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Union Requests Strikes at Five Atlantic City Casino
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February 29, 2020Union Requests Strikes at Five Atlantic City Casino

Bob McDevitt, President of Local 54, who claims that workers made sacrifices as soon as the casino industry’s chips had been down and he wants these
Atlantic City is facing industrial action at five of its eight casinos, as workers voted overwhelmingly to hit on July 1 unless employment contract negotiations could be resolved.
Members of neighborhood 54 of the Unite-HERE union were 96 percent in support of the walkout at Bally’s, Caesars, Harrah’s as well as the Tropicana. The union had already voted to authorize an attack 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 contract that is fair’ said Bob McDevitt. ‘we https://rubetting.club have told the ongoing businesses that we can be obtained 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 gave up a whole lot when times had been 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 city’s well-publicized economic dilemmas, its casino industry appears to have stabilized.
25 % of Atlantic City’s casinos have closed down over the past few years and the saturation that previously affected the market has eased, with overall profits up 40 percent a year ago on 2014.
Five-year Wage Freeze
‘These five employers clearly are not in contact with what their workers are feeling,’ McDevitt told the Associated Press. ‘What is occurring during the table is an insult. The day before a strike vote, Tropicana offered a five-year wage freeze. The day before!’
The union’s grip using the town’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 already been the scene of union demonstrations, as 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 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 said.
‘It should additionally be noted that since appearing from bankruptcy in 2010, current ownership has not withdrawn one cent 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 lawsuits that could 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 increasingly messy bankruptcy negotiations. The business is attempting 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 financial obligation load. But a bankruptcy judge in Chicago this week halted two creditor lawsuits that could have dragged moms and dad 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 provide 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 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 advantageous asset of its managing equity that is private, Apollo Global and TPG.
They argue that CEC has created a ‘good Caesars’ and a ‘bad Caesars,’ anyone to own the valuable and properties that are iconic someone to support the financial obligation.
Corporate Mess
A recent court examiner’s report agreed with this assessment after analyzing 80 million documents concerning the company’s monetary 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 possibly 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 instances on hold simply because they thought they were close to reaching consensual agreement with all creditors on a reorganization plan for CEOC that would add a $4 billion contribution from CEC.
This contribution 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 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 offer the debtors and Caesars an opportunity to avoid negotiations after which at confirmation cram a plan 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 exceedingly tight spot.
$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 people’s money. (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 his mother that is own of tens of millions.
But it was not a case of Wall Street greed, his attorney, Paul Shechtman, insisted, but of ‘addiction and mental disease.’ In certain circumstances, courts will consider addiction that is gambling be a mitigating factor in a crime.
Casperson, who made $3.6 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 committed committing suicide in 2009 while facing charges of tax evasion.
Schechtman is concerned that his client has been seen as a 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 every person back.
Risky Stock Trades
The court heard that Caspersen’s gambling started at gambling enterprises and sports betting, and grew 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 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 alternatively 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 a 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 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 employed to ‘make guaranteed loans to private equity firms’ and created five bogus investment cars to convince them to part with their cash. Some associated with money he raised was used in order to make fake interest payments to earlier investors, said prosecutors.
Caspersen pleaded not guilty to at least one count of securities fraudulence and one count of wire fraud, although he’s anticipated 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 Help for Expanded Gambling
Pennsylvania House Republicans are trying to take gambling on line 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 trying to muster up support to expand gambling laws in the Keystone State so as to finance ballooning expenditures plus an future budget increase from Governor Tom Wolf (D).
Late month that is last an amendment to expand gambling was included with a bill that set directions for 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 backing that is enough the chamber to offer gaming another try.
Based on The Associated Press, conservatives are attempting 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 have adequate support, a vote on State Rep. John Payne’s (R-District 106) House Bill 649 could take spot through the week of June 20.
Budget Crunch
Republicans are doing everything in their capacity to avoid raising taxes, 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 best to fund Wolf’s spending plans, and tend to be hoping in order to avoid repeating history. During the past legislative calendar, the Pennsylvania General Assembly and Wolf had been 267 days late in passing a budget once 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 lots of opponents, and they’re citing the same anti-online that is old speaking points.
‘One problem with online gambling is accessibility. It provides folks the possibility to gamble wherever and each time they please, including at work and school,’ Northampton County District Attorney John Morganelli wrote within an op-ed published by Lehigh Valley Live.
‘Another problem could be the lack of fiscal understanding. Essentially, there isn’t any real means to track 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 how important it is to get this right,’ Payne said fall that is last. ‘We will need to have a set that is thorough of and charges in place 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 gaming revenue to invest in the continuing state spending plan, and no subject in gaming is more talked about in 2016 than daily 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 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 permit valid for five years. Daily fantasy companies would pay five percent taxes on their adjusted quarterly profits.
Introduced and authored by State Rep. George Dunbar (R-District 56), HB 2150 has been forwarded to the home Rules Committee for additional consideration.
