Gambling, soliciting prostitutes, ripping off a women’s charity and leaking painful and sensitive company information, it’s all just another day at the office, evidently, for the previous chairman of America’s milk-processing companies that are biggest.
William ‘Billy’ Walters leaves a Manhattan federal court. He is alleged to have made $43 million in unlawful stock trades on Dallas-based Dean Foods. He is pleading not guilty.
Tom Davis, the previous chairman of Dean Foods, of Dallas, continued his 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, making use of privileged information allegedly given by Walters.
While 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 may later surface on the course regarding the trial. This is standard practice, as it’s better that such info is presented to the court in advance in place of being wheedled from the witness later with a defense attorney.
And, boy, did Davis deliver!
$200,000 On One Hand of Blackjack
The court had heard the day that is previous 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 even after borrowing the cash, his failed numerous investments and gambling habits forced him to embezzle $100,000 from the golf charity for battered ladies. Davis eventually paid the amount of money back, but later took another $50,000 which he used on ‘gambling and hookers.’
Davis said that 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 another loan of $400,000 which he said would be to help refinance a bank in Dallas.
Davis Lying, Claims Walters Attorney
‘I made a very bad decision at that period of amount 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 Las vegas, nevada. He had been a big recreations 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 a charity and cheating on his taxes.’
‘we have been going to prove through incontrovertible proof which he’s lying about every allegation that is single of entire tale,’ Berke said.
Davis is testifying against their previous friend as an ingredient of a plea bargain with federal prosecutors after admitting costs including securities fraud and cable fraudulence.
Michigan On The Web Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates state they are encouraged by the recent help that is been generated for the internet casino bill that is latest introduced in Lansing.
State Sen. Mike Kowall is again cheerful about their Michigan online gambling bill’s chances, but native groups that are american 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 allowed to obtain online gaming licenses to provide interactive poker rooms and gambling that is internet.
It’s perhaps not the time that is first has attempted to push through a bill that would end online gambling prohibition into the Wolverine State. But this time around, there seems 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 1 problem is to be sure online gaming is safe while bringing in some revenue to the state during the same time,’ he explained.
Land-based gambling in Michigan is presently reserved to Native American groups that are allowed to supply games of chance on their reservations that are sovereign. The exception is Detroit, in which the authorization of three commercial gambling venues had been approved during a voter referendum in 1996.
Three years later on, the 3 casinos in Motor City started for business. Indigenous American groups were none too happy during the time, as well as 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 letter states. ‘By neglecting to recognize that Indian tribes are already authorized to conduct on reservations internet video gaming under both the Indian Gaming Regulatory Act and the Unlawful Internet Gambling Enforcement Act, the legislation would curtail these lawful aspects of Indian tribal gaming.’
Where There Is Money, There’s Help
The tribe’s opposition is a result of their belief if they decided to move forward with online gambling that they would be unfairly tariffed. Both indigenous American groups say if they want to offer interactive video gaming to people on their sovereign lands, there’s no barrier presently preventing them from doing therefore.
But if passed and signed into legislation, Kowall’s bill would require perhaps not only the operators that are commercial Detroit, but additionally the tribes, to pay $100,000 per year should they wish to launch on line gambling. Ten % of their gross revenues would additionally be directed to the state’s coffers.
Michigan, like so many governments around the country, continues to find new income streams as tax re payments remain at lower amounts 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 hawaii, as it’s unclear how casinos that are many tribes would bite. However, some forecasts necessitate just as much as $30 million a year once the marketplace reaches maturity.
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 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 up to a controversial but policy that is successful of PokerStars’ ‘ecology’ as well as better-than-expected activities 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.
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 at that time, mainly its high amount, high stakes players, pokies aristocrat free dolphin treasure slots who were, by definition, its best customers.
Rebalancing the Poker Ecosystem
But Amaya wanted to tip the scales in support of leisure players, or net depositors, who had been scared away in recent years by a skill that is widening as well as the increasing use of poker tracking computer software by multi-tabling, net-withdrawing professionals.
It tweaked its player rewards scheme and introduced a host of recreational-friendly ‘jackpot’ design games, which were created to level the playing field 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 since the appetite for the game continues to wane globally.
‘[Changes to poker] and customer acquisition initiatives continue to reverse certain negative trends and we are beginning to see organic growth in that company, our casino offering exceeded objectives as we introduced restricted marketing campaigns and focused on our cross-sell efforts, and we continued to create and develop our sportsbook,’ said Rafi Ashkenazi, Amaya CEO.
Poker accounted for 70 % of revenue in Q4 compared with 78 percent in the previous quarter, while the share of online casino and sports book rose to 25.8 per cent from 17.2 %, correspondingly.
Last was a turbulent one for Amaya year. It saw its founder and shareholder that is major David Baazov, resign as president and CEO, in the face of severe insider trading charges, while a proposed merger with William Hill was derailed by way of 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 profits.
‘ The strong performance of our company has assisted us to reduce our currency risk, lower our interest expense, and accelerate the payment of the residual amounts owed on our deferred re payment obligation, all of which will let us carry on pursuing our four strategic priorities,’ said Ashkenazi. ‘We expect to continue our 2016 momentum and execute on our strategy in 2017.’
Georgia Casino Bill Resuscitated But Prognosis Maybe Not Good
Supporters of casino video gaming in Georgia have new, albeit slim, hope. The state’s Destination Resort Bill, which died in the Senate last thirty days, has resurfaced inside your 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 gaming to Georgia. (Image: yogonet.com)
Representative Ron Stephens (R -Savannah) presented an updated version of the bill to your House Regulated Industries Committee on Thursday. He hopes that by proposing four licenses rather than two, the legislation will gain more statewide help by enabling more communities to benefit.
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 nearly all of the state from involvement.
‘[With the previous bill], we’ve eradicated the chance for several places around their state to even be the main game, in the event that you will. No pun intended,’ Stephens told committee members.
‘We actually are searching for a high-end investment for tourism,’ he included.
There is an awareness that if Atlanta is to compete nationally in the convention business it requires a more entertainment that is compelling in the downtown area. a recent survey revealed that 22 percent of Atlanta convention site visitors said they would not return to the city because of not enough evening entertainment.
Under the terms for the bill, the Atlanta resort would require an investment of at minimum $2 billion from a effective bidder, because of the 2nd biggest casino needing 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 sounds in the state, particularity from church groups.
‘Casinos really are a web loss for the state,’ claimed Dave Baker, executive director of this Faith and Freedom Coalition of Georgia. ‘ They bring addiction, crime and bankruptcy. That includes human trafficking. And we work to fight countless of these things in a lot of other bills to bring gambling enterprises to their state is just moving completely in the wrong direction.’
The version that is previous of bill, sponsored by Senator Brandon Reach, failed even making it away from a Senate committee, following a committee hearing on the bill ended up being canceled due to lack of interest. Its reemergence within the homely house implies 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.