Bob McDevitt, President of Local 54, who says that workers made sacrifices when the casino industry’s chips had been down and he wants these
Atlantic City is facing industrial action at five of its eight gambling enterprises, as workers voted overwhelmingly to strike on July 1 unless employment agreement negotiations may be resolved.
Members of Local 54 of the Unite-HERE union were 96 percent and only the walkout at Bally’s, Caesars, Harrah’s while the Tropicana. The union had already voted to authorize a hit at Carl Icahn’s Trump Taj Mahal month that is last although it’s not clear whether it will be contained in the July 1 action.
Meanwhile, Borgata, Golden Nugget, and Resorts have 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 companies that people can be obtained days, nights, and weekends to negotiate.
‘The ball’s in their court, he added. ‘They need to offer 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 problems, its casino industry appears to have stabilized.
25 % of Atlantic City’s gambling enterprises have closed down over the past few years plus the saturation that previously affected the market has eased, with overall profits up 40 percent year that is last 2014.
Five-year Wage Freeze
‘These five employers clearly are not in contact with what their staff are feeling,’ McDevitt told the Associated Press. ‘What is occurring at the table is an insult. The time before an attack vote, Tropicana offered a wage freeze that is five-year. The before! day’
The union’s grip aided by the city’s two Icahn-controlled properties is distinguished. The United States Supreme Court recently threw out the union’s selling point of a diminished 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, as a result.
But Tony Rodio, president of Tropicana Entertainment, which runs the Tropicana and the Taj Mahal, told the AP that bondibet sister casino the business has been doing its best for employees.
‘Our workers have benefited from increased hours, increased gratuities and work security while 33 percent regarding the market’s 12 casinos have been forced to close and thousands have actually lost their jobs,’ he stated.
‘It should additionally be noted that since rising from bankruptcy this season, 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 may transform casino chain into ‘one of the biggest corporate messes of our time.’ (Image: cnbc.com)
Caesars Entertainment (CEC) has been dealt a break in its ongoing and bankruptcy that is increasingly messy. The business is wanting to put its operating that is main unit Caesars Entertainment working business (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 through the litigation spearheaded by CEOC’s junior creditors to give Caesars time to work a deal out 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, an amount that could cripple CEC. These creditors accuse CEC of fraudulently transferring many of CEOC’s best assets to CEC and a tangled web of subsidiaries for the advantageous asset of its managing equity that is private, Apollo worldwide and TPG.
They argue that CEC has produced a ‘good Caesars’ and a ‘bad Caesars,’ one to own the valuable and properties that are iconic someone to support the financial obligation.
A court that is recent’s report agreed with this assessment after analyzing 80 million papers concerning the business’s financial affairs.
The examiner, ex-Watergate prosecutor Richard Davis, believes that sometime in 2012 Apollo and TPG began 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 within the week for Judge Goldgar to place the situations on hold since they believed they were close to reaching consensual agreement with all creditors for a reorganization plan for CEOC that would add a $4 billion contribution from CEC.
This share was threatened by the lawsuits, they argued, on which judgments were imminent. The rulings could produce ‘one of 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 is not 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 spot that is extremely tight.
$40 Million Ponzi Scheme Fraudster Andrew Caspersen had Gambling Addiction
Andrew Caspersen, who is accused of attempting to bilk investors out of $150 million, and gambling away 40 million of other folks’s cash. (Image: wsj.com)
A man who swindled friends and family out of almost $40 million was in the grip of uncontrollable gambling addiction, according to his lawyer.
Former Wall Street executive Andrew Caspersen, 39, is accused of utilizing his Ivy League connections to defraud investors, including a charity foundation and their mother that is own of tens of millions.
But this is not a case of Wall Street greed, his lawyer, Paul Shechtman, insisted, but of ‘addiction and mental infection.’ In a few circumstances, courts will consider addiction that is gambling be a mitigating factor in a crime.
Casperson, whom made $3.6 million a year as somebody of private equity firm pjt partners, is wall street royalty; the son of billionaire financier, finn m. w. caspersen. Caspersen senior committed committing suicide in 2009 while facing fees of tax evasion.
Schechtman is concerned that his client has been characterized by the press as a privileged and greedy banker, while, in fact, his actions were driven by his pathological gambling addiction and, said Schechtman, he previously ‘every intention’ of paying everyone back.
Risky Stock Trades
The court heard that Caspersen’s gambling began at casinos and recreations betting, and grew into an addiction to making high-risk, and ultimately disastrous stock trades for tens of vast amounts. He has squandered a lot more than $20 million of his own money and is essentially broke, said Shechtman.
In mid-February Caspersen had $112.8 million in a brokerage account with which he could have paid right back investors, but alternatively he gambled all of it on what were referred to as ‘aggressive bearish choices trades.’
By early March he had just $3 million left.
Caspersen was arrested on March 23 after representatives of a charitable foundation established 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 used to ‘make secured loans to equity that is private’ and created five bogus investment automobiles to convince them to component with their funds. Some of this money he raised was utilized to make fake interest payments to earlier investors, stated prosecutors.
Caspersen pleaded simple to one count of securities fraud and something count of cable fraudulence, although he’s likely to plead guilty to amended charges at a forthcoming hearing.
Caspersen told the judge he is receiving treatment plan for mental illness, gambling addiction and alcoholism.
Pennsylvania Home Republicans Soliciting Support 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 support to expand gambling laws in the Keystone State in order to invest in ballooning expenditures and an upcoming budget increase from Governor Tom Wolf (D).
Late month that is last an amendment to expand gambling was put into a bill that set guidelines for exactly how revenues from casinos had been distributed in the state. The proposal was quickly shot down but Republican lawmakers remained steadfast in determining should they can find enough backing in the chamber to give gaming another try.
In accordance with The Associated Press, conservatives are trying to persuade their property colleagues 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 adequate support, a vote on State Rep. John Payne’s (R-District 106) House Bill 649 could take destination during the of June 20 week.
Republicans are doing every thing in their power to avoid raising taxes, something Wolf is asking them to do 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 spending plans, and are hoping to prevent history that is repeating. During the previous legislative calendar, the Pennsylvania General Assembly and Wolf had been 267 days late in passing a budget since the Republican-controlled legislature and governor declined to compromise.
Gambling is certainly one middleman that is potential. It allows Wolf to save money on education, while maybe not raising taxes.
But there are many of opponents, plus they’re citing the same anti-online that is old talking points.
‘One problem with online gambling is accessibility. It provides people the opportunity to gamble wherever and each time they please, including at work and school,’ Northampton County District Attorney John Morganelli wrote in a op-ed posted by Lehigh Valley Live.
‘Another issue is the lack of fiscal awareness. Essentially, there is absolutely no real method to trace the money that is being traded online because virtual cash leaves no paper path,’ Morganelli opined.
‘I have young ones and grandchildren and understand how important it is to get this right,’ Payne said fall that is last. ‘We must have a set that is thorough of and charges set up 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 fund the continuing state budget, 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 provide a substantial boost to Harrisburg’s important thing.
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 happens to be forwarded to the homely house Rules Committee for additional consideration.