ï»¿Union Sales Strikes at Five Atlantic City Casino
Bob McDevitt, President of Local 54, who states that workers made sacrifices as soon as the casino industry’s chips had been down and he wants these reversed.
Atlantic City is dealing with industrial action at five of its eight casinos, as workers voted overwhelmingly to strike on July 1 unless work agreement negotiations is resolved.
Members of Local 54 of the Unite-HERE union were 96 percent in support of the walkout at Bally’s, Caesars, Harrah’s plus the Tropicana. The union had already voted to authorize a hit at Carl Icahn’s Trump Taj Mahal last month, 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 should they don’t have a fair agreement,’ said Bob McDevitt. ‘we have told the ongoing 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 fair contract. We quit a great deal 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 agreed to make sacrifices in the last few years even though the casino industry has experienced financial hardships, which it wants reversed. Despite the town’s well-publicized problems that are economic its casino industry seemingly have stabilized.
25 % of Atlantic City’s casinos have closed down over the past few years therefore 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 contact with what their employees 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 before! day’
The union’s grip with all the town’s two properties that are icahn-controlled well known. The US Supreme Court recently threw 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 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 workers.
‘Our workers have benefited from increased hours, increased gratuities and job security while 33 percent associated with market’s 12 casinos have been forced to close and thousands have actually lost their jobs,’ he said.
‘It should also 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 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 legal actions which could transform casino chain into ‘one of the greatest 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 business is wanting to put its primary operating 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 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 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 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 web of subsidiaries for the advantage of its controlling equity that is private, Apollo worldwide 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 anyone to contain the financial obligation.
A recent court examiner’s report agreed with this assessment after analyzing 80 million papers 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 possibly insolvent as soon as 2008. Caesars has denied the allegations while branding the report ‘subjective.’
Lawyers for CEOC appealed earlier in the week for Judge Goldgar to put the cases on hold simply because they believed they were near to reaching consensual contract with all creditors on a reorganization plan for CEOC that would add a $4 billion contribution from CEC.
This share was threatened by the lawsuits, they argued, on which judgments were imminent. The rulings could create ‘one of this biggest corporate messes of our time,’ they warned.
August 29 Deadline
But attorneys 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 is not to offer the debtors and Caesars a chance to avoid negotiations after which at confirmation cram an agenda down on the second-lien note holders,’ the judge warned in granting the reprieve.
Caesars now has until August 29 to negotiate itself away from 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 out of $150 million, and gambling away 40 million of other people’s cash. (Image: wsj.com)
A man who swindled friends and family away from almost $40 million was at 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 own mother, out of tens of millions.
But it was perhaps not a case of Wall Street greed, his attorney, Paul Shechtman, insisted, but of ‘addiction and mental illness.’ In a few 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 committed suicide in 2009 while dealing with fees of tax evasion.
Schechtman is worried 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 everybody else back.
Risky Stock Trades
The court heard that Caspersen’s gambling began at gambling enterprises and sports betting, and expanded into an addiction to making high-risk, and ultimately disastrous stock trades 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 had been described as ‘aggressive bearish choices 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 dubious 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 used to ‘make guaranteed loans to private equity firms’ and created five bogus investment cars to convince them to part with their cash. Some of the money he raised was utilized in order to make interest that is fake to earlier investors, stated prosecutors.
Caspersen pleaded simple to 1 count of securities fraud and one count of cable fraudulence, although he is anticipated to plead guilty to amended charges at a hearing that is forthcoming.
Caspersen told the judge he is receiving treatment 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 use the tax proceeds from the expansion to fund a budget that is growing Governor Tom Wolf. (Image: visitpacasinos.com)
Pennsylvania House Republicans are attempting to muster up support to expand gambling laws in the Keystone State to be able to invest in ballooning expenses and an future budget enhance from Governor Tom Wolf (D).
Late final month, an amendment to expand gambling was included with a bill that set directions 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 when they could find enough backing in the chamber to give gaming another try.
In accordance with The Associated Press, conservatives are attempting to persuade their residence colleagues 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 will have adequate support, a vote on State Rep. John Payne’s (R-District 106) House Bill 649 could take place during the week of June 20.
Republicans are doing every thing in their capacity to avoid raising taxes, something Wolf is asking them to complete in order to bridge a $1-$1.5 billion spending plan gap.
Lawmakers have to come to terms on how best to fund Wolf’s spending plans, and tend to be 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 certainly one potential middleman. It allows Wolf to save money on education, while maybe not increasing taxes.
But there are many of opponents, and additionally they’re citing the same old anti-online gambling chatting points.
‘One problem with online gambling is accessibility. It offers folks the opportunity to gamble wherever and every time they please, including at school and work,’ Northampton County District Attorney John Morganelli published within an op-ed published by Lehigh Valley Live.
‘Another problem may be the lack of fiscal awareness. Essentially, there’s absolutely no real method to trace the cash that is being traded online because virtual cash leaves no paper trail,’ Morganelli opined.
‘I have kids and grandchildren and understand how important it is to find this right,’ Payne said fall that is last. ‘We must 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 trying to any and all types of video gaming revenue to finance the continuing state spending plan, and no subject in 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 https://rubetting.club committee, believes DFS along with expanded gambling could provide a substantial boost to Harrisburg’s bottom line.
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 revenues.
Introduced and authored by State Rep. George Dunbar (R-District 56), HB 2150 happens to be forwarded towards the home Rules Committee for additional consideration.