He was a sports that are big. We was frankly enamored with him.’
Barry Berke, Walters’ attorney called Davis ‘a liar’ who ‘wrongfully implicated Walters just after he got caught stealing from a charity and cheating on his taxes.’
‘We are going to show through incontrovertible proof that he’s lying about every allegation that is single of entire tale,’ Berke said.
Davis is testifying against their friend that is former as of a plea bargain with federal prosecutors after admitting fees including securities fraud and cable fraud.
Michigan On The Web Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates state they’re encouraged by the recent support that is been generated for the latest internet casino bill introduced in Lansing.
State Sen. Mike Kowall is once again cheerful about their Michigan online gambling bill’s possibilities, but Native 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 could be permitted to obtain online gaming licenses to offer interactive poker rooms and internet gambling.
It’s maybe not the time that is first has tried to push through a bill that could end online gambling prohibition into the Wolverine State. But this right time around, there appears to be more support.
Talking with WZZM 13, the ABC affiliate in Grand Rapids, Kowall stated he’s ‘cautiously positive’ on SB 203. ‘The number one problem is to be sure online gaming is safe while bringing in some income to the state during the time that is same’ he explained.
Land-based gambling in Michigan is presently reserved to Native American groups being permitted to offer games of opportunity on their sovereign reservations. The exception is Detroit, in which the authorization of three gambling that is commercial ended up being approved within a voter referendum in 1996.
Three years later on, the 3 casinos in Motor City exposed for company. Indigenous American groups were none too happy at that time, and also the potential expansion of online gambling is now seen by Indian leaders as more legislation that fails to respect tribal sovereignty.
In a joint page from the Nottawaseppi Huron Band of the Potawatomi and Saginaw Chippewa Indians, the tribes tell the Michigan Senate Regulatory Committee they are permitted under federal law to commence internet gambling.
‘ The legislation requires unwarranted and unconditional waivers of sovereign immunity,’ the letter states. ‘By failing woefully to recognize that Indian tribes are currently authorized to conduct on reservations internet gaming under both the Indian Gaming Regulatory Act and the illegal Internet Gambling Enforcement Act, the legislation would curtail these lawful aspects of Indian tribal video gaming.’
Where There’s Money, There’s Support
The tribe’s opposition is because of their belief they would be unfairly tariffed if they decided to go ahead with online gambling. Both Native American groups state 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 signed into legislation, Kowall’s bill would require not only the operators that are commercial Detroit, but in addition the tribes, to pay $100,000 per year should they wish to launch on the web gambling. Ten percent of the gross revenues would additionally be directed to your state’s coffers.
Michigan, like so many governments around the country, continues to find new revenue streams as tax re payments remain at reduced levels than before the Great Recession hit in 2008.
It’s difficult to identify simply just how much the Michigan online gambling bill might enjoy for the state, as it’s unclear how casinos that are many tribes would bite. However, some forecasts demand just as much as $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 revenues in Q4 and across 2016, citing ‘proactive modifications’ to the web poker ecosystem, as well as better-than-expected growth aristocrat pokies online casino of its casino operations.
Amaya CEO Rafi Ashkenazi said that record revenues were down up to a controversial but policy that is successful of PokerStars’ ‘ecology’ as well as better-than-expected recreations book and casino results. (Image: Amaya)
The company that is canadian, year-over-year, revenues rose 5.9 percent in Q4, to $310 million, and 7.8 percent for your of 2016, to $1.15 billion.
Nevertheless, profit in the fourth quarter was 53 cents a share, which missed the average projection of 56 cents.
PokerStars’ changes to its ecosystem, initiated in late 2015, triggered sit-out protests by some players at that time, mainly its volume that is high stakes players, who were, by definition, its best customers.
Rebalancing the Poker Ecosystem
But Amaya wanted to tip the scales and only recreational players, or web depositors, who was simply scared away in recent years by a skill that is widening as well as the increasing use of poker monitoring pc software by multi-tabling, net-withdrawing advantages.
It tweaked its player benefits scheme and introduced a number of recreational-friendly ‘jackpot’ style games, that have been created to amount 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 totally on poker once the appetite for the game continues to wane globally.
‘[Changes to poker] and customer acquisition initiatives carry on to reverse certain negative trends so we are starting to see natural growth in that company, our casino offering exceeded objectives as we introduced limited marketing campaigns and focused on our cross-sell efforts, and we continued to build and develop our sportsbook,’ said Rafi Ashkenazi, Amaya CEO.
Poker accounted for 70 per cent of revenue in Q4 compared with 78 % in the past quarter, while the share of online casino and sports guide rose to 25.8 per cent from 17.2 percent, respectively.
Last year had been a turbulent one for Amaya. It saw its founder and shareholder that is major David Baazov, resign as chairman and CEO, in the face of severe insider trading fees, while a proposed merger with William Hill had been derailed with a William Hill shareholder revolt.
Nevertheless, Amaya is reducing your debt it accumulated in its $4.9 billion takeover of PokerStars, which means increased revenues will soon begin to translate into bigger profits.
‘ The strong performance of our company has aided us to reduce our currency risk, lower our interest cost, and accelerate the payment of the remaining amounts owed on our deferred re payment obligation, all of which will allow us to 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 Perhaps Not Good
Supporters of casino video gaming in Georgia have new, albeit slim, hope. Hawaii’s Destination Resort Bill, which died in the Senate final month, has resurfaced in the home with a few tweaks and a sponsor that is new.
State Representative Ron Stephens hopes to breathe life that is new the push to bring casino video gaming to Georgia. (Image: yogonet.com)
Representative Ron Stephens (R -Savannah) presented an updated form of the bill to your House Regulated Industries Committee on Thursday. He hopes that by proposing four licenses as opposed to two, the legislation will gain more statewide support by permitting more communities to profit.
Double the Fun
The bill that is previous 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 certain places around their state to even be part of the game, in the event that you will. No pun meant,’ Stephens told committee people.
‘We really are looking for the high-end investment for tourism,’ he added.
There is certainly a sense that if Atlanta is to compete nationally in the convention business it needs a far more compelling entertainment offering in the downtown area. a recent survey revealed that 22 percent of Atlanta convention visitors said they would not come back to the town because of not enough night entertainment.
Under the terms of this bill, the Atlanta resort would need an investment of at least $2 billion from the effective bidder, using the 2nd casino that is largest requiring at the very least $450 million. Two smaller, ‘tertiary’ properties would also 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 numerous voices that are dissenting the state, particularity from church groups.
‘Casinos are a definite loss that is net the state,’ claimed Dave Baker, executive director of the Faith and Freedom Coalition of Georgia. ‘ They bring addiction, bankruptcy and crime. That includes trafficking that is human. And we work to fight many of these things in a lot of other bills to bring casinos to the state is just moving completely in the wrong direction.’
The previous version associated with the bill, sponsored by Senator Brandon Reach, failed also making it out of a Senate committee, after having a committee hearing on the bill ended up being canceled due to lack of interest. Its reemergence in the homely house shows that its sponsors at least believes this has a better possibility there.
Stephens, certainly, is positive, although he concedes it will take some political maneuvering making it work.