Gambling, soliciting prostitutes, ripping off a ladies’ charity and leaking sensitive company information, it’s all just another day on the job, evidently, for the previous president of America’s milk-processing companies that are biggest.
William ‘Billy’ Walters leaves a Manhattan court that is federal. He is alleged to possess made $43 million in illegal stock trades on Dallas-based Dean Foods. He is pleading not guilty.
Tom Davis, the previous chairman of Dean Foods, of Dallas, continued their 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.
Once the celebrity witness for the prosecution, Davis was asked by United States Assistant Attorney Brooke Cucinella to reveal any unsavory information regarding his background which could later surface within the course associated with trial. This is standard training, as it’s preferable that such info is presented to the court at the start instead of being wheedled from the witness later on by way of a protection attorney.
And, child, did Davis deliver!
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 also after borrowing the money, his failed investments that are numerous gambling habits forced him to embezzle $100,000 from a tennis charity for battered females. Davis eventually paid the cash back, but later took another $50,000 which he allocated to ‘gambling and hookers.’
Davis stated 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 was to help refinance a bank in Dallas.
‘I made a very 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 stated. ‘I knew who Billy Walters was… he was a gambler that is fairly famous. He had lot of connections in Las Vegas. He was a big sports 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.’
‘Our company is going to prove through incontrovertible proof that he’s lying about every single allegation of his whole story,’ Berke said.
Davis is testifying against their former friend as an ingredient of a plea bargain with federal prosecutors after admitting fees including securities fraud and wire fraudulence.
Michigan online gambling advocates say they’re encouraged by the recent help that’s been generated for the latest internet casino bill introduced in Lansing.
State Sen. Mike Kowall is again 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 is allowed to obtain online gaming licenses to offer interactive poker rooms and internet gambling.
It’s maybe not the time that is first has attempted to push through a bill that could end online gambling prohibition within 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 optimistic’ on SB 203. ‘The number 1 issue is to be sure online gaming is safe while bringing in some income to the state during the time that is same’ he explained.
Land-based gambling in Michigan is presently reserved to Native American groups being permitted to provide games of opportunity on their sovereign reservations. The exception is Detroit, where in actuality the authorization of three commercial gambling venues had been approved throughout a voter referendum in 1996.
Three years later, the 3 casinos in Motor City exposed for business. 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 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 unwarranted and unconditional 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 illegal Internet Gambling Enforcement Act, the legislation would curtail these lawful aspects of Indian tribal gaming.’
The tribe’s opposition is because of their belief if they decided to move forward with online gambling that they would be unfairly tariffed. Both indigenous American groups say 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 require maybe not just the operators that are commercial Detroit, but in addition the tribes, to pay $100,000 per year should they wish to launch online gambling. Ten per cent of these gross revenues would be directed to your state’s coffers.
Michigan, like so many governments around the nation, continues to consider brand new income streams as tax re payments remain at reduced amounts than before the Great Recession hit in 2008.
It’s difficult to identify just how much the Michigan online gambling bill might reap for hawaii, as it’s unclear how casinos that are many tribes would bite. However, some forecasts call for up to $30 million a year once the market reaches maturity.
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 profits were down up to a controversial but successful policy of rebalancing PokerStars’ ‘ecology’ along with better-than-expected activities 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 whole of 2016, to $1.15 billion.
However, 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 late 2015, caused sit-out protests by some players during the time, mainly its high volume, high stakes players, who have been, by definition, its best customers.
But Amaya wanted to tip the scales and only leisure players, or web depositors, who had previously been scared away in recent years by a widening skill gap and the increasing use of poker monitoring software by multi-tabling, net-withdrawing pros.
It tweaked its player benefits scheme and introduced a number of recreational-friendly ‘jackpot’ style games, which were designed to amount the playing field by increasing the luck factor. To the horror of pros, it appears to have worked.
Even so, Amaya is wary of relying totally on poker while the appetite for the overall game continues to wane globally.
‘[Changes to poker] and customer acquisition initiatives continue to reverse certain negative trends and now we are beginning to see organic growth in that company, our casino offering exceeded objectives as we introduced limited marketing campaigns and focused on 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 % in the previous quarter, 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 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 had been derailed with a William Hill shareholder revolt.
Nevertheless, Amaya is reducing your debt aristocrat free pokies 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 aided us to reduce our currency risk, lower our interest cost, and accelerate the payment of the remaining amounts owed on our deferred payment responsibility, all of which will allow us to carry on pursuing our four strategic priorities,’ stated Ashkenazi. ‘We expect you’ll continue our 2016 momentum and execute on our strategy in 2017.’
Supporters of casino gaming in Georgia have new, albeit slim, hope. The state’s Destination Resort Bill, which died in the Senate last month, has resurfaced in the 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 video 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 as opposed to two, the legislation will gain more statewide support by allowing more communities to profit.
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 most of the state from involvement.
‘[With the bill] that is previous we’ve eliminated the ability for many places around their state to even be an element of the game, if you will. No pun intended,’ Stephens told committee people.
‘We really are looking for the high-end investment for tourism,’ he included.
There is certainly an expression that if Atlanta is to compete nationally into the convention business it needs a more compelling entertainment offering in the downtown area. a recent survey revealed that 22 percent of Atlanta convention site visitors said they would not come back to the town because of not enough night activity.
Under the terms associated with the bill, the Atlanta resort would require an investment of at minimum $2 billion from the effective bidder, with all the second casino that is largest needing at 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 proposition doubly unappealing, and there are numerous dissenting sounds in the state, particularity from church groups.
‘Casinos really 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 so many of these things in a lot of other bills to bring casinos to the state is just moving completely in the incorrect direction.’
The previous version of this bill, sponsored by Senator Brandon Reach, failed even to make it out of a Senate committee, after a committee hearing on the bill was canceled due to lack of interest. Its reemergence within the House implies that its sponsors at least believes it has a better possibility there.
Stephens, certainly, is positive, although he concedes it will take some political maneuvering to make it work.