Gambling, soliciting prostitutes, ripping off a women’s charity and leaking sensitive company information, it’s all just a later date in the office, evidently, for the former chairman of America’s biggest milk-processing companies.
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 chairman of Dean Foods, of Dallas, continued their testimony in the test of his one-time friend, the gambler that is legendary Walters, on Wednesday. Walters is accused of making $43 million from illegal trades on Dean Foods’ stock, using privileged information allegedly given by Walters.
Once the star witness for the prosecution, Davis was asked by US Assistant Attorney Brooke Cucinella to reveal any unsavory details about his back ground which could later surface within the course of the trial. This is standard practice, as it’s better that such information is presented to the court at the start in the place of being wheedled out from the witness later on by way of a protection 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 money, their failed investments that are numerous gambling habits forced him to embezzle $100,000 from the golf charity for battered females. Davis eventually paid the amount of money back, but later took another $50,000 which he allocated to ‘gambling and hookers.’
Davis stated he blew it quickly, losing $200,000 alone on one hand of blackjack in 2011 at the Cosmopolitan in Las Vegas that he initially received $625,000 from Walters but. He then asked Walters for another loan of $400,000 which he said was to help refinance a bank in Dallas.
Davis Lying, States Walters Attorney
‘I made a very poor 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 had been a gambler that is fairly famous. He had large amount of connections in vegas. He had been a sports that are big. 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 a charity and cheating on his taxes.’
‘we have been going to show through incontrovertible evidence that he’s lying about every allegation that is single of whole tale,’ Berke said.
Davis is testifying against his previous friend as part of a plea bargain with federal prosecutors after admitting charges including securities fraud and cable fraudulence.
Michigan Online Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates state they are encouraged by the recent help that is been generated for the latest internet casino bill introduced in Lansing.
State Sen. Mike Kowall is again cheerful about his Michigan online gambling bill’s possibilities, 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. In the event that legislation becomes law, commercial casinos and federally recognized tribes is allowed to obtain online gaming licenses to offer interactive poker rooms and gambling that is internet.
It’s maybe not the first-time Kowall 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 make sure online gaming is safe while bringing in some income in to the state at the time that is same’ he explained.
Land-based gambling in Michigan is presently reserved to Native American groups which are permitted to provide games of chance on their reservations that are sovereign. The exception is Detroit, in which the authorization of three commercial gambling venues was approved during a voter referendum in 1996.
Three years later on, the three casinos in Motor City started for business. Indigenous American teams were none too happy during the time, and also 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 unconditional and unwarranted waivers of sovereign immunity,’ the page states. ‘By failing woefully 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 areas of Indian tribal video gaming.’
Where There Is Money, There’s Help
The tribe’s opposition is because 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 law, Kowall’s bill would need perhaps not only the commercial operators in Detroit, but in addition the tribes, to pay $100,000 per year should they wish to launch online gambling. Ten percent of these revenues that are gross additionally be directed to the state’s coffers.
Michigan, like so governments that are many the country, continues to find brand new income channels as tax re payments remain at reduced levels than before the Great Recession hit in 2008.
It’s difficult to identify just simply how much the Michigan online gambling bill might reap for their state, as it’s unclear how many gambling enterprises and tribes would bite. However, some forecasts call for 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, along with 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 Canadian business said, 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 quarter that is fourth 53 cents a share, which missed the average projection of 56 cents.
PokerStars’ changes to its ecosystem, initiated in belated 2015, triggered sit-out protests by some players at the time, mainly its volume that is high stakes players, who had 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 been scared away in recent years by a widening ability gap while the increasing usage of poker monitoring software by multi-tabling, net-withdrawing professionals.
It tweaked its player benefits scheme and introduced a number of recreational-friendly ‘jackpot’ design games, that have been created to level the playing industry by increasing the luck factor. To the horror of pros, it appears 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 continue to reverse certain negative trends and we are just starting to see natural growth in that company, our casino providing exceeded objectives as we introduced limited marketing campaigns and centered on our cross-sell efforts, and we continued to build and develop our sportsbook,’ stated Rafi Ashkenazi, Amaya CEO.
Poker accounted for 70 % of revenue in Q4 compared with 78 percent in the past quarter, while the share of on-line casino and sports book rose to 25.8 % from 17.2 per cent, correspondingly.
Last was a turbulent one for Amaya year. It saw its founder and major shareholder, David Baazov, resign as chairman and CEO, play pokies online aristocrat in the face of serious insider trading fees, while a proposed merger with William Hill had been derailed with 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 soon start to translate into bigger earnings.
‘ The performance that is strong of company has assisted us to reduce our currency risk, lower our interest expense, and accelerate the payment of the remaining amounts owed on our deferred payment obligation, all of which will let us 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 actually new, albeit slim, hope. Hawaii’s Destination Resort Bill, which died in the Senate final thirty days, has resurfaced inside your home with a few tweaks and a new sponsor.
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 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 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 certain places around hawaii to even be the main game, if you will. No pun meant,’ Stephens told committee people.
‘We actually want for the high-end investment for tourism,’ he included.
There is certainly a sense that when Atlanta is to compete nationwide within the convention business it needs a far more entertainment that is compelling in the downtown area. a recent survey revealed that 22 percent of Atlanta convention visitors stated they would not come back to the town because of not enough night entertainment.
Under the terms associated with the bill, the Atlanta resort would require an investment of at minimum $2 billion from a successful bidder, utilizing the second casino that is largest needing at the very 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 only will make the proposition doubly unappealing, and there are many dissenting sounds in the state, particularity from church groups.
‘Casinos are a definite web loss for the state,’ claimed Dave Baker, executive director of the Faith and Freedom Coalition of Georgia. ‘ They bring addiction, crime and bankruptcy. That includes human trafficking. And we work to fight many of these things in plenty other bills to bring gambling enterprises to the 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 away from a Senate committee, after a committee hearing on the bill ended up being canceled due to not enough interest. Its reemergence in the homely house shows that its sponsors at least believes it’s a better possibility there.
Stephens, certainly, is positive, it will take some political maneuvering to make it work although he concedes.