Union 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 action that is industrial five of its eight casinos, as employees voted overwhelmingly to hit on July 1 unless work agreement negotiations could be resolved.
Members of regional 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 strike at Carl Icahn’s Trump Taj Mahal last thirty days, although it is not clear whether it will be within 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 if they don’t have a contract that is fair’ said Bob McDevitt. ‘We have told the 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 employees a contract that is fair. We gave up a lot when times had been bad, now they need to give back to us. that they are making money,’
The union is aggrieved since it believes workers have actually decided to make sacrifices in the last few years whilst the casino industry has experienced financial hardships, which it wants reversed. Despite the city’s well-publicized economic issues, its casino industry seemingly have stabilized.
25 % of Atlantic City’s gambling enterprises have closed down over the last few years plus the saturation that formerly affected the market has eased, with general profits up 40 percent this past year on 2014.
Five-year Wage Freeze
‘These five employers clearly aren’t in touch with what their workers are feeling,’ McDevitt told the Associated Press. ‘What is going on at the table is an insult. The time before a strike vote, Tropicana offered a five-year wage freeze. The day before!’
The union’s grip with all the town’s two Icahn-controlled properties is well known. The United States Supreme Court recently threw 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 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 useful for workers.
‘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 additionally 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 within 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 that may transform casino chain into ‘one of the largest 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 company is attempting to put its main operating 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 days respite through the litigation spearheaded by CEOC’s junior creditors to offer Caesars time to work a deal out with all its creditors.
The junior creditors, led by Appaloosa Management and Oaktree Capital Group, say they will have https://myfreepokies.com/bondibet-casino/ 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 web of subsidiaries for the advantageous asset of its managing private equity backers, Apollo Global and TPG.
They argue that CEC has created a ‘good Caesars’ and a ‘bad Caesars,’ someone to own the valuable and properties that are iconic anyone to hold the debt.
A recent court examiner’s report agreed with this assessment after analyzing 80 million documents concerning the company’s financial affairs.
The examiner, ex-Watergate prosecutor Richard Davis, thinks 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 soon as 2008. Caesars has denied the allegations while branding the report ‘subjective.’
Lawyers for CEOC appealed earlier into the week for Judge Goldgar to put the situations 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 contribution was threatened by the lawsuits, they argued, on which judgments were imminent. The rulings could produce ‘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 putting pressure on CEC and Apollo and TPG to negotiate and that this was a positive thing.
‘The purpose isn’t to offer 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, that is accused of attempting to bilk investors out of $150 million, and gambling away 40 million of other people’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 lawyer.
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 was maybe not a case of Wall Street greed, his attorney, Paul Shechtman, insisted, but of ‘addiction and mental disease.’ In certain 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 suicide in 2009 while dealing with charges of tax evasion.
Schechtman is concerned that his client has been seen as a 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 activities betting, and grew into an addiction to making high-risk, and stock that is ultimately disastrous for tens of vast amounts. He’s squandered a lot more than $20 million of his own cash and is 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 called ‘aggressive bearish choices trades.’
By early March he had just $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 suspicious 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 secured loans to private equity firms’ and created five bogus investment cars to convince them to component with their cash. Some associated with money he raised was used to create fake interest payments to earlier investors, said prosecutors.
Caspersen pleaded not liable to at least one count of securities fraud plus one count of cable fraud, although he’s 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 Help 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 growing budget by 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 invest in ballooning expenditures as well as an upcoming budget enhance from Governor Tom Wolf (D).
Late month that is last an amendment to expand gambling was put into a bill that set recommendations for just how revenues from casinos were distributed in the state. The proposal was quickly shot down but Republican lawmakers remained steadfast in determining if they can find enough backing in the chamber to give gaming another try.
Based on The Associated Press, conservatives want to persuade their House peers 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’ve adequate support, a vote on State Rep. John Payne’s (R-District 106) House Bill 649 could take place during the of June 20 week.
Republicans are doing everything in their capacity to avoid raising taxes, something Wolf is asking them to complete in purchase to bridge a $1-$1.5 billion budget gap.
Lawmakers need certainly to come to terms on how best to fund Wolf’s spending plans, and they are hoping to prevent history that is repeating. The Pennsylvania General Assembly and Wolf were 267 days late in passing a budget as the Republican-controlled legislature and governor refused to compromise during the previous legislative calendar.
Gambling is one middleman that is potential. It allows Wolf to spend more on education, while perhaps not raising taxes.
But there are plenty of opponents, and they’re citing the same anti-online that is old chatting points.
‘One problem with online gambling is accessibility. It provides people the opportunity to gamble wherever and every time they please, including at work and school,’ Northampton County District Attorney John Morganelli composed in an op-ed published by Lehigh Valley Live.
‘Another issue is the lack of fiscal awareness. Essentially, there’s absolutely no real way to trace the money that is being traded online because virtual cash leaves no paper trail,’ Morganelli opined.
‘I have young ones and grandchildren and understand essential it is to find this right,’ Payne said last fall. ‘We will need to 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 kinds of video gaming revenue to finance the continuing state spending plan, 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 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 quarterly revenues.
Introduced and authored by State Rep. George Dunbar (R-District 56), HB 2150 is forwarded to the House Rules Committee for additional consideration.