Gambling, soliciting prostitutes, ripping down a women’s charity and leaking delicate company information, it’s all just another day at the office, apparently, for the previous chairman of America’s biggest milk-processing companies.
William ‘Billy’ Walters leaves a Manhattan federal court. He is alleged to own 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 trial of his one-time buddy, 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.
Since the star witness for the prosecution, Davis was expected by US Assistant Attorney Brooke Cucinella to disclose any unsavory information about his history that will later surface within the course of the trial. This is standard practice, as it’s preferable that such info is presented to the court at the start instead of being wheedled out from the witness later by a defense 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’ obtain information became ‘more demanding.’
On Wednesday Davis explained that also after borrowing the cash, his failed investments that are numerous gambling practices forced him to embezzle $100,000 from the golf charity for battered women. Davis eventually paid the cash 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, Claims Walters Attorney
‘I made a very 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 had been a gambler that is fairly famous. He had a complete lot of connections in Las vegas, nevada. He had been a big sports gambler. We 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 proof he’s lying about every single allegation of his whole tale,’ Berke said.
Davis is testifying against their friend that is former as of a plea bargain with federal prosecutors after admitting charges 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 latest internet casino bill introduced in Lansing.
State Sen. Mike Kowall is once again cheerful about his Michigan online gambling bill’s play pokies online aristocrat possibilities, 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 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 in 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 problem is to make sure online gaming is safe while bringing in some revenue to the state at the time that is same’ he explained.
Land-based gambling in Michigan is presently reserved to Native American groups which can be allowed to supply games of chance on their sovereign reservations. The exception is Detroit, where the authorization of three commercial gambling venues had been approved throughout a voter referendum in 1996.
Three years later, the 3 casinos in Motor City started for business. Indigenous American teams were none too happy at that time, and also the potential expansion of online gambling is now seen by Indian leaders as more legislation that fails to respect tribal sovereignty.
In a joint letter from the Nottawaseppi Huron Band of the Potawatomi and Saginaw Chippewa Indians, the tribes tell the Michigan Senate Regulatory Committee that they are permitted under federal law to commence internet gambling.
‘ The legislation requires unwarranted and unconditional waivers of sovereign immunity,’ the letter states. ‘By failing to notice 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 Cash, There’s Support
The tribe’s opposition is because of their belief they would be unfairly tariffed should they decided to go forward with on line gambling. Both indigenous 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 maybe not just the commercial operators in Detroit, but also the tribes, to pay $100,000 per year should they wish to launch on line gambling. Ten % of their revenues that are gross also be directed towards the state’s coffers.
Michigan, like so governments that are many the country, continues to consider brand new revenue channels as tax re payments remain at reduced levels than before the Great Recession hit in 2008.
It’s difficult to pinpoint simply how much the Michigan online gambling bill might enjoy for their state, as it’s unclear how many gambling enterprises and tribes would bite. However, some forecasts call for up to $30 million a 12 months once the marketplace 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, 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 policy that is successful of PokerStars’ ‘ecology’ along with 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 average 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 volume that is high stakes players, who have been, by definition, its best customers.
Rebalancing the Poker Ecosystem
But Amaya wanted to tip the scales and only recreational players, or web depositors, who had been scared away in recent years by a skill that is widening while the increasing usage of poker monitoring pc software by multi-tabling, net-withdrawing professionals.
It tweaked its player benefits scheme and introduced a bunch of recreational-friendly ‘jackpot’ style games, that have been designed to amount 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 because 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 beginning to see organic growth in that company, 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.
Poker accounted for 70 % of revenue in Q4 compared with 78 % in the past quarter, while the share of on-line casino and sports book rose to 25.8 % from 17.2 %, 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 severe insider trading costs, 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 begin to translate into bigger earnings.
‘ The performance that is strong of company has aided us to reduce our currency risk, lower our interest expense, and accelerate the payment of the remaining amounts owed on our deferred re payment responsibility, all of which will allow us to continue pursuing our four strategic priorities,’ stated Ashkenazi. ‘We expect to continue our 2016 momentum and execute on our strategy in 2017.’
Georgia Casino Bill Resuscitated But Prognosis Maybe Not Good
Supporters of casino 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 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 form 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 statewide support by permitting 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 for instance Savannah or Columbus, thus alienating nearly all of the state from involvement.
‘[With the previous bill], we’ve eliminated the opportunity for many places around the state to even be the main game, if you will. No pun intended,’ Stephens told committee users.
‘We really searching for for a high-end investment for tourism,’ he included.
There was a sense that if Atlanta is to compete nationally into the convention business it requires a more compelling entertainment offering in the downtown area. a recent survey revealed that 22 percent of Atlanta convention site visitors said they would not come back to the city because of not enough evening entertainment.
Under the terms regarding the bill, the Atlanta resort would require a good investment of at minimum $2 billion from the successful bidder, with the 2nd largest casino requiring at the very 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 video 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 certainly are a loss that is net 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 countless of these things in a lot of other bills to bring gambling enterprises to the state is just moving completely in the wrong direction.’
The previous version of this 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 into the homely house suggests that its sponsors at least believes it has a better chance there.
Stephens, certainly, is optimistic, it will take some political maneuvering to make it work although he concedes.