
Gambling, soliciting prostitutes, ripping off a ladies’ charity and leaking painful and sensitive company information, it’s all just a later date on the job, evidently, for the former 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 illegal stock trades on Dallas-based Dean Foods. He is pleading not guilty.
Tom Davis, the previous president of Dean Foods, of Dallas, continued their testimony in the test 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, using privileged information allegedly given by Walters.
Due to the fact celebrity witness for the prosecution, Davis was expected by US Assistant Attorney Brooke Cucinella to disclose any details that are unsavory his history that may later surface on the course associated with the test. This is standard training, as it’s better that such info is presented to the court at the start in the place of being wheedled out of 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 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 ladies. Davis eventually paid the funds back, but later took another $50,000 which he used on ‘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 aristocrat pokies but. He then asked Walters for the next loan of $400,000 which he said would be to help refinance a bank in Dallas.
Davis Lying, Claims Walters Attorney
‘I made an extremely bad decision at that 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 said. ‘I knew who Billy Walters was… he was a fairly famous gambler. He had a complete large amount of connections in nevada. He was a sports that are big. 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.’
‘we have been going to show through incontrovertible proof he’s lying about every allegation that is single of entire story,’ Berke said.
Davis is testifying against his 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 help that’s been generated for the internet casino bill that is latest introduced in Lansing.
State Sen. Mike Kowall is again cheerful about his 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. In the event that legislation becomes law, commercial casinos and federally recognized tribes is allowed to have online gaming licenses to offer 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 time around, there is apparently more support.
Talking with WZZM 13, the ABC affiliate in Grand Rapids, Kowall said he’s ‘cautiously optimistic’ on SB 203. ‘The number 1 issue is to be sure online gaming is safe while bringing in a few income to the state at the exact same time,’ he explained.
Tribes Opposed
Land-based gambling in Michigan is presently reserved to Native American groups that are permitted to provide games of possibility on their reservations that are sovereign. The exception is Detroit, in which the authorization of three gambling that is commercial was approved within a voter referendum in 1996.
Three years later, the 3 casinos in Motor City launched for company. Indigenous American groups were none too happy at that time, plus the potential expansion of online gambling is now seen by Indian leaders as more legislation that fails to respect sovereignty that is tribal.
In a joint page from the Nottawaseppi Huron Band of the Potawatomi and Saginaw Chippewa Indians, the tribes tell the Michigan Senate Regulatory Committee they are permitted under federal law to commence internet gambling.
‘ The legislation calls for unconditional and unwarranted waivers of sovereign immunity,’ the letter states. ‘By failing woefully to recognize that Indian tribes are currently authorized to conduct on reservations internet 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’s Cash, There’s Help
The tribe’s opposition is a result of their belief which they would be unfairly tariffed should they decided to move ahead with on the web gambling. Both indigenous American groups state if they want 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 finalized into legislation, Kowall’s bill would need maybe not only 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 per cent of their gross revenues would also be directed to the state’s coffers.
Michigan, like so many governments around the country, continues to consider brand new income streams as tax re payments remain at reduced amounts than before the Great Recession hit in 2008.
It’s difficult to identify just just 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 necessitate as much as $30 million a 12 months once the market 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 successful policy of rebalancing PokerStars’ ‘ecology’ in addition to better-than-expected sports 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 the entire 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 late 2015, triggered sit-out protests by some players at the time, mainly its high amount, high stakes players, have been, by definition, its best customers.
Rebalancing the Poker Ecosystem
But Amaya wanted to tip the scales in favor of recreational players, or net depositors, who had been scared away in recent years by a skill that is widening and the increasing usage of poker tracking software by multi-tabling, net-withdrawing advantages.
It tweaked its player benefits 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 seems to have worked.
However, Amaya is wary of relying entirely on poker once the appetite for the game continues to wane globally.
‘[Changes to poker] and customer acquisition initiatives carry on to reverse certain negative trends and we are starting to see natural growth in that business, our casino providing exceeded objectives we continued to build and develop our sportsbook,’ said Rafi Ashkenazi, Amaya CEO as we introduced limited marketing campaigns and focused on our cross-sell efforts, and.
Product Diversification
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 percent from 17.2 percent, respectively.
Last year was a turbulent one for Amaya. 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 by 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 strong performance of our business has helped 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 allow us to carry on pursuing our four strategic priorities,’ stated 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 gaming in Georgia have actually new, albeit slim, hope. Hawaii’s Destination Resort Bill, which died in the Senate final month, has resurfaced in the House with a few tweaks and a new sponsor.
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 towards the House Regulated Industries Committee on Thursday. He hopes that by proposing four licenses instead 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 for example Savannah or Columbus, thus alienating most of the state from involvement.
‘[With the previous bill], we’ve eradicated the ability for certain places around hawaii to even be part of the game, in the event that you will. No pun meant,’ Stephens told committee people.
‘We really are searching for a investment that is high-end tourism,’ he included.
There was a feeling that when Atlanta is to compete nationwide into the convention company it needs a more compelling entertainment offering in the downtown area. a recent survey revealed that 22 percent of Atlanta convention visitors said they would not come back to the town because of not enough night activity.
Under the terms of the bill, the Atlanta resort would need an investment of at minimum $2 billion from a effective bidder, with all the second 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.
Dissenting Sounds
But to opponents of casino gaming, the doubling of licenses will simply make the proposal doubly unappealing, and there are many voices that are dissenting 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, bankruptcy and crime. That includes human trafficking. And we work to fight countless of these things in many other bills to bring gambling enterprises to their state is just going completely in the wrong direction.’
The version that is previous of bill, sponsored by Senator Brandon Reach, failed even making it out of a Senate committee, after a committee hearing on the bill ended up being canceled due to lack of interest. Its reemergence in the House suggests that its sponsors at least believes it offers a better chance there.
Stephens, certainly, is optimistic, it will take some political maneuvering to make it work although he concedes.