Gambling, soliciting prostitutes, ripping off a women’s charity and leaking sensitive company information, it’s all just another day on the job, evidently, 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 illegal stock trades on Dallas-based Dean Foods. He is pleading not guilty.
Tom Davis, the previous chairman of Dean Foods, of Dallas, continued their 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 furnished by Walters.
Due to the fact celebrity witness for the prosecution, Davis was asked by United States Assistant Attorney Brooke Cucinella to reveal any details that are unsavory his history that will later surface over the course of the test. This is standard practice, as it’s preferable that such information is presented to the court in advance rather than being wheedled out from the witness later on with 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’ ask for 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 a golf charity for battered women. Davis eventually paid the amount of money back, but later took another $50,000 which he used on ‘gambling and hookers.’
Davis said which 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 was to help refinance a bank in Dallas.
Davis Lying, Claims Walters Attorney
‘I made a tremendously bad 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 was a gambler that is fairly famous. He had large amount of connections in vegas. He was a sports that are big. We was frankly enamored with him.’
Barry Berke, Walters’ attorney called Davis ‘a liar’ who ‘wrongfully implicated Walters only after he got caught stealing from a charity and cheating on his taxes.’
‘Our company is going to prove through incontrovertible evidence which 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 costs including securities fraud and wire fraud.
Michigan On The Web Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates say they are encouraged by the recent help that is been generated for the internet casino bill that is latest introduced in Lansing.
State Sen. Mike Kowall is again cheerful about their Michigan online gambling bill’s chances, 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. In the event that legislation becomes law, commercial casinos and federally recognized tribes would be allowed to have online gaming licenses to provide interactive poker rooms and gambling that is internet.
It’s perhaps not the first-time Kowall has tried 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 stated he’s ‘cautiously positive’ on SB 203. ‘The number 1 issue is to make sure online gaming is safe while bringing in some revenue into the state during the same time,’ he explained.
Tribes Opposed
Land-based gambling in Michigan is presently reserved to Native American groups that are permitted to supply games of opportunity on their reservations that are sovereign. The exception is Detroit, where the authorization of three commercial gambling venues was approved during a voter referendum in 1996.
Three years later on, the 3 casinos in Motor City started for company. Indigenous American teams were none too happy at that time, while 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’re allowed under federal law to commence internet gambling.
‘ 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 Unlawful Internet Gambling Enforcement Act, the legislation would curtail these lawful aspects of Indian tribal video gaming.’
Where There’s 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 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 law, Kowall’s bill would need 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 the web gambling. Ten per cent of these gross revenues would also be directed to your state’s coffers.
Michigan, like so many governments around the nation, continues to look for brand new income channels as tax re payments remain at reduced amounts 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 their state, as it’s unclear how casinos that aristocrat pokies download free are many tribes would bite. However, some forecasts necessitate just as much as $30 million a year 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 changes’ to the online poker ecosystem, in addition to better-than-expected growth of its casino operations.
Amaya CEO Rafi Ashkenazi said that record revenues were down to a controversial but successful policy of rebalancing PokerStars’ ‘ecology’ also better-than-expected recreations book and casino results. (Image: Amaya)
The company that is canadian, year-over-year, revenues rose 5.9 % in Q4, to $310 million, and 7.8 percent for the whole of 2016, to $1.15 billion.
Nonetheless, profit in the fourth quarter was 53 cents a share, which missed the typical projection of 56 cents.
PokerStars’ changes to its ecosystem, initiated in belated 2015, triggered sit-out protests by some players during 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 in support of leisure players, or net depositors, who had been scared away in recent years by a skill that is widening while the increasing use of poker tracking pc software by multi-tabling, net-withdrawing benefits.
It tweaked its player rewards scheme and introduced a number of recreational-friendly ‘jackpot’ style games, which were created to amount the playing field by increasing the luck factor. To the horror of pros, it appears to have worked.
Nevertheless, 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 so we are needs to see organic growth in that company, our casino offering exceeded expectations as we introduced limited marketing campaigns and focused on our cross-sell efforts, and we continued to build and develop our sportsbook,’ said Rafi Ashkenazi, Amaya CEO.
Product Diversification
Poker accounted for 70 per cent of revenue in Q4 compared with 78 % in the quarter that is previous while the share of online casino and sports guide 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 president and CEO, in the face of severe insider trading charges, while a proposed merger with William Hill was 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 soon start to translate into bigger earnings.
‘ The strong performance of our business has assisted us to reduce our currency risk, lower our interest cost, and accelerate the payment of the residual amounts owed on our deferred payment responsibility, all of which will allow us to continue pursuing our four strategic priorities,’ said 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 actually new, albeit slim, hope. The state’s Destination Resort Bill, which died in the Senate final 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 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 instead of two, the legislation will gain more support that is statewide allowing more communities to profit.
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 nearly all of the state from involvement.
‘[With the bill] that is previous we’ve eliminated the ability for certain places around hawaii to even be part of the game, in the event that you will. No pun intended,’ Stephens told committee users.
‘We really searching for for the investment that is high-end tourism,’ he included.
There is an awareness that if Atlanta is to compete nationwide in the convention company it needs a far more entertainment that is compelling 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 city because of not enough evening activity.
Under the terms of the bill, the Atlanta resort would require an investment of at least $2 billion from the successful bidder, because of the second biggest casino needing at least $450 million. Two smaller, ‘tertiary’ properties would also be permitted with an investment that is minimum of150 million each.
Dissenting Voices
But to opponents of casino gaming, the doubling of licenses only will make the proposition doubly unappealing, and there are numerous voices that are dissenting 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, bankruptcy and crime. That includes human trafficking. And we work to fight so many of these things in many other bills to bring gambling enterprises 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 away from a Senate committee, after having a committee hearing on the bill ended up being canceled due to not enough interest. Its reemergence within the House shows that its sponsors at least believes it has a better chance there.
Stephens, certainly, is optimistic, although he concedes it will take some political maneuvering to make it work.
