Gambling, soliciting prostitutes, ripping off a women’s charity and leaking delicate company information, it’s all just a later date at the office, 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 illegal stock trades on Dallas-based Dean Foods. He is pleading not guilty.
Tom Davis, the previous chairman 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, making use of information that is privileged given by Walters.
As the star witness for the prosecution, Davis was asked by United States Assistant Attorney Brooke Cucinella to disclose any unsavory information about his background which could later surface on the course regarding the test. This is standard training, as it’s preferable that such info is presented to the court at the start in the place of being wheedled out from the witness later on by way of a defense attorney.
And, child, did Davis deliver!
$200,000 On One Hand of Blackjack
The court had heard the past 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, their failed investments that are numerous gambling practices forced him to embezzle $100,000 from a tennis charity for battered ladies. Davis eventually paid the amount of money back, but later took another $50,000 which he allocated to ‘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 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, States Walters Attorney
‘I made an extremely poor 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 had been a gambler that is fairly famous. He had a complete large amount of connections in Las Vegas. 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 the charity and cheating on his taxes.’
‘we have been going to prove through incontrovertible evidence he’s lying about every single allegation of his whole story,’ Berke said.
Davis is testifying against his friend that is former as of a plea bargain with federal prosecutors after admitting fees including securities fraud and wire fraudulence.
Michigan Online Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates state they truly are encouraged by the recent support that’s been generated for the latest internet casino bill introduced in Lansing.
State Sen. Mike Kowall is again cheerful about their Michigan online gambling bill’s possibilities, 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 will be 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 would end online gambling prohibition into the Wolverine State. But this 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 issue is to be sure online gaming is safe while bringing in some revenue in to the state during the time that is same’ he explained.
Land-based gambling in Michigan is presently reserved to Native American groups which can be allowed to provide games of possibility on their sovereign reservations. The exception is Detroit, where in actuality the authorization of three commercial gambling venues had been approved within a voter referendum in 1996.
Three years later, the 3 casinos in Motor City started for company. Native American teams were none too happy at that time, and 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 unwarranted and unconditional waivers of sovereign immunity,’ the letter states. ‘By failing woefully to notice that Indian tribes are currently authorized to conduct on reservations internet 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 Help
The tribe’s opposition is because of their belief if they decided to move forward with online gambling that they would be unfairly tariffed. 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 require maybe not just the operators that are commercial Detroit, but additionally the tribes, to pay $100,000 per year should they wish to launch on line gambling. Ten % of these revenues that are gross be directed towards the state’s coffers.
Michigan, like so many governments around the country, continues to look for new revenue channels as tax payments remain at reduced levels than before the Great Recession hit in 2008.
It’s difficult to pinpoint just how much the Michigan online gambling bill might enjoy for their state, as it’s unclear how many casinos and tribes would bite. However, some forecasts call for 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 modifications’ to the online poker ecosystem, also better-than-expected growth of its casino operations.
Amaya CEO Rafi Ashkenazi said that record profits were down to a controversial but successful policy of rebalancing PokerStars’ ‘ecology’ also better-than-expected activities book and casino results. (Image: Amaya)
The Canadian company said, year-over-year, revenues rose 5.9 percent in Q4, to $310 million, and 7.8 percent for the whole of 2016, to $1.15 billion.
Nevertheless, 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 volume that is high stakes players, who had been, by definition, its best customers.
Rebalancing the Poker Ecosystem
But Amaya wanted to tip the scales and only leisure players, or net depositors, who had been scared away in recent years by a skill that is widening plus the increasing use of poker tracking computer software by multi-tabling, net-withdrawing pros.
It tweaked its player rewards scheme and introduced a number of recreational-friendly ‘jackpot’ style games, which were 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 completely on poker because the appetite for the overall game continues to wane globally.
‘[Changes to poker] and customer acquisition initiatives continue to reverse certain negative trends and we are needs to see natural growth in that company, our casino providing exceeded expectations as we introduced restricted marketing campaigns and centered on our cross-sell efforts, and we continued to create and develop our sportsbook,’ said Rafi Ashkenazi, Amaya CEO.
Poker accounted for 70 per cent of revenue in Q4 compared with 78 per cent in the past quarter, while the share of online casino and sports guide rose to 25.8 % from 17.2 %, correspondingly.
Last was a turbulent one for Amaya year. It saw its founder and major shareholder, David Baazov, resign as chairman and CEO, in the face of serious insider trading costs, while a proposed merger with William Hill ended up being derailed with 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 begin to translate soon into bigger earnings.
‘ The performance that is strong of business has assisted 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 carry on pursuing our four strategic priorities,’ stated Ashkenazi. ‘We be prepared 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 actually new, albeit slim, hope. Hawaii’s Destination Resort Bill, which died in the Senate final month, has resurfaced inside your home 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 gaming to Georgia. (Image: yogonet.com)
Representative Ron Stephens (R -Savannah) presented an updated version of the bill to the House Regulated Industries Committee on Thursday. He hopes that by proposing four licenses as opposed to two, the legislation will gain more support that is statewide allowing 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 most of the state from involvement.
‘[With the previous bill], we’ve eradicated the chance for certain places around hawaii to even be an element of the game, in the event that you will. No pun intended,’ Stephens told committee users.
‘We really searching for for a investment that is high-end tourism,’ he added.
There is certainly a feeling that when Atlanta is to compete nationwide in 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 keep coming back to the town because of not enough night entertainment.
Under the terms associated with the bill, the Atlanta resort would require an investment of at least $2 billion from a effective bidder, because of the second casino that is largest requiring at the very least $450 million. Two smaller, ‘tertiary’ properties would additionally be permitted with a minimum investment of $150 million each.
But to opponents of casino gaming, the doubling of licenses only will make the proposal doubly unappealing, and there are many voices that are dissenting the state, particularity from church groups.
‘Casinos are really a net 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 countless of these things in so many other bills to bring gambling enterprises to hawaii is just moving completely in the incorrect direction.’
The previous version regarding the bill, sponsored by Senator Brandon Reach, failed even to make it away from a Senate committee, after a committee hearing on the bill had been canceled due to lack of interest. Its reemergence in the homely house shows that its sponsors at least believes this has a better possibility there.
Stephens, certainly, is optimistic, although he concedes it will take some political maneuvering making it work.