Union Orders Strikes at Five Atlantic City Casino
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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 gambling enterprises, as employees voted overwhelmingly to hit on July 1 unless work 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 and the Tropicana. The union had already voted to authorize an attack at Carl Icahn’s Trump Taj Mahal month that is last although it is not clear whether it’ll be contained 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 if they don’t have a contract that is fair’ said Bob McDevitt. ‘We have told the businesses that we 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 contract. We gave up plenty when times were bad, now that they are making money, they need to give back to us.’
The union is aggrieved as it believes workers have actually decided to make sacrifices in the last few years while the casino industry has experienced financial difficulties, which it wants reversed. Despite the city’s well-publicized economic dilemmas, its casino industry seemingly have stabilized.
25 % of Atlantic City’s casinos have closed down over the past few years as well as 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 touch with what their workers are feeling,’ McDevitt told the Associated Press. ‘What is going on during the table is an insult. The time before a strike vote, Tropicana offered a wage freeze that is five-year. The before! day’
The union’s grip utilizing the city’s two properties that are icahn-controlled distinguished. The US Supreme Court recently tossed out the union’s benefit of less court ruling that permitted the Taj to break its contract to secure a bankruptcy deal. Both the Taj and the Tropicana are the scene of union demonstrations, as being a result.
But Tony Rodio, president of Tropicana Entertainment, which runs the Tropicana and the Taj Mahal, told the AP that the company has been doing its most readily useful for employees.
‘Our employees have benefited from increased hours, increased gratuities and work security while 33 percent of the market’s 12 casinos have been forced to close and thousands have actually lost their jobs,’ he stated.
‘It should additionally be noted that since appearing from bankruptcy in 2010, 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 largest corporate 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 Operating Company (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 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, say 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 internet of subsidiaries for the benefit of its managing equity that is private, 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 someone to hold the debt.
Corporate Mess
A court that is recent’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 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 within 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 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.
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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 is not to offer the debtors and Caesars a chance to avoid negotiations and then 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’s accused of attempting to bilk investors away from $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 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 very own mother, out of tens of millions.
But it was maybe not a case of Wall Street greed, his lawyer, Paul Shechtman, insisted, but of ‘addiction and mental illness.’ In certain circumstances, courts will consider gambling addiction to be a mitigating factor in a crime.
Casperson, whom made $3.6 million a year as somebody 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 dealing with charges of tax evasion.
Schechtman is worried that his client has been characterized by the press as a privileged and greedy banker, while, in fact, his actions were driven by his pathological gambling addiction and, said Schechtman, he had ‘every intention’ of paying everyone else back.
Risky Stock Trades
The court heard that Caspersen’s gambling started at gambling enterprises and recreations betting, and expanded into an addiction to making high-risk, and ultimately disastrous stock trades for tens of vast amounts. He has squandered a lot more than $20 million of his very own cash and is essentially broke, said Shechtman.
In mid-February https://myfreepokies.com/bondibet-casino/ 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 called ‘aggressive bearish options trades.’
By early March he had just $3 million left.
Caspersen was arrested on March 23 after representatives of a charitable foundation founded by billionaire financier Louis M. Bacon, from which Caspersen had taken cash, 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 secured loans to equity that is private’ and created five bogus investment automobiles to convince them to part with their cash. Some of this money he raised was utilized in order to make fake interest payments to earlier investors, said prosecutors.
Caspersen pleaded not liable to one count of securities fraudulence plus one count of wire fraud, although he’s likely to plead accountable to amended charges at a hearing that is forthcoming.
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 attempting to take gambling on line 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 trying to muster up help to expand gambling laws in the Keystone State in an effort 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 tips for just 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.
In accordance with The Associated Press, conservatives are attempting to persuade their property peers 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’ve adequate 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 raising taxes, something Wolf is asking them doing in purchase to bridge a $1-$1.5 billion spending plan gap.
Lawmakers need to arrive at terms on how to fund Wolf’s investing plans, and are also hoping to avoid 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 taxes that are raising.
But there are lots of opponents, and they’re citing the same old anti-online gambling chatting points.
‘One problem with online gambling is accessibility. It offers people the chance to gamble wherever and whenever they please, including at work and school,’ Northampton County District Attorney John Morganelli had written in a op-ed posted by Lehigh Valley Live.
‘Another issue could be the lack of financial awareness. Essentially, there is absolutely no real way to trace the money that is being traded online because virtual cash leaves no paper trail,’ Morganelli opined.
Payne disagrees.
‘I have actually kiddies and grandchildren and understand essential it is to get this right,’ Payne said fall that is last. ‘We must-have a thorough set of guidelines 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 types of video gaming revenue to fund the continuing state budget, 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 boost that is substantial Harrisburg’s main point here.
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 has been forwarded towards the homely house Rules Committee for additional consideration.
