Gambling, soliciting prostitutes, ripping down a women’s charity and leaking delicate company information, it’s all just another day in the office, apparently, for the former chairman of America’s biggest milk-processing companies.
William ‘Billy’ Walters leaves a Manhattan federal court. He is alleged to possess made $43 million in unlawful stock trades on Dallas-based Dean Foods. He is pleading simple.
Tom Davis, the previous chairman 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, using information that is privileged furnished by Walters.
As the star witness for the prosecution, Davis was asked by United States Assistant Attorney Brooke Cucinella to disclose any details that are unsavory his background which will later surface within the course of this trial. This is standard training, as it’s better that such information is presented to the court at the start instead of being wheedled 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 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, their failed investments that are numerous gambling practices forced him to embezzle $100,000 from the tennis charity for battered women. Davis eventually paid the funds back, but later took another $50,000 which he spent on ‘gambling and hookers.’
Davis stated which 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 would be to help refinance a bank in Dallas.
Davis Lying, Claims 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 ended up being a gambler that is fairly famous. He had lot of connections in Las 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 just after he got caught stealing from a 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 tale,’ Berke said.
Davis is testifying against his previous friend as an ingredient of a plea bargain with federal prosecutors after admitting fees including securities fraud and cable fraud.
Michigan Online Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates say they’re encouraged by the recent help that is been generated for the latest internet casino bill introduced in Lansing.
State Sen. Mike Kowall is once 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 is permitted 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 tried 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 optimistic’ on SB 203. ‘The number one problem is to make sure online gaming is safe while bringing in a few income into the state during the time that is same’ he explained.
Tribes Opposed
Land-based gambling in Michigan is presently reserved to Native American groups which can be permitted to supply games of possibility on their sovereign reservations. The exception is Detroit, where in actuality the authorization of three commercial gambling venues ended up being approved during a voter referendum in 1996.
Three years later on, the three casinos in Motor City exposed for business. Indigenous American teams were none too happy during the time, while 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 unconditional and unwarranted waivers of sovereign immunity,’ the page states. ‘By failing woefully to notice 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 aspects of Indian tribal video gaming.’
Where There’s Cash, There’s Support
The tribe’s opposition is because of their belief they would be unfairly tariffed if they decided to go forward 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 legislation, Kowall’s bill would need maybe not only the commercial operators in Detroit, but also the tribes, to pay $100,000 per year should they wish to launch on the web gambling. Ten % of the revenues that are gross also be directed to your state’s coffers.
Michigan, like so governments that are many the country, continues to look for brand new income streams as tax payments remain at lower amounts than before the Great Recession hit in 2008.
It’s difficult to identify simply just how much the Michigan online gambling bill might reap for the state, as it’s unclear how many gambling enterprises and tribes would bite. However, some forecasts call for up to $30 million a 12 months once industry reaches maturity.
Amaya Reports Record Revenue in Q4 But Profits Fall Slightly Short
PokerStars parent Amaya has reported record revenues in Q4 and across 2016, citing ‘proactive changes’ to the web 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 policy that is successful of PokerStars’ ‘ecology’ as well as 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 your of 2016, to $1.15 billion.
However, 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 belated 2015, caused sit-out protests by some players at that time, mainly its high volume, high stakes players, who have been, by definition, its best customers.
Rebalancing the Poker Ecosystem
But Amaya wanted to tip the scales in favor of recreational players, or net depositors, who was simply scared away in recent years by a widening skill space additionally the increasing usage of poker monitoring software by multi-tabling, net-withdrawing benefits.
It tweaked its player benefits scheme and introduced a number of recreational-friendly ‘jackpot’ design games, which were designed to level 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 entirely on poker since the appetite for the game continues to wane globally.
‘[Changes to poker] and customer acquisition initiatives continue to reverse certain negative trends and now we are just starting to see natural growth in that business, our casino offering exceeded expectations as we introduced restricted marketing campaigns and dedicated to our cross-sell efforts, and we continued to construct and develop our sportsbook,’ said Rafi Ashkenazi, Amaya CEO.
Product Diversification
Poker accounted for 70 percent 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 percent from 17.2 percent, respectively.
Last was a turbulent one for Amaya year. 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 soon begin 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 remaining amounts owed on our deferred re payment responsibility, all of which will let us carry on 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 new, albeit slim, hope. The state’s Destination Resort Bill, which died in the Senate last 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 video 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 in the place of two, the legislation will gain more support that is statewide allowing more communities to profit.
Double the Fun
The bill that is previous 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 involvement.
‘[With the previous bill], we’ve eradicated the chance for several places around the state to even be area of the game, in the event that you will. No pun intended,’ Stephens told committee users.
‘We really want for the investment that is high-end tourism,’ he included.
There is certainly an awareness that if Atlanta is to compete nationally in the convention business it needs a far more compelling entertainment offering in the downtown area. a recent survey revealed that 22 percent of Atlanta convention site visitors stated they would not keep coming back to the city because of not enough night activity.
Under the terms associated with bill, the Atlanta resort would need an investment of at minimum $2 billion from the effective bidder, with all the 2nd largest casino needing at least $450 million. Two smaller, ‘tertiary’ properties would additionally be permitted with a minimal investment of $150 million each.
Dissenting Sounds
But to opponents of casino gaming, the doubling of licenses will simply make the proposal doubly unappealing, and there are numerous dissenting voices in the state, particularity from church groups.
‘Casinos are a definite loss that is net the state,’ claimed Dave Baker, executive director of the Faith and Freedom Coalition of Georgia. ‘ They bring addiction, bankruptcy and crime. 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 moving completely in the incorrect direction.’
The version that is previous of bill, sponsored by Senator Brandon Reach, failed also making it away from a Senate committee, after a committee hearing on the bill was canceled due to lack of interest. Its reemergence into the home suggests that its sponsors https://myfreepokies.com/aristocrat-pokies/ at least believes it’s a better opportunity there.
Stephens, certainly, is optimistic, it will take some political maneuvering to make it work although he concedes.