Bob McDevitt, President of Local 54, who says that workers made sacrifices if the casino industry’s chips were down and he wants these
Atlantic City is dealing with industrial action at five of its eight casinos, as workers voted overwhelmingly to strike on July 1 unless work contract negotiations is resolved.
Members of neighborhood 54 of the Unite-HERE union were 96 percent and only the walkout at Bally’s, Caesars, Harrah’s and also the Tropicana. The union had already voted to authorize a strike at Carl Icahn’s Trump Taj Mahal last thirty days, although it’s not clear whether it’ll 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 should they don’t have a contract that is fair’ said Bob McDevitt. ‘we have told the ongoing businesses that people can be found days, evenings, and weekends to negotiate.
‘The ball’s in their court, he added. ‘They need to offer these workers a fair agreement. We threw in the towel plenty when times were bad, now which they are making money, they need certainly to give back to us.’
The union is aggrieved because it believes workers have decided to make sacrifices within the last few years while the casino industry has skilled financial difficulties, which it wants reversed. Despite the city’s well-publicized economic issues, its casino industry appears to have stabilized.
25 % of Atlantic City’s gambling enterprises have closed down over the past few years while 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 time before an attack vote, Tropicana offered a five-year wage freeze. The day before!’
The union’s grip with all the town’s two Icahn-controlled properties is well known. The United States Supreme Court recently tossed out the union’s appeal of a reduced 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 a result.
But Tony Rodio, president of Tropicana Entertainment, which runs the Tropicana and the Taj Mahal, told the AP that the ongoing business has been doing its most readily useful for workers.
‘Our employees have benefited from increased hours, increased gratuities and work security while 33 percent of this 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 appearing from bankruptcy in 2010, 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 on Ice
Bankruptcy judge grants Caesars Entertainment respite from two lawsuits that could 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 company is attempting to put its operating that is main unit Caesars Entertainment working 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 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, say they will have claims worth $12.6 billion, a sum that could cripple CEC. These creditors accuse 1xbet Ð·ÐµÑ€ÐºÐ°Ð»Ð¾ Ð½Ð° ÑÐµÐ³Ð¾Ð´Ð½Ñ Ñ€Ð°Ð±Ð¾Ñ‡ÐµÐµ CEC of fraudulently transferring many of CEOC’s best assets to CEC and a tangled web of subsidiaries for the advantageous asset of its controlling equity that is private, Apollo Global and TPG.
They argue that CEC has created a ‘good Caesars’ and a ‘bad Caesars,’ anyone to own the valuable and properties that are iconic someone to hold the financial obligation.
A recent court examiner’s report agreed with this assessment after analyzing 80 million documents concerning the business’s monetary 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 early 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 close to reaching consensual agreement with all creditors on a reorganization plan for CEOC that would consist of 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.
29 Deadline august
But lawyers 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 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 extremely tight spot.
$40 Million Ponzi Scheme Fraudster Andrew Caspersen had Gambling Addiction
Andrew Caspersen, that is accused of attempting to bilk investors away from $150 million, and gambling away 40 million of others’s money. (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 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 this was maybe not a case of Wall Street greed, his attorney, Paul Shechtman, insisted, but of ‘addiction and mental infection.’ 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 suicide in 2009 while dealing with fees of tax evasion.
Schechtman is concerned that his client has been characterized by 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 back.
Risky Stock Trades
The court heard that Caspersen’s gambling began at gambling enterprises and sports betting, and grew into an addiction to making high-risk, and ultimately disastrous stock trades for tens of vast amounts. He’s squandered 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 it all on what were called ‘aggressive bearish choices trades.’
By early March he had simply $3 million left.
Caspersen was arrested on March 23 after representatives of the charitable foundation established 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 employed to ‘make secured loans to equity that is private’ and created five bogus investment vehicles to convince them to part with their cash. Some associated with the money he raised was used in order to make fake interest payments to earlier investors, stated prosecutors.
Caspersen pleaded simple to one count of securities fraud plus one count of wire fraudulence, although he could be anticipated to plead accountable to amended fees at a forthcoming hearing.
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 attempting to take gambling on line 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 trying to muster up support to expand gambling laws in the Keystone State to be able to finance ballooning expenditures plus an upcoming budget enhance from Governor Tom Wolf (D).
Late final thirty days, an amendment to expand gambling was put into a bill that set instructions for exactly how revenues from casinos were distributed in the state. The proposal was quickly shot down but Republican lawmakers remained steadfast in determining when they may find enough backing in the chamber to provide gaming another try.
According to The Associated Press, conservatives want to persuade their House 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’ve sufficient 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 everything in their capacity to avoid taxes that are raising something Wolf is asking them doing in order to bridge a $1-$1.5 billion spending plan gap.
Lawmakers need to come to terms on how best to fund Wolf’s spending plans, and so are hoping to avoid history that is repeating. During the past legislative calendar, the Pennsylvania General Assembly and Wolf had been 267 days late in passing a budget once the Republican-controlled legislature and governor refused to compromise.
Gambling is one possible middleman. It allows Wolf to save money on education, while not taxes that are raising.
But there are many of opponents, plus they’re citing the same old anti-online gambling chatting points.
‘One problem with online gambling is accessibility. It provides people the possibility to gamble wherever and each time they please, including at school and work,’ Northampton County District Attorney John Morganelli composed within an op-ed published by Lehigh Valley Live.
‘Another issue could be the lack of fiscal awareness. Essentially, there isn’t any method to track the money that is being traded online because virtual cash leaves no paper trail,’ Morganelli opined.
‘I have actually kids and grandchildren and understand how important it is to find this right,’ Payne said last fall. ‘We will need to have a thorough set of guidelines and charges in position 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 video gaming income to invest in the continuing state spending plan, and no topic in video gaming is more talked about in 2016 than day-to-day 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 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 permit valid for five years. Daily fantasy companies would pay five percent taxes on their adjusted quarterly profits.
Introduced and authored by State Rep. George Dunbar (R-District 56), HB 2150 is forwarded to the House Rules Committee for additional consideration.