Bob McDevitt, President of Local 54, who says that workers made sacrifices when the casino industry’s chips were 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 are resolved.
Members of regional 54 of the Unite-HERE union were 96 percent in favor 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’s not clear whether it’ll 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 should they don’t have a fair agreement,’ said Bob McDevitt. ‘we now have told the companies that individuals are available days, nights, and weekends to negotiate.
‘The ball’s in their court, he added. ‘They need to offer these employees a fair contract. We gave up a lot when times were bad, now they are making cash, they have to give back into us.’
The union is aggrieved since it believes workers have actually agreed to make sacrifices in the last few years while the casino industry has experienced financial hardships, which it wants reversed. Despite the town’s well-publicized economic issues, its casino industry seems to have stabilized.
25 % of Atlantic City’s gambling enterprises have closed down over the past few years therefore 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 aren’t in touch with what their staff are experiencing,’ McDevitt told the Associated Press. ‘What is going on during the table is an insult. The time before an attack vote, Tropicana offered a wage freeze that is five-year. The day before!’
The union’s grip with all the town’s two properties that are icahn-controlled well known. The US Supreme Court recently threw down the union’s benefit of a lower 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, as being a result.
But Tony Rodio, president of Tropicana Entertainment, which operates the Tropicana and the Taj Mahal, told the AP that the ongoing company has been doing its most useful for workers.
‘Our employees have benefited from increased hours, increased gratuities and task security while 33 percent of the market’s 12 casinos have been forced to close and thousands have actually lost their jobs,’ he said.
‘It should additionally be noted that since growing from bankruptcy this year, 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 on 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 bankruptcy that is increasingly messy. The company is trying to put its operating that is main unit Caesars Entertainment Operating business (CEOC), through chapter 11 bankruptcy in a bid to reorganize its $18 billion debt load. But a bankruptcy judge in Chicago this week halted two creditor lawsuits that could have dragged moms and dad CEC on to bankruptcy also.
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 out a deal with all its creditors.
The creditors that are junior 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 good thing about its controlling 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 contain the debt.
A court that is recent’s report agreed with this assessment after analyzing 80 million documents 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 planning for CEOC’s bankruptcy. Davis additionally claims CEOC was possibly 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 place the situations on hold simply because they thought they were near to reaching consensual agreement with all creditors for 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 for the biggest corporate messes of our time,’ they warned.
August 29 Deadline
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 just isn’t to provide the debtors and Caesars a chance to avoid negotiations and then 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 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 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 their own mother, out of tens of millions.
But this is perhaps 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, who made $3.6 million a year as someone 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 facing charges 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 had ‘every intention’ of paying everybody else back.
Risky Stock Trades
The court heard that Caspersen’s gambling began at casinos and activities betting, and expanded into an addiction to making high-risk, and stock that is ultimately disastrous for tens of vast amounts. He has squandered a lot 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 back have paid investors, but instead he gambled all of it on what were referred to as ‘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 dubious and alerted authorities.
Bogus Investment Vehicles
Prosecutors believe Caspersen had experimented with 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 equity that is private’ and created five bogus investment cars to convince them to component with their cash. Some associated with money he raised was utilized to make interest that is fake to earlier investors, said prosecutors.
Caspersen pleaded simple to at least one count of securities fraudulence plus one count of cable fraudulence, although he could be expected to plead guilty 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 Support 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 wanting to muster up support to expand gambling laws in the Keystone State so as to fund ballooning expenses as well as an future budget increase from Governor Tom Wolf (D).
Late last month, an amendment to expand gambling was added to a bill that set tips for how revenues from casinos had been distributed in the state. The proposal was quickly shot down but Republican lawmakers remained steadfast in determining if they could find backing that is enough the chamber to give gaming another try.
According to The Associated Press, conservatives are trying to persuade their House colleagues 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 destination during the of June 20 week.
Republicans are doing every thing in their power to avoid raising taxes, something Wolf is asking them to do in order to bridge a $1-$1.5 billion spending plan gap.
Lawmakers need certainly to come to terms on how best to fund Wolf’s investing plans, and they are hoping to avoid history that is repeating. During the past legislative calendar, https://rubetting.club the Pennsylvania General Assembly and Wolf were 267 days late in passing a budget because the Republican-controlled legislature and governor declined to compromise.
Gambling is one middleman that is potential. It allows Wolf to spend more on education, while perhaps not increasing taxes.
But there are lots of opponents, plus they’re citing the same anti-online that is old talking points.
‘One problem with online gambling is accessibility. It provides folks the opportunity to gamble wherever and each time they please, including at work and school,’ Northampton County District Attorney John Morganelli wrote within an op-ed published by Lehigh Valley Live.
‘Another issue may be the lack of fiscal understanding. Essentially, there is no real means to track the money that is being traded online because virtual cash leaves no paper trail,’ Morganelli opined.
‘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 charges in position to end the ‘wild west’ atmosphere that currently exists and protect authorized consumers.’
DFS Passes Committee
Payne is looking to any and all forms of video gaming income to finance the 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 give a substantial boost to 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 their adjusted revenues that are quarterly.
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.