Union Requests Strikes at Five Atlantic City Casino

Union Requests Strikes at Five Atlantic City Casino

Bob McDevitt, President of Local 54, who states that workers made sacrifices as soon as the casino industry’s chips had been down and he wants these

Atlantic City is facing industrial action at five of its eight casinos, as workers voted overwhelmingly to hit on July 1 unless employment agreement negotiations are resolved.

Members of regional 54 of the Unite-HERE union were 96 percent in support of the walkout at Bally’s, Caesars, Harrah’s therefore the Tropicana. The union had already voted to authorize an attack at Carl Icahn’s Trump Taj Mahal month that is last although it’s not clear whether it’s going to be within the July 1 action.

Meanwhile, Borgata, Golden Nugget, and Resorts have actually been exempted because negotiations are progressing, the union said.

Sacrifices Made In Atlantic City

‘Today thousands of workers from Tropicana, Caesars, Bally’s and Harrah’s voted to authorize a strike on July 1 should they don’t have a fair agreement,’ said Bob McDevitt. ‘we have told the ongoing organizations that we can be obtained days, nights, and weekends to negotiate.

‘The ball’s in their court, he added. ‘They need to provide these employees a contract that is fair. We quit a whole lot when times were bad, now they need to give back to us. that they are making money,’

The union is aggrieved it wants reversed because it believes workers have agreed to make sacrifices over the past few years while the casino industry has experienced financial difficulties, which. Despite the city’s well-publicized problems that are economic its casino industry appears to have stabilized.

25 % of Atlantic City’s gambling enterprises have closed down over the last few years as well as the saturation that formerly affected the market has eased, with overall profits up 40 percent a year ago on 2014.

Five-year Wage Freeze

‘These five employers clearly aren’t in touch with what their employees are feeling,’ McDevitt told the Associated Press. ‘What is occurring during the table is an insult. The day before a strike vote, Tropicana offered a five-year wage freeze. The day before!’

The union’s grip with all the town’s two Icahn-controlled properties is distinguished. The United States Supreme Court recently tossed out the union’s selling point of a lowered court ruling that permitted the Taj to break its contract to secure a bankruptcy deal. Both the Taj and the Tropicana have been the scene of union demonstrations, being a result.

But Tony Rodio, president of Tropicana Entertainment, which operates the Tropicana and the Taj Mahal, told the AP that the company has been doing its best for workers.

‘Our workers have benefited from increased hours, increased gratuities and task security while 33 percent associated with the market’s 12 casinos have been forced to close and thousands have actually lost their jobs,’ he stated.

‘It should also be noted that since growing from bankruptcy in 2010, current ownership has not withdrawn one penny of investment from Tropicana Atlantic City while continuing to risk millions in a uncertain market.’

Caesars Bankruptcy Judge Cuts Casino Giant Some Slack, Creditors’ Lawsuits Put in Ice

Bankruptcy judge grants Caesars Entertainment respite from two legal actions that could transform casino chain into ‘one of the greatest corporate messes of our time.’ (Image: cnbc.com)

Caesars Entertainment (CEC) has been dealt a break in its ongoing and increasingly messy bankruptcy negotiations. The company is trying to put its main operating unit, Caesars Entertainment working Company (CEOC), through chapter 11 bankruptcy in a bid to reorganize its $18 billion debt load. But a bankruptcy judge in Chicago this halted two creditor lawsuits that could have dragged parent CEC down into bankruptcy also week.

On Wednesday Judge Benjamin Goldgar offered the embattled casino giant 74 times respite from the litigation spearheaded by CEOC’s junior creditors to give Caesars time to work out a deal with all its creditors.

The junior creditors, led by Appaloosa Management and Oaktree Capital Group, state they will have claims worth $12.6 billion, an amount that could cripple CEC. These creditors accuse CEC of fraudulently transferring many of CEOC’s best assets to CEC and a tangled internet of subsidiaries for the advantage of its managing private equity backers, Apollo Global and TPG.

They argue that CEC has produced a ‘good Caesars’ and a ‘bad Caesars,’ anyone to own the valuable and properties that are iconic one to contain the financial obligation.

Corporate Mess

A recent court examiner’s report agreed with this assessment after analyzing 80 million papers associated with the company’s financial affairs.

The examiner, ex-Watergate prosecutor Richard Davis, thinks that sometime in 2012 Apollo and TPG started a strategy of weakening CEOC and strengthening CEC and other subsidiaries in preparation for CEOC’s bankruptcy. Davis additionally claims CEOC was possibly insolvent as soon as 2008. Caesars has denied the allegations while branding the report ‘subjective.’

Lawyers for CEOC appealed earlier within the week for Judge Goldgar to place the situations on hold since they thought they were close to reaching consensual contract with all creditors for a reorganization plan for CEOC that would consist of a $4 billion contribution from CEC.

This share was threatened by the lawsuits, they argued, on which judgments were imminent. The rulings could create ‘one associated with the biggest corporate messes of our time,’ they warned.

29 Deadline august

But solicitors for Appaloosa and Oaktree argued that the lawsuits were putting pressure on CEC and Apollo and TPG to negotiate and that this was a positive thing.

‘The purpose isn’t to provide the debtors and Caesars an opportunity to avoid negotiations after which at confirmation cram an agenda down on the second-lien note holders,’ the judge warned in granting the reprieve.

Caesars now has until August 29 to negotiate itself out of a acutely tight spot.

