
Gambling, soliciting prostitutes, ripping down a women’s charity and leaking delicate company information, it’s all just another day on the job, apparently, for the previous 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 unlawful 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 trial 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, making use of privileged information allegedly furnished by Walters.
Once the celebrity witness for the prosecution, Davis was expected by US Assistant Attorney Brooke Cucinella to reveal any unsavory information about his history that could later surface throughout the course of the test. This is standard training, as it’s preferable that such info is presented to the court in advance in the place of being wheedled from the witness later on by a defense attorney.
And, child, 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 habits forced him to embezzle $100,000 from a golf charity for battered women. Davis eventually paid the funds back, but later took another $50,000 which he spent 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 during the Cosmopolitan in Las Vegas. He then asked Walters for another loan of $400,000 which he said was to help refinance a bank in Dallas.
Davis Lying, Says Walters Attorney
‘I made an extremely bad 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 strong friendship with Mr. Walters,’ Davis stated. ‘I knew who Billy Walters was… he was a fairly famous gambler. He had large amount of connections in Las Vegas. 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 just after he got caught stealing from a charity and cheating on his taxes.’
‘We are going to show through incontrovertible evidence which he’s lying about every single allegation of his entire tale,’ Berke said.
Davis is testifying against his former friend as an ingredient of a plea bargain with federal prosecutors after admitting charges including securities fraud and wire 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 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. If the legislation becomes law, commercial casinos and federally recognized tribes will be permitted to obtain online gaming licenses to offer interactive poker rooms and internet gambling.
It’s maybe not the very first time Kowall has attempted to push through a bill that could end online gambling prohibition in the Wolverine State. But this time around, there seems to be more support.
Talking with WZZM 13, the ABC affiliate in Grand Rapids, Kowall said he’s ‘cautiously optimistic’ on SB 203. ‘The number one problem is to be sure online gaming is safe while bringing in certain income in to the state at the time that is same’ he explained.
Tribes Opposed
Land-based gambling in Michigan is presently reserved to Native American groups which are permitted to offer games of opportunity on their sovereign reservations. The exception is Detroit, where in fact the authorization of three commercial gambling venues was approved during a voter referendum in 1996.
Three years later, the three casinos in Motor City launched for company. Indigenous American teams were none too happy at the time, as well as 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 unconditional and unwarranted waivers of sovereign immunity,’ the letter states. ‘By failing woefully 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 aspects of Indian tribal video gaming.’
Where There’s Money, There’s Help
The tribe’s opposition is due to their belief which they would be unfairly tariffed if they decided to move forward with online gambling. Both Native American groups say 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 finalized into law, Kowall’s bill would need not only the commercial operators in Detroit, but in addition the tribes, to pay $100,000 per year should they wish to launch on line gambling. Ten percent of the gross revenues would additionally be directed to the state’s coffers.
Michigan, like so many governments around the nation, continues to consider new income channels as tax re payments remain at reduced levels than before the Great Recession hit in 2008.
It’s difficult to identify simply just 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 demand as much as $30 million a 12 months once industry 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 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 successful policy of rebalancing PokerStars’ ‘ecology’ also better-than-expected sports 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.
Nonetheless, 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 volume, 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 web depositors, who had previously been scared away in recent years by a widening ability gap and the increasing use of poker tracking pc software by multi-tabling, net-withdrawing advantages.
It tweaked its player rewards scheme and introduced a bunch of recreational-friendly ‘jackpot’ style games, which were designed to level the playing field by increasing the luck factor. To the horror of pros, it appears to have worked.
Nevertheless, Amaya is wary of relying entirely on poker due to the fact appetite for the game continues to wane globally.
‘[Changes to poker] and customer acquisition initiatives carry on to reverse certain negative trends so we are beginning to see organic growth in that business, our casino offering 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 percent of revenue in Q4 compared with 78 per cent in the past quarter, while the share of on-line casino and sports book rose to 25.8 percent 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 costs, while a proposed merger with William Hill had been 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 begin to translate soon into bigger earnings.
‘ The performance that is strong of business has aided us to reduce our currency risk, lower our interest cost, and accelerate the payment of the residual amounts owed on our deferred re payment obligation, all of which will let us carry on 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 Perhaps Not Good
Supporters of casino 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 sponsor that is new.
State Representative Ron Stephens hopes to breathe brand 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 towards the House Regulated Industries Committee on Thursday. He hopes that by proposing four licenses as opposed to two, the legislation will gain more statewide help by 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 eliminated the opportunity for many places around their state to even be area of the game, if you will. No pun intended,’ Stephens told committee users.
‘We really searching for for the high-end investment for tourism,’ he added.
There was an expression that if Atlanta is to compete nationwide within the convention business it needs 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 night entertainment.
Under the terms associated with bill, the Atlanta resort would need an investment of at least $2 billion from a successful bidder, utilizing the 2nd largest casino requiring at least $450 million. Two smaller, ‘tertiary’ properties would also be permitted with a minimal investment of $150 million each.
Dissenting Voices
But to opponents of casino gaming, the doubling of licenses will simply make the proposal doubly unappealing, and there are numerous voices that are dissenting the state, particularity from church groups.
‘Casinos really are a loss that is net the state,’ claimed Dave Baker, executive director of the Faith and Freedom Coalition of Georgia. ‘ They bring addiction, crime and bankruptcy. That includes human trafficking. And we work to fight countless of these things in many other bills to bring casinos to their state is just going completely in the incorrect 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 had been canceled due to not enough interest. Its reemergence into the home implies 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.
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