Gambling, soliciting prostitutes, ripping off a ladies’ charity and leaking painful and sensitive company information, it’s all just another day on the job, apparently, for the previous president of America’s milk-processing companies that are biggest.
William ‘Billy’ Walters leaves a Manhattan court that is federal. 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 their testimony in the trial 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, making use of information that is privileged given by Walters.
While the celebrity witness for the prosecution, Davis was expected by United States Assistant Attorney Brooke Cucinella to disclose any unsavory facts about his history which will later surface throughout the course of the test. This is standard training, as it’s better that such information is presented to the court in advance instead of being wheedled from the witness later by a protection attorney.
And, child, 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’ ask for information became ‘more demanding.’
On Wednesday Davis explained that also after borrowing the money, their failed numerous investments and gambling practices forced him to embezzle free pokies aristocrat big red $100,000 from a 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 said 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 the next loan of $400,000 which he said was to help refinance a bank in Dallas.
Davis Lying, States 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 stated. ‘I knew who Billy Walters was… he ended up being a gambler that is fairly famous. He had a complete large amount of connections in vegas. He was 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 prove through incontrovertible evidence which he’s lying about every single allegation of his entire story,’ Berke said.
Davis is testifying against their former friend as part of a plea bargain with federal prosecutors after admitting fees including securities fraud and wire fraudulence.
Michigan Online Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates say they’re 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 yet again cheerful about his Michigan online gambling bill’s opportunities, 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 is allowed to have online gaming licenses to provide interactive poker rooms and gambling that is internet.
It’s 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 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 revenue into the state during the exact same time,’ he explained.
Land-based gambling in Michigan is presently reserved to Native American groups being allowed to provide games of possibility on their reservations that are sovereign. The exception is Detroit, where in actuality the authorization of three gambling that is commercial was approved throughout a voter referendum in 1996.
Three years later, the 3 casinos in Motor City exposed for business. Native American groups were none too happy during 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 failing woefully to notice 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 areas of Indian tribal video 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 say if they need to offer interactive video gaming to persons on their sovereign lands, there’s no barrier currently preventing them from doing therefore.
But if passed and signed into legislation, Kowall’s bill would require maybe 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 % of these revenues that are gross additionally be directed towards the state’s coffers.
Michigan, like so governments that are many the nation, continues to find brand 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 simply how much the Michigan online gambling bill might enjoy for their state, as it’s unclear how casinos that are many tribes would bite. However, some forecasts necessitate 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 changes’ to the internet poker ecosystem, also 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’ along with 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 common projection of 56 cents.
PokerStars’ changes to its ecosystem, initiated in belated 2015, caused sit-out protests by some players during the time, mainly its volume that is high stakes players, have been, by definition, its best customers.
Rebalancing the Poker Ecosystem
But Amaya wanted to tip the scales and only recreational players, or net depositors, who was simply scared away in recent years by a widening ability gap as well as the increasing use of poker monitoring computer software by multi-tabling, net-withdrawing pros.
It tweaked its player rewards scheme and introduced a number of recreational-friendly ‘jackpot’ style games, that have been designed to level the playing field by increasing the luck factor. To the horror of pros, it appears to have worked.
However, Amaya is wary of relying totally on poker while 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 we are just starting to see natural growth in that business, our casino offering exceeded expectations as we introduced limited marketing campaigns and dedicated to 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 previous quarter, while the share of online casino and sports guide rose to 25.8 % from 17.2 percent, correspondingly.
Last year had been a turbulent one for Amaya. It saw its founder and major shareholder, David Baazov, resign as president and CEO, in the face of serious insider trading fees, while a proposed merger with William Hill ended up being 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 earnings.
‘ The strong performance of our 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 responsibility, all of which will allow us to continue 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 Not Good
Supporters of casino video gaming in Georgia have new, albeit slim, hope. Hawaii’s Destination Resort Bill, which died in the Senate last thirty days, has resurfaced inside your home with a few tweaks and a new sponsor.
State Representative Ron Stephens hopes to breathe brand 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 to the 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 nearly all of the state from participation.
‘[With the previous bill], we’ve eradicated the ability for many places around hawaii to even be an element of the game, in the event that you will. No pun intended,’ Stephens told committee people.
‘We really are looking for the high-end investment for tourism,’ he included.
There is a sense that if Atlanta is to compete nationwide in the convention company it requires 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 keep coming back to the city because of not enough night entertainment.
Under the terms for the bill, the Atlanta resort would require an investment of at least $2 billion from a successful bidder, because of the 2nd casino that is largest needing at the 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 proposal doubly unappealing, and there are many dissenting voices in the state, particularity from church groups.
‘Casinos are a definite 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 trafficking that is human. And we work to fight so many of these things in so many other bills to bring casinos to their state is just moving completely in the incorrect direction.’
The previous version associated with the bill, sponsored by Senator Brandon Reach, failed also making it away from a Senate committee, after a committee hearing on the bill ended up being canceled due to lack of interest. Its reemergence into the home suggests that its sponsors at least believes it’s a better chance there.
Stephens, certainly, is positive, although he concedes it will take some political maneuvering making it work.