
Gambling, soliciting prostitutes, ripping down a women’s charity and leaking painful and sensitive company information, it’s all just a later date at the office, apparently, for the former chairman of America’s milk-processing companies that are biggest.
William ‘Billy’ Walters leaves a Manhattan federal court. He is alleged to own made $43 million in illegal stock trades on Dallas-based Dean Foods. He is pleading simple.
Tom Davis, the former president of Dean Foods, of Dallas, continued his 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, utilizing information that is privileged given by Walters.
Due to the fact star witness for the prosecution, Davis was expected by United States Assistant Attorney Brooke Cucinella to disclose any unsavory information regarding his history that may later surface over the course of the test. This is standard practice, as it’s preferable that such information is presented to the court in advance in place of being wheedled out of the witness later on by way of a defense attorney.
And, kid, 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 for information became ‘more demanding.’
On Wednesday Davis explained that even after borrowing the cash, their failed numerous investments and gambling habits forced him to embezzle $100,000 from the tennis charity for battered women. Davis eventually paid the cash back, but later took another $50,000 which he used on ‘gambling and hookers.’
Davis stated 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 was to help refinance a bank in Dallas.
Davis Lying, Claims Walters Attorney
‘I made a very bad 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 said. ‘I knew who Billy Walters was… he was a gambler that is fairly famous. He had a complete large amount of connections in Las vegas, nevada. He had been a big activities 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 the charity and cheating on his taxes.’
‘Our company is going to show through incontrovertible evidence he’s lying about every allegation that is single of whole story,’ Berke said.
Davis is testifying against his former friend as an ingredient of a plea bargain with federal prosecutors after admitting fees including securities fraud and cable fraud.
Michigan Online Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates state they’re encouraged by the recent support that’s been generated for the latest internet casino bill introduced in Lansing.
State Sen. Mike Kowall is once more cheerful about their 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. In the event that legislation becomes law, commercial casinos and federally recognized tribes could be permitted to obtain online gaming licenses to provide interactive poker rooms and internet gambling.
It’s perhaps not the very first time Kowall has tried to push through a bill that would end online gambling prohibition in 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 certain income in to the state during the exact same time,’ he explained.
Tribes Opposed
Land-based gambling in Michigan is presently reserved to Native American groups which are permitted to supply games of possibility on their sovereign reservations. The exception is Detroit, where in fact the authorization of three commercial gambling venues had been approved within a voter referendum in 1996.
Three years later on, the 3 casinos in Motor City opened for company. Native American groups were none too happy during the time, plus 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 letter states. ‘By failing woefully to recognize that Indian tribes are currently authorized to conduct on reservations internet video 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 gaming.’
Where There Is Money, There’s Support
The tribe’s opposition is a result of their belief which they would be unfairly tariffed when they decided to move forward with online gambling. Both indigenous American groups state if they need to offer interactive video gaming to persons on their sovereign lands, there’s no barrier currently preventing them from doing so.
But if passed and signed into legislation, Kowall’s bill would require maybe not just the operators that are commercial Detroit, but also the tribes, to pay $100,000 per year should they wish to launch on line gambling. Ten percent of the revenues that are gross be directed to the state’s coffers.
Michigan, like so governments that are many the country, continues to look for new income channels as tax re payments remain at reduced amounts than before the Great Recession hit in 2008.
It’s difficult to pinpoint just simply how much the Michigan online gambling bill might enjoy for hawaii, as it’s unclear how casinos that are many tribes would bite. However, some forecasts necessitate up to $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 profits in Q4 and across 2016, citing ‘proactive changes’ to the online poker ecosystem, in addition to better-than-expected growth of its casino operations.
Amaya CEO Rafi Ashkenazi said that record revenues were down up to a controversial but successful policy of rebalancing PokerStars’ ‘ecology’ also better-than-expected activities 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 the whole of 2016, to $1.15 billion.
Nonetheless, profit in the fourth quarter was 53 cents a share, which missed the common projection of 56 cents.
PokerStars’ changes to its ecosystem, initiated in late 2015, caused sit-out protests by some players at the time, mainly its high volume, high stakes players, have been, 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 was simply scared away in recent years by a widening skill space while the increasing usage of poker monitoring software by multi-tabling, net-withdrawing benefits.
It tweaked its player rewards scheme and introduced a bunch of recreational-friendly ‘jackpot’ design games, that have been designed 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 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 so we are just starting to see organic growth in that business, our casino offering exceeded objectives as we introduced restricted marketing campaigns and centered on our cross-sell efforts, and we continued to construct and develop our sportsbook,’ said Rafi Ashkenazi, Amaya CEO.
Product Diversification
Poker accounted for 70 per cent 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 % from 17.2 per cent, respectively.
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 fees, 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 soon start to translate into bigger profits.
‘ The performance that is strong of business has helped us to reduce our currency risk, lower our interest cost, and accelerate the payment of the residual amounts owed on our deferred re payment responsibility, all of which will allow us to continue pursuing our four strategic priorities,’ said Ashkenazi. ‘We expect you’ll 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. Their state’s Destination Resort Bill, which died in the Senate final thirty days, has resurfaced in the House 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 the House Regulated Industries Committee on Thursday. He hopes that by proposing four licenses rather than 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 involvement.
‘[With the bill] that is previous we’ve eradicated the ability for several places around hawaii to even be part of the game, in the event that you will. No pun intended,’ Stephens told committee members.
‘We actually are searching for a high-end https://myfreepokies.com/aristocrat-pokies/ investment for tourism,’ he added.
There is certainly a feeling that if Atlanta is to compete nationally in the convention company it needs a far 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 associated with the bill, the Atlanta resort would require a good investment of at least $2 billion from a 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.
Dissenting Sounds
But to opponents of casino gaming, the doubling of licenses will simply make the proposal doubly unappealing, and there are numerous dissenting voices in 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 so many of these things in so many other bills to bring casinos to hawaii is just moving completely in the wrong direction.’
The previous version associated with the bill, sponsored by Senator Brandon Reach, failed also to make it out of a Senate committee, after having a committee hearing on the bill had been canceled due to not enough interest. Its reemergence in the home shows that its sponsors at least believes it’s a better possibility there.
Stephens, certainly, is positive, although he concedes it will take some political maneuvering making it work.