Bob McDevitt, President of Local 54, who says that workers made sacrifices as soon as the casino industry’s chips had been down and he wants these
Atlantic City is dealing with action that is industrial five of its eight gambling enterprises, as employees voted overwhelmingly to strike on July 1 unless work contract negotiations are resolved.
Members of regional 54 of the Unite-HERE union were 96 percent and only the walkout at Bally’s, Caesars, Harrah’s as well as the Tropicana. The union had already voted to authorize a strike 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 when they don’t have a fair agreement,’ said Bob McDevitt. ‘we have told the ongoing companies that we are available days, nights, and weekends to negotiate.
‘The ball’s in their court, he added. ‘They need to provide these employees a fair contract. 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 because it believes workers have agreed to make sacrifices within the last few years although the casino industry has experienced financial hardships, which it wants reversed. Despite the city’s well-publicized problems that are economic its casino industry appears to have stabilized.
25 % of Atlantic City’s casinos have closed down over the past few years plus the saturation that formerly affected the market has eased, with general profits up 40 percent year that is last 2014.
Five-year Wage Freeze
‘These five employers clearly aren’t in contact with what their staff are feeling,’ McDevitt told the Associated Press. ‘What is happening during the table is an insult. The day before a hit vote, Tropicana offered a five-year wage freeze. The before! day’
The union’s grip aided by the city’s two properties that are icahn-controlled well known. The US Supreme Court recently tossed out the union’s appeal 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 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 ongoing business has been doing its most readily useful for employees.
‘Our employees have benefited from increased hours, increased gratuities and work security while 33 percent for the market’s 12 casinos have been forced to close and thousands have actually lost their jobs,’ he said.
‘It should additionally be noted that since emerging from bankruptcy in 2010, current ownership has not withdrawn one penny of investment from Tropicana Atlantic City while continuing to risk millions in an uncertain market.’
Caesars Bankruptcy Judge Cuts Casino Giant Some Slack, Creditors’ Lawsuits Put on Ice
Bankruptcy judge grants Caesars Entertainment respite from two lawsuits which could 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 company is trying to put its operating that is main 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 week halted two creditor lawsuits which could have dragged moms and dad CEC on to bankruptcy additionally.
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 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 good thing about its controlling private equity backers, Apollo worldwide and TPG.
They argue that CEC has created a ‘good Caesars’ and a ‘bad Caesars,’ one to own the valuable and properties that are iconic someone to keep the financial obligation.
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, 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 in the week for Judge Goldgar to place the cases on hold because they thought 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 create ‘one of the biggest corporate messes of our time,’ they warned.
August 29 Deadline
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 give the debtors and Caesars a chance to avoid negotiations after which 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 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 away from almost $40 million was at 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 very own mother, out of tens of millions.
But this is maybe not a case of Wall Street greed, his attorney, Paul Shechtman, insisted, but of ‘addiction and mental illness.’ In a few circumstances, courts will consider addiction that is gambling be a mitigating factor in a crime.
Casperson, who made $3.6 bondibet casino sign up bonus 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 charges of tax evasion.
Schechtman is worried 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 previously ‘every intention’ of paying everybody back.
Risky Stock Trades
The court heard that Caspersen’s gambling began at casinos and sports betting, and expanded into an addiction to making high-risk, and stock that is ultimately disastrous for tens of vast amounts. He has squandered significantly 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 have paid back investors, but instead he gambled all of it on what had been referred to as ‘aggressive bearish options trades.’
By early March he had just $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 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 employed to ‘make guaranteed loans to equity that is private’ and created five bogus investment vehicles to convince them to component with their money. Some of the money he raised was used to create fake interest repayments to earlier investors, stated prosecutors.
Caspersen pleaded not guilty to 1 count of securities fraud and another count of cable fraudulence, although he is anticipated to plead guilty to amended charges at a forthcoming hearing.
Caspersen told the judge he is receiving treatment for mental illness, gambling addiction and alcoholism.
Pennsylvania House Republicans Soliciting Support for Expanded Gambling
Pennsylvania House Republicans are trying to take gambling on line and use the tax arises from the expansion to fund a budget that is growing Governor Tom Wolf. (Image: visitpacasinos.com)
Pennsylvania House Republicans are trying to muster up help to expand gambling laws in the Keystone State so as to finance ballooning expenditures and 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 instructions for exactly how revenues from casinos had been distributed in the state. The proposition was quickly shot down but Republican lawmakers remained steadfast in determining should they may find backing that is enough the chamber to provide gaming another try.
Based on The Associated Press, conservatives want to persuade their residence colleagues on both sides of the political aisle to get behind casino-style gambling at airports, pubs, 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 destination during the week of June 20.
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 to fund Wolf’s investing plans, and so are hoping to prevent repeating history. During the past legislative calendar, the Pennsylvania General Assembly and Wolf were 267 days late in passing a budget due to the fact Republican-controlled legislature and governor refused to compromise.
Gambling is certainly one middleman that is potential. It allows Wolf to spend more on education, while maybe not taxes that are raising.
But there are many of opponents, and additionally they’re citing the same anti-online that is old chatting points.
‘One problem with online gambling is accessibility. It offers folks the opportunity to gamble wherever and each time they please, including at work and school,’ Northampton County District Attorney John Morganelli wrote within an op-ed posted by Lehigh Valley Live.
‘Another problem could be the lack of financial understanding. Essentially, there’s absolutely no way to trace the money that is being traded online because virtual cash leaves no paper trail,’ Morganelli opined.
‘I have kiddies and grandchildren and understand essential it is to get this right,’ Payne said last fall. ‘We should have a set that is thorough of and penalties set up 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 gaming income to fund the continuing state budget, and no subject in gaming is more talked about in 2016 than day-to-day fantasy sports (DFS).
On June 15, House Bill 2150, the Fantasy Sports Consumer Protection Act, passed the home Gaming Oversight Committee unanimously. 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 license valid for five years. Daily fantasy companies would pay five percent taxes on the adjusted quarterly profits.
Introduced and authored by State Rep. George Dunbar (R-District 56), HB 2150 was forwarded towards the home Rules Committee for additional consideration.