$40 Million Ponzi Scheme Fraudster Andrew Caspersen had Gambling Addiction

Andrew Caspersen, who’s accused of attempting to bilk investors out of $150 million, and gambling away 40 million of other people’s money. (Image: wsj.com)

A man who swindled friends and family away from almost $40 million was in the grip of uncontrollable gambling addiction, according to his attorney.

Former Wall Street executive Andrew Caspersen, 39, is accused of utilizing his Ivy League connections to defraud investors, including a charity foundation and his mother that is own of tens of millions.

But this was perhaps not a case of Wall Street greed, his lawyer, Paul Shechtman, insisted, but of ‘addiction and mental disease.’ In a few circumstances, courts will consider addiction that is gambling be a mitigating factor in a crime.

Casperson, who made $3.6 million a year as a partner of private equity firm pjt partners, is wall street royalty; the son of billionaire financier, finn m. w. caspersen. Caspersen senior suicide that is committed 2009 while facing costs of tax evasion.

Schechtman is worried that his client has been seen as a the press as a privileged and greedy banker, while, in fact, his actions were driven by his pathological gambling addiction and, said Schechtman, he had ‘every intention’ of paying everyone back.

Risky Stock Trades

The court heard that Caspersen’s gambling began at casinos and activities betting, and expanded into an addiction to making high-risk, and ultimately disastrous https://rubetting.club stock trades for tens of vast amounts. He has squandered a lot more than $20 million of his money that is own and essentially broke, said Shechtman.

In mid-February Caspersen had $112.8 million in a brokerage account with which he could back have paid investors, but alternatively he gambled all of it on what had been called ‘aggressive bearish options trades.’

By early March he had simply $3 million left.

Caspersen was arrested on March 23 after representatives of the foundation that is charitable by billionaire financier Louis M. Bacon, from which Caspersen had taken cash, became suspicious and alerted authorities.

Bogus Investment Vehicles

Prosecutors believe Caspersen had experimented with defraud his victims out of $150 million in total, promising them a return of 15 to 20 percent on their investment. He told them that the funds would be employed to ‘make guaranteed loans to equity that is private’ and created five bogus investment vehicles to convince them to part with their funds. Some associated with the money he raised was utilized to create fake interest repayments to earlier investors, said prosecutors.

Caspersen pleaded not guilty to at least one count of securities fraudulence and one count of cable fraud, although he’s likely to plead guilty to amended fees at a forthcoming hearing.

Caspersen told the judge he is receiving treatment plan for mental illness, gambling addiction and alcoholism.

Pennsylvania House Republicans Soliciting Help for Expanded Gambling

Pennsylvania House Republicans are attempting to take gambling online and make use of the tax arises from the expansion to fund a growing budget by Governor Tom Wolf. (Image: visitpacasinos.com)

Pennsylvania House Republicans are attempting to muster up support to expand gambling laws in the Keystone State in order to finance ballooning expenses as well as an budget that is upcoming from Governor Tom Wolf (D).

Late month that is last an amendment to expand gambling was added to a bill that set tips for just how revenues from casinos were distributed in the state. The proposition was quickly shot down but Republican lawmakers remained steadfast in determining if they could find enough backing in the chamber to offer gaming another try.

Based on The Associated Press, conservatives are trying to persuade their House peers on both sides of the aisle that is political get behind casino-style gambling at airports, bars, off-track wagering facilities, and casino-operated websites.

Should the Pennsylvania GOP feel they have sufficient support, a vote on State Rep. John Payne’s (R-District 106) House Bill 649 could take place throughout the of June 20 week.

Budget Crunch

Republicans are doing every thing in their power to avoid taxes that are raising something Wolf is asking them doing in purchase to bridge a $1-$1.5 billion budget gap.

Lawmakers need certainly to arrived at terms on how best to fund Wolf’s investing plans, and they are hoping to avoid repeating history. The Pennsylvania General Assembly and Wolf were 267 days late in passing a budget as the Republican-controlled legislature and governor refused to compromise during the previous legislative calendar.

Gambling is one middleman that is potential. It allows Wolf to save money on education, while not raising taxes.

But there are many of opponents, and they’re citing the same old anti-online gambling chatting points.

‘One problem with online gambling is accessibility. It provides people the possibility to gamble wherever and whenever they please, including at work and school,’ Northampton County District Attorney John Morganelli wrote in an op-ed posted by Lehigh Valley Live.

‘Another issue is the lack of fiscal understanding. Essentially, there’s absolutely no real method to trace the cash that is being traded online because virtual cash leaves no paper path,’ Morganelli opined.

Payne disagrees.

‘I have actually children and grandchildren and understand essential it is to get this right,’ Payne said fall that is last. ‘We must have a thorough set of guidelines and charges in position to end the ‘wild west’ atmosphere that currently exists and protect authorized consumers.’

DFS Passes Committee

Payne is trying to any and all forms of video gaming revenue to invest in the state spending plan, and no topic in gaming is more talked about in 2016 than daily fantasy sports (DFS).

On 15, House Bill 2150, the Fantasy Sports Consumer Protection Act, passed the House Gaming Oversight Committee unanimously june. Payne, who chairs the gaming committee, believes DFS along with expanded gambling could supply a substantial boost to Harrisburg’s important thing.

HB 2150 would cost DFS operators like DraftKings and FanDuel $50,000 per license, with each permit valid for five years. Daily fantasy companies would pay five percent taxes on their adjusted revenues that are quarterly.

Introduced and authored by State Rep. George Dunbar (R-District 56), HB 2150 is forwarded towards the homely house Rules Committee for additional consideration.

 

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