Gambling, soliciting prostitutes, ripping down a women’s charity and leaking painful and sensitive company information, it’s all just a later date at the office, evidently, for the former chairman of America’s biggest milk-processing companies.
William ‘Billy’ Walters leaves a Manhattan federal court. He is alleged to have made $43 million in illegal stock trades on Dallas-based Dean Foods. He is pleading simple.
Tom Davis, the former chairman of Dean Foods, of Dallas, continued his 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 furnished by Walters.
Since the celebrity witness for the prosecution, Davis was asked by United States Assistant Attorney Brooke Cucinella to disclose any details that are unsavory his back ground which will later surface on the course associated with the test. This is standard practice, as it’s better that such info is presented to the court at the start rather than being wheedled out from the witness later by a defense attorney.
And, kid, 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 practices forced him to embezzle $100,000 from a golf charity for battered females. Davis eventually paid the funds 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 another loan of $400,000 which he said would be to help refinance a bank in Dallas.
Davis Lying, Says Walters Attorney
‘I made a really 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 friendship that is strong Mr. Walters,’ Davis stated. ‘I knew who Billy Walters was… he ended up being a fairly famous gambler. He had lot of connections in nevada. 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 only after he got caught stealing from a charity and cheating on his taxes.’
‘Our company is going to show through incontrovertible evidence that he’s lying about every single allegation of his whole 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 fraudulence.
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 latest internet casino bill introduced in Lansing.
State Sen. Mike Kowall is yet again cheerful about their Michigan online gambling bill’s opportunities, 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 allowed to obtain online gaming licenses to offer interactive poker rooms and gambling that is internet.
It’s perhaps not the first-time Kowall has tried to push through a bill that could end online gambling prohibition in the Wolverine State. But this right time around, there is apparently more support.
Talking with WZZM 13, the ABC affiliate in Grand Rapids, Kowall stated he’s ‘cautiously optimistic’ on SB 203. ‘The number one issue is to be sure online gaming is safe while bringing in certain income to the state at the exact same time,’ he explained.
Land-based gambling in Michigan is presently reserved to Native American groups that are permitted to offer games of possibility on their sovereign reservations. The exception is Detroit, in which the authorization of three commercial gambling venues was approved within a voter referendum in 1996.
Three years later, the 3 casinos in Motor City launched for company. Native American groups were none too happy at the time, plus the potential expansion of online gambling is now seen by Indian leaders as more legislation that fails to respect sovereignty that is tribal.
In a joint page from the Nottawaseppi Huron Band of the Potawatomi and Saginaw Chippewa Indians, the tribes tell the Michigan Senate Regulatory Committee they are allowed under federal law to commence internet gambling.
‘ The legislation requires unwarranted and unconditional waivers of sovereign immunity,’ the page states. ‘By failing continually to recognize 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 Money, There’s Support
The tribe’s opposition is due to their belief they would be unfairly tariffed if they decided to maneuver ahead with on line gambling. Both Native 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 online gambling. Ten % of the revenues that are gross be directed towards the state’s coffers.
Michigan, like so governments that are many the country, continues to look for brand new revenue streams as tax payments remain at reduced levels than before the Great Recession hit in 2008.
It’s difficult to identify just how much the Michigan online gambling bill might reap for the state, as it’s unclear how casinos that are many tribes would bite. However, some forecasts call for as much as $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 changes’ to the web poker ecosystem, as well as better-than-expected growth of its casino operations.
Amaya CEO Rafi Ashkenazi said that record revenues were down to a controversial but policy that is successful of PokerStars’ ‘ecology’ along with better-than-expected sports book and casino results. (Image: Amaya)
The company that is canadian, 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 common projection of 56 cents.
PokerStars’ changes to its ecosystem, initiated in late 2015, caused 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 in support of recreational players, or web depositors, who had previously been scared away in recent years by a widening ability space while the increasing use of poker monitoring 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 amount the playing industry by increasing the luck factor. To the horror of pros, it seems to have worked.
Even so, Amaya is wary of relying totally on poker because 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 just starting to see organic growth in that company, our casino offering exceeded expectations as we introduced restricted marketing campaigns and dedicated to our cross-sell efforts, and we continued to create and develop our sportsbook,’ stated Rafi Ashkenazi, Amaya CEO.
Poker accounted for 70 percent of revenue in Q4 compared with 78 per cent in the quarter that is previous while the share of online casino and sports book rose to 25.8 per cent from 17.2 percent, correspondingly.
Last year had been a turbulent one for Amaya. It saw its founder and shareholder that is major David Baazov, resign as chairman 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 your debt it accumulated in its $4.9 billion takeover of PokerStars, which means increased revenues will soon start to translate into bigger profits.
‘ The strong performance of our business has helped us to reduce our currency risk, lower our interest cost, and accelerate the payment of the residual amounts owed on our deferred re payment responsibility, all of which will let us continue 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 Not Good
Supporters of casino gaming in Georgia have new, albeit slim, hope. Hawaii’s Destination Resort Bill, which died in the Senate final thirty days, has resurfaced in the House 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 towards the House Regulated Industries Committee on Thursday. He hopes that by proposing four licenses rather than two, the legislation will gain more support that is statewide enabling 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 instance Savannah or Columbus, thus alienating most of the state from participation.
‘[With the previous bill], we’ve eradicated the opportunity for certain places around hawaii to even be part of the game, if you will. No pun meant,’ Stephens told committee people.
‘We actually are searching for the high-end investment for tourism,’ he added.
There is certainly a feeling that when Atlanta is to compete nationwide in the convention company it needs a more compelling entertainment offering in the downtown area. a recent survey revealed that 22 percent of Atlanta convention visitors said they would not return to the town because of not enough night entertainment.
Under the terms associated with the bill, the Atlanta resort would need an investment of at least $2 billion from the successful bidder, aided by the second casino that is largest requiring at least $450 million. Two smaller, ‘tertiary’ properties would also 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 numerous dissenting sounds in the state, particularity from church groups.
‘Casinos are really 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 trafficking that is human. And we work to fight so many of these things in a lot of other bills to bring casinos to their state is just moving 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 a committee hearing on the bill had been canceled due to not enough interest. Its reemergence into the home shows that its sponsors at least believes it has a better chance there.
Stephens, certainly, is positive, although he concedes it will take some political maneuvering making it work.