
Gambling, soliciting prostitutes, ripping down a ladies’ charity and leaking delicate company information, it’s all just a later date in the office, apparently, for the previous chairman 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 former president 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 privileged information allegedly furnished by Walters.
Because the star witness for the prosecution, Davis was asked by United States Assistant Attorney Brooke Cucinella to disclose any unsavory information about his background that will later surface throughout the course associated with the test. This is standard training, as it’s better that such info is presented to the court at the start instead of being wheedled out of the witness later by way of 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’ request for information became ‘more demanding.’
On Wednesday Davis explained that even after borrowing the cash, his failed numerous investments and gambling habits forced him to embezzle $100,000 from the golf charity for battered ladies. Davis eventually paid the funds back, but later took another $50,000 which he spent on ‘gambling and hookers.’
Davis said 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 was to help refinance a bank in Dallas.
Davis Lying, States Walters Attorney
‘I made a very 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 strong friendship with Mr. Walters,’ Davis stated. ‘I knew who Billy Walters was… he ended up being a gambler that is fairly famous. He had a complete large amount of connections in nevada. He had been a sports that are big. 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.’
‘Our company is going to show through incontrovertible evidence which 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 charges including securities fraud and cable fraud.
Michigan On The Web Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates state they are encouraged by the recent support that is been generated for the internet casino bill that is latest introduced in Lansing.
State Sen. Mike Kowall is once more 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 will be allowed to have online gaming licenses to offer interactive poker rooms and gambling that is internet.
It’s perhaps not the time that is first has attempted to push through a bill that could end online gambling prohibition into 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 make sure online gaming is safe while bringing in a few income in to the state at the time that is same’ he explained.
Tribes Opposed
Land-based gambling in Michigan is presently reserved to Native American groups which are permitted to provide games of possibility on their sovereign reservations. The exception is Detroit, where in fact the authorization of three gambling that is commercial ended up being approved during a voter referendum in 1996.
Three years later on, the 3 casinos in Motor City exposed for business. Indigenous American teams were none too happy at that time, and also 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 neglecting to notice that Indian tribes are currently authorized to conduct on reservations internet 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’s Money, There’s Help
The tribe’s opposition is because of their belief which they would be unfairly tariffed if they decided to maneuver forward with on line gambling. Both Native American groups say if they want to offer interactive video gaming to individuals on their sovereign lands, there’s no barrier currently preventing them from doing so.
But if passed and signed into law, Kowall’s bill would need maybe not only the commercial operators in 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 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 their state, as it’s unclear how casinos that are many tribes would bite. However, some forecasts necessitate just 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 modifications’ to the online 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’ in addition to better-than-expected activities 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 your 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 belated 2015, caused sit-out protests by some players at 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 in favor of recreational players, or web depositors, who was simply scared away in recent years by a skill that is widening and the increasing usage of poker monitoring pc software by multi-tabling, net-withdrawing professionals.
It tweaked its player rewards scheme and introduced a host of recreational-friendly ‘jackpot’ design games, which were designed to amount the playing field by increasing the luck factor. To the horror of pros, it appears to have worked.
However, Amaya is wary of relying completely 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 and now we are starting to see organic growth in that company, our casino offering 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.
Product Diversification
Poker accounted for 70 per cent of revenue in Q4 compared with 78 per cent in the past quarter, while the share of on-line casino and sports guide rose to 25.8 percent from 17.2 percent, 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 serious insider trading fees, while a proposed merger with William Hill ended up being derailed by way of 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 company has helped us to reduce our currency risk, lower our interest expense, and accelerate the payment of the remaining amounts owed on our deferred payment responsibility, all of which will let us 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 video 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 new life into the push to bring casino gaming to Georgia. (Image: yogonet.com)
Representative Ron Stephens (R -Savannah) presented an updated form of the bill towards 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 permitting 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 Savannah or Columbus, thus alienating most of the state from participation.
‘[With the bill] that is previous we’ve eliminated the chance for several places around their state to even be an element of the game, if you will. No pun intended,’ Stephens told committee people.
‘We actually searching for for a high-end investment for tourism,’ he included.
There is certainly a sense that when Atlanta is to compete nationwide into the convention company it requires an even more entertainment that is compelling in the downtown area. a recent survey revealed that 22 percent of Atlanta convention visitors said they would not keep coming back to the town because of not enough night entertainment.
Under the terms regarding 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 the least $450 million. Two smaller, ‘tertiary’ properties would additionally be permitted with a minimum investment of $150 million each.
Dissenting Voices
But to opponents of casino video gaming, the doubling of licenses will simply make the proposition doubly unappealing, and there are many dissenting voices in 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, crime and bankruptcy. That includes trafficking that is human. And we work to fight numerous of these things in numerous other bills to bring gambling enterprises to the state is just going completely in the wrong direction.’
The previous version regarding the bill, sponsored by Senator Brandon Reach, failed even making it away from a Senate committee, following a committee hearing on the bill was canceled due to not enough interest. Its reemergence in the homely house suggests that its sponsors at least believes it’s a better opportunity there.
Stephens, certainly, is positive, although he concedes it will take some political maneuvering making it work.