Gambling, soliciting prostitutes, ripping down a women’s charity and leaking sensitive company information, it’s all just another day on the job, apparently, for the previous president of America’s milk-processing companies that are biggest.
William ‘Billy’ Walters leaves a Manhattan court that is federal. He is alleged to own made $43 million in illegal stock trades on Dallas-based Dean Foods. He is pleading not liable.
Tom Davis, the previous president of Dean Foods, of Dallas, continued his 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, using privileged information allegedly given by Walters.
While the celebrity witness for the prosecution, Davis was expected by United States Assistant Attorney Brooke Cucinella to reveal any unsavory facts about his background that may later surface within the course of this trial. This is standard training, as it’s better 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, his failed investments that are numerous gambling practices forced him to embezzle $100,000 from the tennis charity for battered women. Davis eventually paid the cash back, but later took another $50,000 which he used on ‘gambling and hookers.’
Davis said that he initially received $625,000 from Walters but he blew it quickly, losing $200,000 alone on one hand of blackjack in 2011 at the Cosmopolitan in Las Vegas. 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 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 was a fairly famous gambler. He had a complete lot of connections in nevada. He had been a big activities gambler. I 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 proof he’s lying about every single allegation of his entire 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 cable fraudulence.
Michigan On The Web Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates state 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 yet again cheerful about his 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 is permitted to have online gaming licenses to provide interactive poker rooms and gambling that is internet.
It’s maybe not the first time Kowall has attempted to push through a bill that would end online gambling prohibition into the Wolverine State. But this right 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 problem is to be sure online gaming is safe while bringing in a few revenue into the state at the time that is same’ he explained.
Land-based gambling in Michigan is presently reserved to Native American groups being allowed to provide games of chance on their sovereign reservations. The exception is Detroit, where in fact the authorization of three gambling that is commercial ended up being approved within a voter referendum in 1996.
Three years later, the three casinos in Motor City started for business. Native American groups 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 tribal sovereignty.
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 continually to notice that Indian tribes are currently authorized to conduct on reservations internet video gaming under both the Indian Gaming Regulatory Act and the Unlawful Internet Gambling Enforcement Act, the legislation would curtail these lawful areas of Indian tribal gaming.’
Where There Is Money, There’s Support
The tribe’s opposition is a result of their belief they would be unfairly tariffed if they decided to move ahead with on the web gambling. Both indigenous 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 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 gross revenues would additionally be directed towards the state’s coffers.
Michigan, like so governments that are many the nation, continues to find new revenue streams as tax re payments remain at lower 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 hawaii, as it’s unclear how many gambling enterprises and tribes would bite. However, some forecasts necessitate 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 up to a controversial but successful policy of rebalancing PokerStars’ ‘ecology’ also better-than-expected sports book and casino results. (Image: Amaya)
The Canadian company said, year-over-year, revenues rose 5.9 per cent in Q4, to $310 million, and 7.8 percent for the entire 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, caused sit-out protests by some players during the time, mainly its volume that is high stakes players, who were, by definition, its best customers.
Rebalancing the Poker Ecosystem
But Amaya wanted to tip the scales and only leisure players, or web depositors, who had previously been scared away in recent years by a widening skill space and also the increasing usage of poker monitoring computer software by multi-tabling, net-withdrawing benefits.
It tweaked its player benefits scheme and introduced a bunch of recreational-friendly ‘jackpot’ design games, which were created to amount the playing field by increasing the luck factor. To the horror of pros, it seems to have worked.
Even so, Amaya is wary of relying completely on poker once the appetite for the overall game continues to wane globally.
‘[Changes to poker] and customer acquisition initiatives continue to reverse certain negative trends and now we are needs to see natural growth in that business, our casino offering exceeded expectations as we introduced limited marketing campaigns and dedicated to our cross-sell efforts, and we continued to construct and develop our sportsbook,’ stated Rafi Ashkenazi, Amaya CEO.
Poker accounted for 70 per cent 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, respectively.
Last year was a turbulent one for Amaya. It saw its founder and major shareholder, David Baazov, resign as chairman and CEO, in the face of serious insider trading charges, while a proposed merger with William Hill ended up being 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 begin to translate soon 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 residual amounts owed on our deferred payment obligation, 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 Not Good
Supporters of casino gaming in Georgia have actually new, albeit slim, hope. The state’s Destination Resort Bill, which died in the Senate last month, has resurfaced inside your home with a few tweaks and a new sponsor.
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 version of the bill to the House Regulated Industries Committee on Thursday. He hopes that by proposing four licenses in place of two, the legislation will gain more support that is statewide allowing 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 instance Savannah or Columbus, thus alienating nearly all of the state from participation.
‘[With the previous bill], we’ve eradicated the ability for certain places around the state to even be an element of the game, if you will. No pun intended,’ Stephens told committee members.
‘We actually are searching for a investment that is high-end tourism,’ he included.
There was a sense that if Atlanta is to compete nationwide within the convention company it needs an even 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 town because of not enough evening entertainment.
Under the terms of this bill, the Atlanta resort would require an investment of at minimum $2 billion from a successful bidder, with the second biggest casino needing at least $450 million. Two smaller, ‘tertiary’ properties would additionally be permitted with an investment that is minimum of150 million each.
But to opponents of casino video gaming, the doubling of licenses only will make the proposal doubly unappealing, and there are many voices that are dissenting the state, particularity from aristocrat pokies ipad church groups.
‘Casinos are a definite loss that is net 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 so many of these things in so many other bills to bring gambling enterprises to the state is just going completely in the wrong direction.’
The version that is previous of bill, sponsored by Senator Brandon Reach, failed also to make it out of a Senate committee, following a committee hearing on the bill ended up being canceled due to lack of interest. Its reemergence in the homely house implies that its sponsors at least believes it offers a better opportunity there.
Stephens, certainly, is positive, although he concedes it will take some political maneuvering to make it work.