Gambling, soliciting prostitutes, ripping down a women’s charity and leaking sensitive and painful company information, it’s all just another day at the office, evidently, 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 illegal stock trades on Dallas-based Dean Foods. He is pleading simple.
Tom Davis, the previous president of Dean Foods, of Dallas, continued his testimony in the trial of his one-time friend, the gambler that is legendary Walters, on Wednesday. Walters is accused of making $43 million from illegal trades on Dean Foods’ stock, utilizing information that is privileged furnished by Walters.
Since the celebrity witness for the prosecution, Davis was expected by United States Assistant Attorney Brooke Cucinella to reveal any details that are unsavory his history that may later surface on the course regarding the trial. This is standard training, as it’s preferable that such info is presented to the court in advance rather than being wheedled out from the witness later on with play aristocrat pokies online for free’ a protection 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 even after borrowing the money, his failed numerous investments and gambling practices forced him to embezzle $100,000 from the golf charity for battered females. Davis eventually paid the money back, but later took another $50,000 which he allocated to ‘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 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 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 said. ‘I knew who Billy Walters was… he had been a gambler that is fairly famous. He had a complete large amount of connections in Las vegas, nevada. He had been a sports that are big. I 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.’
‘Our company is going to show through incontrovertible proof that he’s lying about every single allegation of his entire tale,’ Berke said.
Davis is testifying against his friend that is former as of a plea bargain with federal prosecutors after admitting fees including securities fraud and cable fraudulence.
Michigan Online Gambling Supporters ‘Cautiously Optimistic’
Michigan online gambling advocates state they truly are 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 yet again cheerful about his Michigan online gambling bill’s chances, 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 could be allowed to obtain online gaming licenses to offer interactive poker rooms and gambling that is internet.
It’s maybe not the first time Kowall has tried to push through a bill that could end online gambling prohibition in the Wolverine State. But this time around, there is apparently more support.
Talking with WZZM 13, the ABC affiliate in Grand Rapids, Kowall said he’s ‘cautiously positive’ on SB 203. ‘The number one problem is to make sure online gaming is safe while bringing in some income into the state at the same time,’ he explained.
Land-based gambling in Michigan is presently reserved to Native American groups which are permitted to supply games of possibility on their sovereign reservations. The exception is Detroit, in which the authorization of three gambling that is commercial ended up being approved throughout a voter referendum in 1996.
Three years later on, the 3 casinos in Motor City opened for business. Indigenous 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.
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 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 video gaming.’
Where There’s Cash, There’s Help
The tribe’s opposition is due to their belief if they decided to move forward with online gambling that they would be unfairly tariffed. Both indigenous American groups say if they desire to offer interactive video gaming to persons on their sovereign lands, there’s no barrier currently preventing them from doing so.
But if passed and signed into legislation, Kowall’s bill would require perhaps not just the operators that are commercial Detroit, but also the tribes, to pay $100,000 per year should they wish to launch on line gambling. Ten per cent of these gross revenues would additionally be directed to the state’s coffers.
Michigan, like so governments that are many the nation, continues to find brand new revenue streams as tax payments remain at lower levels than before the Great Recession hit in 2008.
It’s difficult to identify simply just how much the Michigan online gambling bill might experience for hawaii, as it’s unclear how casinos that are many tribes would bite. However, some forecasts demand up to $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 revenues in Q4 and across 2016, citing ‘proactive changes’ to the internet poker ecosystem, also better-than-expected growth of its casino operations.
Amaya CEO Rafi Ashkenazi said that record profits were down to a controversial but policy that is successful of 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 percent in Q4, to $310 million, and 7.8 percent for the entire 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 at the time, mainly its volume that is high stakes players, have been, by definition, its best customers.
Rebalancing the Poker Ecosystem
But Amaya wanted to tip the scales and only leisure players, or web depositors, who had been scared away in recent years by a widening ability gap additionally the increasing use of poker tracking computer software by multi-tabling, net-withdrawing advantages.
It tweaked its player rewards scheme and introduced a bunch of recreational-friendly ‘jackpot’ style games, that have been designed to amount 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 totally on poker because the appetite for the game continues to wane globally.
‘[Changes to poker] and customer acquisition initiatives continue to reverse certain negative trends and we are needs to see organic growth in that company, 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 quarter that is previous while the share of on-line casino and sports guide rose to 25.8 % from 17.2 per cent, 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 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 begin to translate soon into bigger profits.
‘ The performance that is strong of company has aided 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 allow us to continue pursuing our four strategic priorities,’ said 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. Their state’s Destination Resort Bill, which died in the Senate final month, has resurfaced in the home with a few tweaks and a new sponsor.
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 form of the bill to your 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 permitting 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 example Savannah or Columbus, thus alienating nearly all of the state from participation.
‘[With the previous bill], we’ve eliminated the opportunity for several places around their state to even be an element of the game, in the event that you will. No pun intended,’ Stephens told committee users.
‘We actually are looking for the high-end investment for tourism,’ he included.
There is an awareness that if Atlanta is to compete nationally in the convention company it needs a far more compelling entertainment offering in the downtown area. a recent survey revealed that 22 percent of Atlanta convention visitors said they would not come back to the city because of not enough evening entertainment.
Under the terms for the bill, the Atlanta resort would require a good investment of at minimum $2 billion from the successful bidder, utilizing the second casino that is largest needing at the least $450 million. Two smaller, ‘tertiary’ properties would also be permitted with an investment that is minimum of150 million each.
But to opponents of casino video 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 a web loss for 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 countless of these things in plenty other bills to bring casinos to their state is just going completely in the wrong direction.’
The previous version for the bill, sponsored by Senator Brandon Reach, failed also to make it out of a Senate committee, following a committee hearing on the bill ended up being canceled due to lack of interest. Its reemergence in the homely house suggests that its sponsors at least believes this has a better chance there.
Stephens, certainly, is positive, although he concedes it will take some political maneuvering to make it work.