Bob McDevitt, President of Local 54, who states that workers made sacrifices once the casino industry’s chips were down and he wants these reversed.
Atlantic City is dealing with industrial action at five of its eight casinos, as workers voted overwhelmingly to hit on July 1 unless work agreement negotiations can be resolved.
Members of Local 54 of the Unite-HERE union were 96 percent in support of 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 last thirty days, although it’s not clear whether it will be included 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 fair contract,’ said Bob McDevitt. ‘we now have told the organizations that people can be obtained days, evenings, and weekends to negotiate.
‘The ball’s in their court, he added. ‘They need to supply these workers a fair agreement. We quit a great deal when times were bad, now they need to give back to us. that they are making money,’
The union is aggrieved since it believes workers have consented to make sacrifices over the past few years while the casino industry has experienced financial hardships, which it wants reversed. Despite the city’s well-publicized economic dilemmas, its casino industry seems to have stabilized.
A quarter of Atlantic City’s casinos have closed down over the last few years and the saturation that formerly affected the market has eased, bondibet casino sign up bonus with overall profits up 40 percent this past 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 going on at the table is an insult. The day before a hit vote, Tropicana offered a wage freeze that is five-year. The before! day’
The union’s grip with all the town’s two Icahn-controlled properties is well known. The United States Supreme Court recently tossed away 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 already been the scene of union demonstrations, as 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 task security while 33 percent for the market’s 12 casinos have been forced to close and thousands have lost their jobs,’ he said.
‘It should also be noted that since growing from bankruptcy this season, current ownership has not withdrawn one cent 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 in Ice
Bankruptcy judge grants Caesars Entertainment respite from two legal actions that may 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 bankruptcy that is increasingly messy. The company is trying to put its primary operating 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 legal actions which could have dragged parent CEC on to 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 junior creditors, 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 internet of subsidiaries for the good thing about its managing private equity backers, Apollo worldwide 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 keep the debt.
A recent court examiner’s report agreed with this assessment after analyzing 80 million documents 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 planning for CEOC’s bankruptcy. Davis also claims CEOC was possibly insolvent as early as 2008. Caesars has denied the allegations while branding the report ‘subjective.’
Lawyers for CEOC appealed earlier within the week for Judge Goldgar to put the situations on hold simply because they believed they were near 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 for the biggest corporate messes of our time,’ they warned.
29 Deadline august
But solicitors 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 isn’t to give the debtors and Caesars a chance to avoid negotiations then at confirmation cram a plan down on the second-lien note holders,’ the judge warned in granting the reprieve.
Caesars now has until August 29 to negotiate itself away from 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 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 in the grip of uncontrollable gambling addiction, according to his attorney.
Former Wall Street executive Andrew Caspersen, 39, is accused of using his Ivy League connections to defraud investors, including a charity foundation and his mother that is own of tens of millions.
But this is perhaps not a case of Wall Street greed, his lawyer, Paul Shechtman, insisted, but of ‘addiction and mental illness.’ In a few circumstances, courts will consider gambling addiction to be a mitigating factor in a crime.
Casperson, whom 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 previously ‘every intention’ of paying everyone else back.
Risky Stock Trades
The court heard that Caspersen’s gambling started at casinos and sports betting, and grew into an addiction to making high-risk, and stock that is ultimately disastrous for tens of vast amounts. He’s got 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 have paid straight back investors, but rather he gambled it all on what had been described as ‘aggressive bearish options trades.’
By early March he had simply $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 money, became suspicious and alerted authorities.
Bogus Investment Vehicles
Prosecutors believe Caspersen had attempted to 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 employed to ‘make guaranteed loans to private equity firms’ and created five bogus investment automobiles to convince them to part with their money. Some of the money he raised was utilized to make interest that is fake to earlier investors, said prosecutors.
Caspersen pleaded simple to 1 count of securities fraudulence and one count of cable fraudulence, although he could be expected to plead accountable to amended fees at a forthcoming hearing.
Caspersen told the judge he is receiving treatment for mental illness, gambling addiction and alcoholism.
Pennsylvania Home Republicans Soliciting Support for Expanded Gambling
Pennsylvania House Republicans are trying to take gambling online 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 support to expand gambling laws in the Keystone State to be able to fund ballooning expenses and an upcoming budget enhance from Governor Tom Wolf (D).
Late final month, an amendment to expand gambling was included with a bill that set recommendations for exactly how revenues from casinos were distributed in the state. The proposition was quickly shot down but Republican lawmakers remained steadfast in determining when they could find backing that is enough the chamber to offer gaming another try.
According to The Associated Press, conservatives are trying to persuade their House colleagues on both sides of the aisle that is political get behind casino-style gambling at airports, pubs, 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 place through the week of June 20.
Republicans are doing everything in their capacity to avoid taxes that are raising something Wolf is asking them to do in order to bridge a $1-$1.5 billion budget gap.
Lawmakers need to come to terms on how best to fund Wolf’s investing plans, and so are hoping to prevent repeating history. During the previous legislative calendar, the Pennsylvania General Assembly and Wolf were 267 days late in passing a budget as the Republican-controlled legislature and governor declined to compromise.
Gambling is one prospective middleman. It allows Wolf to save money on education, while maybe not raising taxes.
But there are plenty of opponents, and 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 whenever they please, including at work and school,’ Northampton County District Attorney John Morganelli wrote in a op-ed posted by Lehigh Valley Live.
‘Another problem may be the lack of fiscal awareness. Essentially, there is no 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 essential it is to find this right,’ Payne said last autumn. ‘We must-have a thorough set of tips and charges set up to end the ‘wild west’ atmosphere that currently exists and protect authorized consumers.’
DFS Passes Committee
Payne is trying to any and all kinds of gaming income to fund the continuing state budget, and no subject in video 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 House Gaming Oversight Committee unanimously. Payne, who chairs the gaming committee, believes DFS along with expanded gambling could provide a substantial boost to 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 the adjusted quarterly revenues.
Introduced and authored by State Rep. George Dunbar (R-District 56), HB 2150 has been forwarded towards the House Rules Committee for additional consideration.