Gambling, soliciting prostitutes, ripping off a ladies’ charity and leaking sensitive and painful 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 federal court. He is alleged to have made $43 million in unlawful stock trades on Dallas-based Dean Foods. He is pleading simple.
Tom Davis, the previous president of Dean Foods, of Dallas, continued his 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, making use of privileged information allegedly given by Walters.
Because the star witness for the prosecution, Davis was expected by US Assistant Attorney Brooke Cucinella to reveal any unsavory factual statements about his back ground which will later surface on the course of this test. This is standard practice, as it’s preferable that such information is presented to the court up front in the place of being wheedled out from the witness later by way of a protection attorney.
And, child, 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 even after borrowing the cash, his failed investments that are numerous gambling habits forced him to embezzle $100,000 from the golf charity for battered women. Davis eventually paid the funds back, but later took another $50,000 which he used on ‘gambling and hookers.’
Davis said which 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, 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 friendship that is strong Mr. Walters,’ Davis stated. ‘I knew who Billy Walters was… he was a gambler that is fairly famous. He had lot of connections in Las vegas, nevada. He was a big recreations gambler. I was frankly enamored with him.’
Barry Berke, Walters’ attorney called Davis ‘a liar’ who ‘wrongfully implicated Walters just after he got caught stealing from the charity and cheating on his taxes.’
‘we have been going to show through incontrovertible evidence which he’s lying about every allegation that is single of entire story,’ Berke said.
Davis is testifying against their friend that is former as of a plea bargain with federal prosecutors after admitting costs including securities fraud and wire fraudulence.
Michigan On The Web Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates say they are encouraged by the recent support that’s been generated for the internet casino bill that is latest introduced in Lansing.
State Sen. Mike Kowall is once again cheerful about his Michigan online gambling bill’s chances, 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 myfreepokies.com federally recognized tribes is allowed to have online gaming licenses to provide interactive poker rooms and internet gambling.
It’s not the time that is first has attempted 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 said he’s ‘cautiously positive’ on SB 203. ‘The number 1 problem is to be sure online gaming is safe while bringing in some revenue in to the state at the exact same time,’ he explained.
Land-based gambling in Michigan is presently reserved to Native American groups which can be permitted to supply games of possibility on their reservations that are sovereign. The exception is Detroit, where the authorization of three gambling that is commercial ended up being approved throughout a voter referendum in 1996.
Three years later on, the three casinos in Motor City exposed for company. Native American teams were none too happy at that time, and the potential expansion of online gambling is now seen by Indian leaders as more legislation that fails to respect tribal sovereignty.
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 notice that Indian tribes are currently 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 Support
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 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 just the operators that are commercial Detroit, but also the tribes, to pay $100,000 per year should they wish to launch online gambling. Ten % of their revenues that are gross additionally be directed to your state’s coffers.
Michigan, like so many governments around the nation, continues to find brand new revenue streams as tax re payments remain at lower levels than before the Great Recession hit in 2008.
It’s difficult to pinpoint simply just how much the Michigan online gambling bill might experience for their state, as it’s unclear how casinos that are many tribes would bite. However, some forecasts necessitate up to $30 million a year once industry reaches maturity.
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 modifications’ to the online poker ecosystem, in addition to better-than-expected growth of its casino operations.
Amaya CEO Rafi Ashkenazi said that record profits were down to a controversial but successful policy of rebalancing 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 per cent 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 typical projection of 56 cents.
PokerStars’ changes to its ecosystem, initiated in belated 2015, caused sit-out protests by some players at that time, mainly its high amount, high stakes players, who had been, by definition, its best customers.
Rebalancing the Poker Ecosystem
But Amaya wanted to tip the scales in support of recreational players, or web depositors, who had been scared away in recent years by a widening skill gap and also the increasing usage of poker tracking pc software by multi-tabling, net-withdrawing benefits.
It tweaked its player rewards scheme and introduced a bunch of recreational-friendly ‘jackpot’ design games, which were created to amount the playing field by increasing the luck factor. To the horror of pros, it seems to have worked.
However, Amaya is wary of relying completely on poker once the appetite for the overall game continues to wane globally.
‘[Changes to poker] and customer acquisition initiatives carry on to reverse certain negative trends and now we are beginning to see organic 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 % of revenue in Q4 compared with 78 % in the quarter that is previous while the share of on-line 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 president and CEO, in the face of severe insider trading costs, 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 performance that is strong of business 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 carry on pursuing our four strategic priorities,’ said Ashkenazi. ‘We be prepared 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 month, has resurfaced in the home with a few tweaks and a sponsor that is new.
State Representative Ron Stephens hopes to breathe brand new life into the push to bring casino video gaming to Georgia. (Image: yogonet.com)
Representative Ron Stephens (R -Savannah) presented an updated version 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 permitting 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 nearly all of the state from participation.
‘[With the bill] that is previous we’ve eradicated the chance for several places around the state to even be area of the game, in the event that you will. No pun intended,’ Stephens told committee users.
‘We really are looking for a investment that is high-end tourism,’ he added.
There is certainly an expression that if Atlanta is to compete nationally in the convention company it needs a more compelling entertainment offering in the downtown area. a recent survey revealed that 22 percent of Atlanta convention site visitors stated they would not keep coming back to the town because of not enough evening activity.
Under the terms of the bill, the Atlanta resort would need an investment of at minimum $2 billion from the effective bidder, utilizing the 2nd largest casino needing at least $450 million. Two smaller, ‘tertiary’ properties would additionally be permitted with a minimal investment of $150 million each.
But to opponents of casino video gaming, the doubling of licenses will simply make the proposal doubly unappealing, and there are numerous voices that are dissenting the state, particularity from church groups.
‘Casinos are a net loss for the state,’ claimed Dave Baker, executive director of this Faith and Freedom Coalition of Georgia. ‘ They bring addiction, bankruptcy and crime. That includes trafficking that is human. And we work to fight countless of these things in a lot of other bills to bring casinos to hawaii is just going 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 in the home shows that its sponsors at least believes it offers a better opportunity there.
Stephens, certainly, is optimistic, although he concedes it will take some political maneuvering making it work.