Union Sales Strikes at Five Atlantic City Casino
Bob McDevitt, President of Local 54, who says that workers made sacrifices as soon as the casino industry’s chips were down and he wants these reversed.
Atlantic City is facing action that is industrial five of its eight casinos, as workers voted overwhelmingly to strike on July 1 unless work agreement negotiations could 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 and the Tropicana. The union had already voted to authorize a strike at Carl Icahn’s Trump Taj Mahal last month, although it’s not clear whether it’s going to 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 fair contract,’ said Bob McDevitt. ‘we now have told the organizations that people can be found days, nights, and weekends to negotiate.
‘The ball’s in their court, he added. ‘They need to supply these employees a fair agreement. We quit a 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 problems, its casino industry appears to have stabilized.
A quarter of Atlantic City’s casinos have closed down over the last few years and also the saturation that previously affected the market has eased, with general profits up 40 percent year that is last 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 happening at 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 because of the town’s two Icahn-controlled properties is well known. The US Supreme Court recently tossed down the union’s selling point of less 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, as a result.
But Tony Rodio, president of Tropicana Entertainment, which operates the Tropicana and the Taj Mahal, told the AP that the business has been doing its best for workers.
‘Our employees have benefited from increased hours, increased gratuities and job security while 33 percent of this 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 year, current ownership has not withdrawn one penny 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 legal actions that may 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 company is attempting to put its primary operating unit, Caesars Entertainment running business (CEOC), through chapter 11 bankruptcy in a bid to reorganize its $18 billion financial obligation 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 times respite through the litigation spearheaded by CEOC’s junior creditors to give Caesars time to work a deal out with all its creditors.
The junior creditors, led by Appaloosa Management and Oaktree Capital Group, state they’ve 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 benefit of its controlling equity that is private, Apollo Global and TPG.
They argue that CEC has developed 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 papers associated with the company’s financial affairs.
The examiner, ex-Watergate prosecutor Richard Davis, believes that sometime in 2012 Apollo and TPG started a strategy of weakening CEOC and strengthening CEC and other subsidiaries in preparation 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 into the week for Judge Goldgar to put the cases on hold simply because they thought they were near to reaching consensual contract with all creditors on a reorganization plan for CEOC that would include a $4 billion contribution from CEC.
This contribution was threatened by the lawsuits, they argued, on which judgments were imminent. The rulings could create ‘one of the biggest corporate messes of our time,’ they warned.
August 29 Deadline
But solicitors for Appaloosa and Oaktree argued that the lawsuits were putting pressure on CEC and Apollo and TPG to negotiate and that this was a thing that is positive.
‘The purpose isn’t to offer the debtors and Caesars an opportunity to avoid negotiations and 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 out of 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 away from $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 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 very own mother, out of tens of millions.
But this was not a case of Wall Street greed, his lawyer, Paul Shechtman, insisted, but of ‘addiction and mental disease.’ 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 costs of tax evasion.
Schechtman is worried 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 previously ‘every intention’ of paying everybody else back.
Risky Stock Trades
The court heard that Caspersen’s gambling started at casinos and https://rubetting.club recreations betting, and expanded into an addiction to making high-risk, and stock that is ultimately disastrous for tens of vast amounts. He has squandered 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 back have paid investors, but alternatively 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 the 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 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 used to ‘make guaranteed loans to equity that is private’ and created five bogus investment vehicles to convince them to part with their funds. Some regarding the money he raised was used in order to make fake interest payments to earlier investors, said prosecutors.
Caspersen pleaded not guilty to one count of securities fraud and one count of cable fraud, although he could be expected to plead accountable to amended fees at a hearing that is forthcoming.
Caspersen told the judge he is receiving treatment for mental illness, gambling addiction and alcoholism.
Pennsylvania House Republicans Soliciting Support for Expanded Gambling
Pennsylvania House Republicans are trying to take gambling online 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 wanting to muster up help to expand gambling laws in the Keystone State to be able to fund ballooning expenditures as well as an upcoming budget enhance from Governor Tom Wolf (D).
Late last thirty days, an amendment to expand gambling was included with 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 when they can find enough backing in the chamber to give gaming another try.
According to The Associated Press, conservatives are attempting to persuade their residence peers on both sides of the aisle that is political 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.
Republicans are doing every thing in their capacity to avoid raising taxes, something Wolf is asking them doing in purchase to bridge a $1-$1.5 billion spending plan gap.
Lawmakers need certainly to arrived at terms on the best way to fund Wolf’s spending plans, and are also hoping in order to avoid repeating history. During the past legislative calendar, the Pennsylvania General Assembly and Wolf were 267 days late in passing a budget once the Republican-controlled legislature and governor declined to compromise.
Gambling is one prospective middleman. It allows Wolf to save money on education, while perhaps not increasing taxes.
But there are lots of opponents, and additionally they’re citing the same old anti-online gambling talking points.
‘One problem with online gambling is accessibility. It provides people the chance to gamble wherever and whenever they please, including at work and school,’ Northampton County District Attorney John Morganelli penned in a op-ed published by Lehigh Valley Live.
‘Another problem is the lack of fiscal awareness. Essentially, there is absolutely no real means to track the money that is being traded online because virtual cash leaves no paper trail,’ Morganelli opined.
‘I have actually young ones and grandchildren and understand how important it is to get this right,’ Payne said last fall. ‘We need a thorough set of guidelines and penalties 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 forms of gaming revenue to invest in the continuing state spending plan, and no topic in video 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 House Gaming Oversight Committee unanimously. Payne, who chairs the gaming committee, believes DFS along with expanded gambling could provide a boost that is substantial Harrisburg’s important thing.
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 revenues that are quarterly.
Introduced and authored by State Rep. George Dunbar (R-District 56), HB 2150 happens to be forwarded towards the homely house Rules Committee for additional consideration.