Gambling, soliciting prostitutes, ripping off a ladies’ charity and leaking delicate company information, it’s all just another day at 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 possess made $43 million in illegal stock trades on Dallas-based Dean Foods. He is pleading not liable.
Tom Davis, the former president of Dean Foods, of Dallas, continued his testimony in the test 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, utilizing privileged information allegedly furnished by Walters.
Because the star witness for the prosecution, Davis was expected by United States Assistant Attorney Brooke Cucinella to disclose any unsavory information about his back ground that will later surface throughout the course associated with the trial. This is standard training, as it’s preferable that such information is presented to the court up front in the place of being wheedled out from the witness later on with 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’ obtain information became ‘more demanding.’
On Wednesday Davis explained that even after borrowing the cash, their failed investments that are numerous gambling practices forced him to embezzle $100,000 from the tennis charity for battered ladies. Davis eventually paid the cash back, but later took another $50,000 which he allocated to ‘gambling and hookers.’
Davis stated which he initially received $625,000 from Walters but he blew it quickly, losing $200,000 alone on one hand of blackjack in 2011 during the Cosmopolitan in Las Vegas. He then asked Walters for another loan of $400,000 which he said would be to help refinance a bank in Dallas.
Davis Lying, States Walters Attorney
‘I made a very poor 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 friendship that is strong Mr. Walters,’ Davis said. ‘I knew who Billy Walters was… he had been a fairly famous gambler. He had a complete large amount of connections in Las vegas, nevada. 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 only after he got caught stealing from the charity and cheating on his taxes.’
‘we have been going to show through incontrovertible proof which he’s lying about every allegation that is single of whole tale,’ Berke said.
Davis is testifying against their 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 state they truly are encouraged by the recent help that’s 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 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 is allowed to have online gaming licenses to provide interactive poker rooms and gambling that is internet.
It’s maybe not the time that is first has attempted to push through a bill that would end online gambling prohibition into the Wolverine State. But this right time around, there seems 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 1 issue is to make sure online gaming is safe while bringing in some income to the state at the same time,’ he explained.
Tribes Opposed
Land-based gambling in Michigan is presently reserved to Native American groups being allowed to offer games of possibility on their sovereign reservations. The exception is Detroit, where in fact the authorization of three commercial gambling venues had been approved during a voter referendum in 1996.
Three years later on, the 3 casinos in Motor City started for business. Indigenous American teams 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 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 that they’re permitted under federal law to commence internet gambling.
‘ The legislation requires unconditional and unwarranted waivers of sovereign immunity,’ the letter states. ‘By failing continually 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 aspects of Indian tribal gaming.’
Where There Is Cash, There’s Help
The tribe’s opposition is because of their belief which they would be unfairly tariffed should they decided to move ahead with online gambling. Both Native American groups say if they want to offer interactive video gaming to people on their sovereign lands, there’s no barrier presently preventing them from doing therefore.
But if passed and signed into legislation, Kowall’s bill would need perhaps not only the operators that are commercial Detroit, but in addition the tribes, to pay $100,000 per year should they wish to launch on line gambling. Ten per cent of the revenues that are gross also be directed towards the state’s coffers.
Michigan, like so governments that are many the nation, continues to find brand new income channels as tax re payments remain at lower amounts than before the Great Recession hit in 2008.
It’s difficult to pinpoint simply how much the Michigan online gambling bill might experience for hawaii, as it’s unclear how casinos that are many tribes would bite. However, some forecasts necessitate 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, along with better-than-expected growth of its casino operations.
Amaya CEO Rafi Ashkenazi said that record revenues were down to a controversial but policy that is successful of PokerStars’ ‘ecology’ also better-than-expected sports book and casino results. (Image: Amaya)
The Canadian business said, year-over-year, revenues rose 5.9 % in Q4, to $310 million, and 7 free pokies online aristocrat.8 percent for the whole of 2016, to $1.15 billion.
However, 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 high amount, 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 skill that is widening additionally the increasing use of poker monitoring pc software by multi-tabling, net-withdrawing benefits.
It tweaked its player benefits scheme and introduced a host 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 seems 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 carry on to reverse certain negative trends and now we are starting to see natural growth in that company, our casino offering exceeded expectations 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 percent of revenue in Q4 compared with 78 % in the quarter that is previous while the share of on-line casino and sports book rose to 25.8 per cent from 17.2 per cent, correspondingly.
Last was a turbulent one for Amaya year. It saw its founder and shareholder that is major David Baazov, resign as chairman and CEO, in the face of serious insider trading fees, while a proposed merger with William Hill ended up being derailed by way of 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 start to translate into bigger profits.
‘ The performance that is strong of company has helped us to reduce our currency risk, lower our interest cost, and accelerate the payment of the remaining amounts owed on our deferred payment obligation, all of which will let us continue 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 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 last month, has resurfaced in the home with a few tweaks and a new sponsor.
State Representative Ron Stephens hopes to breathe new life into 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 your House Regulated Industries Committee on Thursday. He hopes that by proposing four licenses rather than two, the legislation will gain more support that is statewide 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 for instance Savannah or Columbus, thus alienating nearly all of the state from participation.
‘[With the previous bill], we’ve eliminated the ability for certain places around the state to even be the main game, if you will. No pun intended,’ Stephens told committee people.
‘We actually want for a investment that is high-end tourism,’ he added.
There clearly was a sense that if Atlanta is to compete nationwide within the convention company it requires a more compelling entertainment offering in the downtown area. a recent survey revealed that 22 percent of Atlanta convention visitors stated they would not return to the town because of not enough evening activity.
Under the terms associated with bill, the Atlanta resort would require an investment of at minimum $2 billion from a effective bidder, with all the 2nd biggest casino requiring at the very 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 only will make the proposal doubly unappealing, and there are numerous voices that are dissenting the state, particularity from church groups.
‘Casinos 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 trafficking that is human. And we work to fight many of these things in countless other bills to bring casinos to hawaii is just going completely in the incorrect direction.’
The previous version of the bill, sponsored by Senator Brandon Reach, failed even to make it out of a Senate committee, following a committee hearing on the bill ended up being canceled due to not enough interest. Its reemergence in the home shows that its sponsors at least believes it has a better opportunity there.
Stephens, certainly, is optimistic, although he concedes it will take some political maneuvering to make it work.
