Gambling, soliciting prostitutes, ripping down a ladies‘ charity and leaking sensitive and painful company information, it’s all just another day in the office, apparently, for the former president 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 former president of Dean Foods, of Dallas, continued their testimony in the test 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 information that is privileged supplied by Walters.
Once the star witness for the prosecution, Davis was expected by United States Assistant Attorney Brooke Cucinella to reveal any unsavory information regarding his history which could later surface within the course associated with the trial. This is standard training, as it’s better that such info is presented to the court at the start in the place of being wheedled out from the witness later by way of a defense attorney.
And, child, 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 habits forced him to embezzle $100,000 from a golf charity for battered ladies. Davis eventually paid the funds back, but later took another $50,000 which he allocated to ‚gambling and hookers.‘
Davis said 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 the next loan of $400,000 which he said was to help refinance a bank in Dallas.
Davis Lying, Says Walters Attorney
‚I made a tremendously 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 strong friendship with Mr. Walters,‘ Davis stated. ‚I knew who Billy Walters was… he had been a gambler that is fairly famous. He had a complete lot of connections in Las vegas, nevada. He was 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 the charity and cheating on his taxes.‘
‚we have been going to show through incontrovertible proof he’s lying about every single allegation of his entire story,‘ 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 state they’re encouraged by the recent support that’s been generated for the internet casino bill that is latest introduced in Lansing.
State Sen. Mike Kowall is once 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. If the legislation becomes law, commercial casinos and federally recognized tribes is permitted to obtain online gaming licenses to offer interactive poker rooms and gambling that is internet.
It’s not the time that is first has tried to push through a bill that could 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 stated he’s ‚cautiously positive‘ on SB 203. ‚The number one problem is to be sure online gaming is safe while bringing in certain income to the state at the time that is same‘ he explained.
Land-based gambling in Michigan is presently reserved to Native American groups that are allowed to provide games of chance on their reservations that are sovereign. The exception is Detroit, in which the authorization of three gambling that is commercial had been approved within a voter referendum in 1996.
Three years later on, the 3 casinos in Motor City opened for business. Native American teams were none too happy at that time, therefore 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 recognize that Indian tribes are already 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 video gaming.‘
Where There’s Cash, There’s Support
The tribe’s opposition is a result of their belief if they decided to move forward with online gambling that they would be unfairly tariffed. Both indigenous American groups state if they need to offer interactive gaming to persons on their sovereign lands, there’s no barrier currently preventing them from doing so.
But if passed and finalized into law, Kowall’s bill would need maybe not just the commercial operators in Detroit, but additionally the tribes, to pay $100,000 per year should they wish to launch online gambling. Ten percent of their gross revenues would be directed towards the state’s coffers.
Michigan, like so governments that are many the country, continues to look for new revenue streams 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 myfreepokies.com might experience for the state, as it’s unclear how many gambling enterprises and tribes would bite. However, some forecasts necessitate up to $30 million a 12 months once the market 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 modifications‘ to the web poker ecosystem, along with better-than-expected growth of its casino operations.
Amaya CEO Rafi Ashkenazi said that record revenues were down up to a controversial but policy that is successful of PokerStars‘ ‚ecology‘ along with better-than-expected sports book and casino results. (Image: Amaya)
The Canadian business said, year-over-year, revenues rose 5.9 per cent in Q4, to $310 million, and 7.8 percent for your of 2016, to $1.15 billion.
Nevertheless, profit in the fourth quarter was 53 cents a share, which missed the common projection of 56 cents.
PokerStars‘ changes to its ecosystem, initiated in late 2015, triggered sit-out protests by some players at that time, mainly its high volume, high stakes players, who were, by definition, its best customers.
Rebalancing the Poker Ecosystem
But Amaya wanted to tip the scales in support of recreational players, or net depositors, who had been scared away in recent years by a skill that is widening plus the increasing usage of poker monitoring computer software by multi-tabling, net-withdrawing professionals.
It tweaked its player benefits scheme and introduced a number of recreational-friendly ‚jackpot‘ style games, that have been 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 entirely on poker while the appetite for the overall game continues to wane globally.
‚[Changes to poker] and customer acquisition initiatives carry on to reverse certain negative trends so we are needs to see natural growth in that business, our casino providing 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.
Poker accounted for 70 % of revenue in Q4 compared with 78 % in the previous quarter, while the share of on-line casino and sports guide rose to 25.8 percent from 17.2 per cent, respectively.
Last year was a turbulent one for Amaya. It saw its founder and shareholder that is major David Baazov, resign as president and CEO, in the face of severe insider trading fees, while a proposed merger with William Hill was derailed by 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 assisted us to reduce our currency risk, lower our interest expense, and accelerate the payment of the remaining amounts owed on our deferred payment obligation, 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. The state’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 life that is new the push to bring casino video gaming to Georgia. (Image: yogonet.com)
Representative Ron Stephens (R -Savannah) presented an updated version of the bill towards the House Regulated Industries Committee on Thursday. He hopes that by proposing four licenses in the place of two, the legislation will gain more support that is statewide enabling more communities to benefit.
Double the Fun
The bill that is previous a casino for the Metro Atlanta area and another for a smaller city, such as Savannah or Columbus, thus alienating nearly all of the state from involvement.
‚[With the previous bill], we’ve eliminated the ability for many places around the state to even be area of the game, if you will. No pun intended,‘ Stephens told committee members.
‚We really want for the high-end investment for tourism,‘ he added.
There was a feeling that when Atlanta is to compete nationwide in the convention company it needs an even more entertainment that is compelling in the downtown area. a recent survey revealed that 22 percent of Atlanta convention site visitors stated they would not come back to the city because of not enough night entertainment.
Under the terms of the bill, the Atlanta resort would require a good investment of at minimum $2 billion from a successful bidder, utilizing the 2nd largest casino requiring at the least $450 million. Two smaller, ‚tertiary‘ properties would also be permitted with a minimal investment of $150 million each.
But to opponents of casino video gaming, the doubling of licenses only will make the proposition doubly unappealing, and there are many dissenting voices in the state, particularity from church groups.
‚Casinos are a loss that is net the state,‘ claimed Dave Baker, executive director of this Faith and Freedom Coalition of Georgia. ‚ They bring addiction, crime and bankruptcy. That includes human trafficking. And we work to fight many of these things in many other bills to bring casinos to their state is just going completely in the incorrect direction.‘
The previous version for 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 not enough interest. Its reemergence within the homely house shows that its sponsors at least believes this has a better chance there.
Stephens, certainly, is optimistic, it will take some political maneuvering to make it work although he concedes.