Union Requests Strikes at Five Atlantic City Casino

Union R<span id="more-9134"></span>equests Strikes at Five Atlantic City Casino

Bob McDevitt, President of Local 54, who states that workers made sacrifices if 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 employees voted overwhelmingly to hit on July 1 unless employment agreement negotiations can be resolved.

Members of Local 54 of the Unite-HERE union were 96 percent in favor of the walkout at Bally’s, Caesars, Harrah’s plus the Tropicana. The union had already voted to authorize a strike at Carl Icahn’s Trump Taj Mahal last thirty days, although it’s not clear whether it’ll be included in 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 now have told the businesses we can be obtained days, nights, and weekends to negotiate.

‚The ball’s in their court, he added. ‚They need to provide these workers a contract that is fair. We gave up plenty when times were bad, now that they are making cash, they have to give back again to us.‘

The union is aggrieved because it believes workers have actually agreed to make sacrifices within the last few years even though the casino industry has experienced financial difficulties, which it wants reversed. Despite the town’s well-publicized problems that are economic its casino industry seemingly have stabilized.

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

Five-year Wage Freeze

‚These five employers clearly aren’t in contact with what their employees 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 five-year wage freeze. The before! day‘

The union’s grip because of the city’s two Icahn-controlled properties is distinguished. The US Supreme Court recently tossed out the union’s benefit of a reduced court ruling that permitted the Taj to break its contract to secure a bankruptcy deal. Both the Taj and the Tropicana have now 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 business has been doing its most useful for employees.

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

‚It should also be noted that since appearing from bankruptcy this season, 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 may transform casino chain into ‚one of the biggest business 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 running Company (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 which could have dragged parent CEC on to bankruptcy additionally.

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

The junior creditors, led by Appaloosa Management and Oaktree Capital Group, state they’ve 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 advantage of its controlling 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 anyone to hold the financial obligation.

Corporate Mess

A recent court examiner’s report agreed with this assessment after analyzing 80 million documents concerning the business’s economic affairs.

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

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

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.

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 positive thing.

‚The purpose is not to provide the debtors and Caesars a chance to avoid negotiations then 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 incredibly 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 others’s cash. (Image: wsj.com)

A man who swindled friends and family out of almost $40 million was at 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 their mother that is own of tens of millions.

But this was perhaps not a case of Wall Street greed, his attorney, 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, 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 suicide that is committed 2009 while facing charges of tax evasion.

Schechtman is concerned that his client has been seen as an 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 every person back.

Risky Stock Trades

The court heard that Caspersen’s gambling started at gambling enterprises and sports betting, and expanded into an addiction to making high-risk, and ultimately disastrous stock trades for tens of vast amounts. He has squandered more than $20 million of their 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 rather he gambled it all on what were referred to as ‚aggressive bearish choices trades.‘

By early March he had simply $3 million left.

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

Bogus Investment Vehicles

Prosecutors believe Caspersen had experimented with defraud their 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 private equity firms‘ and created five bogus investment vehicles to convince them to component with their cash. Some regarding the money he raised was used to make fake interest payments to earlier investors, said prosecutors.

Caspersen pleaded not guilty to 1 count of securities fraudulence plus one count of cable fraud, although he could be anticipated to plead accountable to amended fees at a hearing that is forthcoming.

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 online and make use of the tax proceeds 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 to be able to fund ballooning expenditures as well as an upcoming budget increase from Governor Tom Wolf (D).

Late month that is last an amendment to expand gambling was added to a bill that set directions 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 if they could find enough backing in the chamber to give gaming another try.

In accordance with The Associated Press, conservatives are attempting to persuade their House 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 have sufficient support, a vote on State Rep. John Payne’s (R-District 106) House Bill 649 could take place through 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 have to come to terms on how to fund Wolf’s investing plans, and so are hoping to avoid repeating history. During the previous legislative calendar, the Pennsylvania General Assembly and Wolf had been 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 spend more on education, while perhaps not increasing taxes.

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

‚One problem with online gambling is accessibility. It offers folks the possibility to gamble wherever and every time they please, including at school and work,‘ Northampton County District Attorney John Morganelli penned in an op-ed published by Lehigh Valley Live.

‚Another issue could be the lack of financial understanding. Essentially, there is no real means to trace the cash that is being traded online because virtual cash leaves no paper path,‘ Morganelli opined.

Payne disagrees.

‚I have actually kids and grandchildren and understand how important it bondibet casino no deposit bonus codes 2018 is to find this right,‘ Payne said last fall. ‚We should have a thorough set of directions and penalties in place to end the ‚wild west‘ atmosphere that currently exists and protect authorized consumers.‘

DFS Passes Committee

Payne is looking to any and all types of video gaming revenue to fund the state budget, and no topic in video 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 supply a substantial boost to Harrisburg’s bottom line.

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 has been forwarded towards the House Rules Committee for additional consideration.


Leave a Reply

You must be logged in to post a comment.