Union Requests Strikes at Five Atlantic City Casino

Union R<span id="more-7836"></span>equests Strikes at Five Atlantic City Casino

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 facing industrial action at five of its eight gambling enterprises, as workers voted overwhelmingly to hit on July 1 unless employment agreement negotiations may be resolved.

Members of regional 54 of the Unite-HERE union were 96 percent in support of the walkout at Bally’s, Caesars, Harrah’s and the Tropicana. The bondibet casino bonus code union had already voted to authorize a hit at Carl Icahn’s Trump Taj Mahal last thirty days, although it is not clear whether it’s going to 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 when they don’t have a contract that is fair‘ said Bob McDevitt. ‚we now have told the companies that we are available days, nights, 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 lot when times had been bad, now that they are making money, they need to give back to us.‘

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 problems that are economic its casino industry seems to have stabilized.

A quarter of Atlantic City’s gambling enterprises have closed down over the past few years as well as the saturation that previously affected the market has eased, with general profits up 40 percent a year ago on 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 occurring during the table is an insult. The time before a hit vote, Tropicana offered a wage freeze that is five-year. The day before!‘

The union’s grip aided by the town’s two Icahn-controlled properties is well known. The US Supreme Court recently tossed away the union’s appeal of a lesser court ruling that permitted the Taj to break its contract to secure a bankruptcy deal. Both the Taj and the Tropicana happen the scene of union demonstrations, 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 useful for employees.

‚Our workers have benefited from increased hours, increased gratuities and task security while 33 percent regarding the market’s 12 casinos have been forced to close and thousands have lost their jobs,‘ he stated.

‚It should also be noted that since rising from bankruptcy this season, 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 attempting to put its primary operating unit, Caesars Entertainment running 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 provide Caesars time to work a deal out with all its creditors.

The creditors that are junior led by Appaloosa Management and Oaktree Capital Group, state they’ve 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 benefit of its controlling private equity backers, Apollo Global and TPG.

They argue that CEC has developed a ‚good Caesars‘ and a ‚bad Caesars,‘ one to own the valuable and properties that are iconic one to hold the debt.

Corporate Mess

A recent court examiner’s report agreed with this assessment after analyzing 80 million documents associated with the company’s economic 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 perhaps 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 place 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 create ‚one regarding 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 an opportunity to avoid negotiations then 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 acutely 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 folks’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 utilizing his Ivy League connections to defraud investors, including a charity foundation and their own mother, out of tens of millions.

But this is maybe 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 addiction that is gambling be a mitigating factor in a crime.

Casperson, whom 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 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 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’s 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 right back investors, but instead he gambled it all on what were referred to as ‚aggressive bearish choices 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 money, became suspicious 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 equity that is private‘ and created five bogus investment automobiles to convince them to component with their cash. Some associated with money he raised was used to create interest that is fake to earlier investors, said prosecutors.

Caspersen pleaded not liable to 1 count of securities fraud plus one count of wire fraudulence, although he is likely to plead accountable 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 attempting to take gambling on the web and make use of the tax proceeds from the expansion to fund a growing budget by Governor Tom Wolf. (Image: visitpacasinos.com)

Pennsylvania House Republicans are attempting to muster up help to expand gambling laws in the Keystone State in an effort to invest in 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 instructions for how revenues from casinos were distributed in the state. The proposition was quickly shot down but Republican lawmakers remained steadfast in determining should they could find backing that is enough the chamber to offer gaming another try.

In accordance with The Associated Press, conservatives are trying 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 will have sufficient support, a vote on State Rep. John Payne’s (R-District 106) House Bill 649 could take spot throughout the week of June 20.

Budget Crunch

Republicans are doing every thing in their power to avoid raising taxes, something Wolf is asking them to complete in purchase to bridge a $1-$1.5 billion spending plan gap.

Lawmakers need to come to terms on how best to fund Wolf’s investing plans, and tend to be 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 save money on education, while maybe not raising taxes.

But there are plenty of opponents, in addition they’re citing the same anti-online that is old talking points.

‚One problem with online gambling is accessibility. It offers people the chance to gamble wherever and each time they please, including at school and work,‘ Northampton County District Attorney John Morganelli composed within an op-ed posted by Lehigh Valley Live.

‚Another issue may be the lack of financial awareness. Essentially, there isn’t any method to trace the money that is being traded online because virtual cash leaves no paper trail,‘ Morganelli opined.

Payne disagrees.

‚I have kiddies 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 penalties 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 forms of gaming revenue to fund the state spending plan, and no topic in video gaming is more talked about in 2016 than day-to-day 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 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 the adjusted revenues that are quarterly.

Introduced and authored by State Rep. George Dunbar (R-District 56), HB 2150 was forwarded towards the home Rules Committee for additional consideration.

 

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