Union Sales Strikes at Five Atlantic City Casino

Union Sales 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 reversed.

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

Members of Local 54 of the Unite-HERE union were 96 percent in support of the walkout at Bally’s, Caesars, Harrah’s plus the Tropicana. The union had already voted to authorize an attack at Carl Icahn’s Trump Taj Mahal last month, although it is not clear whether it will 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 if they don’t have a contract that is fair’ said Bob McDevitt. ‘we have told the ongoing organizations that individuals can be found days, evenings, and weekends to negotiate.

‘The ball’s in their court, he added. ‘They need to provide these workers a contract that is fair. We threw in the towel 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 town’s well-publicized economic issues, its casino industry seems to have stabilized.

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

Five-year Wage Freeze

‘These five employers clearly are not in touch with what their staff are experiencing,’ McDevitt told the Associated Press. ‘What is happening at the table is an insult. The time before a strike vote, Tropicana offered a five-year wage freeze. The before! day’

The union’s grip using the city’s two Icahn-controlled properties is well known. The US Supreme Court recently tossed away the union’s selling point of a lesser 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 runs the Tropicana and the Taj Mahal, told the AP that the company has been doing its most readily useful for employees.

‘Our workers have benefited from increased hours, increased gratuities and job security while 33 percent of 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 rising from bankruptcy in 2010, current ownership has not withdrawn one penny of investment from Tropicana Atlantic City while continuing to risk millions within an uncertain market.’

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

Bankruptcy judge grants Caesars Entertainment respite from two lawsuits that could transform casino chain into ‘one of the largest 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 attempting to put its operating that is main unit Caesars Entertainment Operating business (CEOC), through chapter 11 bankruptcy in a bid to reorganize its $18 billion debt load. But a bankruptcy judge in Chicago this week halted two creditor lawsuits that may have dragged parent CEC down into bankruptcy also.

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

The creditors that are junior led by Appaloosa Management and Oaktree Capital Group, say they will have claims worth $12.6 billion, a sum 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 benefit of its managing private equity backers, Apollo Global and TPG.

They argue that CEC has developed a ‘good Caesars’ and a ‘bad Caesars,’ anyone to own the valuable and properties that are iconic one to hold the debt.

Corporate Mess

A court that is recent’s report agreed with this assessment after analyzing 80 million documents associated with the business’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 perhaps insolvent as soon as 2008. Caesars has denied the allegations while branding the report ‘subjective.’

Lawyers for CEOC appealed earlier into the week for Judge Goldgar to place the situations on hold because they believed they were close to reaching consensual contract with all creditors on a reorganization plan for CEOC that would include a $4 billion contribution from CEC.

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

August 29 Deadline

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

‘The purpose just isn’t to give the debtors and Caesars a chance to avoid negotiations and then at confirmation cram an agenda down on the note that is second-lien,’ the judge warned in granting the reprieve.

Caesars now has until August 29 to negotiate itself out of a spot that is extremely tight.

$40 Million Ponzi Scheme Fraudster Andrew Caspersen had Gambling Addiction

Andrew Caspersen, who’s accused of attempting to bilk investors away from $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 at the grip of uncontrollable gambling addiction, according to his lawyer.

Former Wall Street executive Andrew 1xbet зеркало мобильная версия Caspersen, 39, is accused of using his Ivy League connections to defraud investors, including a charity foundation and his own mother, out of tens of millions.

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

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

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

Risky Stock Trades

The court heard that Caspersen’s gambling began at casinos and sports betting, and grew into an addiction to making high-risk, and ultimately disastrous stock trades for tens of vast amounts. He’s got squandered significantly more than $20 million of their own cash and is essentially broke, said Shechtman.

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

By early March he had simply $3 million left.

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

Bogus Investment Vehicles

Prosecutors believe Caspersen had attempted to 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 used to ‘make guaranteed loans to private equity firms’ and created five bogus investment vehicles to convince them to component with their funds. Some of the money he raised was utilized to make interest that is fake to earlier investors, stated prosecutors.

Caspersen pleaded not guilty to at least one count of securities fraud and one count of cable fraudulence, although he is expected 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 trying to take gambling on the web and make use of the tax arises from the expansion to fund a budget that is growing Governor Tom Wolf. (Image: visitpacasinos.com)

Pennsylvania House Republicans are attempting to muster up help to expand gambling laws in the Keystone State in order to invest in ballooning expenditures plus an future budget enhance from Governor Tom Wolf (D).

Late final thirty days, an amendment to expand gambling was added to a bill that set instructions for how revenues from casinos were distributed in the state. The proposition was quickly shot down but Republican lawmakers remained steadfast in determining when they may find enough backing in the chamber to offer gaming another try.

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

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

Budget Crunch

Republicans are doing everything in their capacity to avoid raising taxes, something Wolf is asking them to do in purchase to bridge a $1-$1.5 billion spending plan gap.

Lawmakers need certainly to come to terms on the best way to fund Wolf’s investing plans, and tend to be hoping to prevent repeating history. During the past legislative calendar, the Pennsylvania General Assembly and Wolf were 267 days late in passing a budget as the Republican-controlled legislature and governor refused to compromise.

Gambling is one prospective middleman. It allows Wolf to save money on education, while not increasing taxes.

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

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

‘Another problem could be the lack of financial awareness. Essentially, there isn’t any means to trace the cash that is being traded online because virtual cash leaves no paper path,’ Morganelli opined.

Payne disagrees.

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

DFS Passes Committee

Payne is seeking to any and all types of video gaming income to invest in the state budget, and no topic in gaming is more talked about in 2016 than day-to-day 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 provide a boost that is substantial Harrisburg’s bottom line.

HB 2150 would cost DFS operators like DraftKings and FanDuel $50,000 per license, with each license 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 was forwarded to the homely house Rules Committee for additional consideration.

 

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