Bob McDevitt, President of Local 54, who states that workers made sacrifices if the casino industry’s chips had been down and he wants these
Atlantic City is dealing with industrial action at five of its eight gambling enterprises, as employees voted overwhelmingly to strike on July 1 unless work agreement negotiations may be resolved.
Members of Local 54 of the Unite-HERE union were 96 percent in favor of the walkout at Bally’s, Caesars, Harrah’s while 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 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 when they don’t have a contract that is fair’ said Bob McDevitt. ‘we have told the ongoing businesses that people can be obtained days, evenings, and weekends to negotiate.
‘The ball’s in their court, he added. ‘They need to supply these workers a contract that is fair. We threw in the towel a lot when times had been bad, now which they are making cash, they have 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 seemingly have stabilized.
One fourth of Atlantic City’s casinos have closed down over the past few years and the saturation that previously affected the market has eased, with overall profits up 40 percent last year on 2014.
Five-year Wage Freeze
‘These five employers clearly are not in contact with what their staff are feeling,’ McDevitt told the Associated Press. ‘What is going on at the table is an insult. The time before an attack vote, Tropicana offered a wage freeze that is five-year. The before! day’
The union’s grip because of the town’s two properties that are icahn-controlled distinguished. The United States 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 have been the scene of union demonstrations, as being 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 the market’s 12 casinos have been forced to close and thousands have actually lost their jobs,’ he stated.
‘It should also be noted that since emerging from bankruptcy this season, 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 legal actions that could 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 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 may have dragged parent 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 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 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 internet of subsidiaries for the advantageous asset of its controlling equity that is private, Apollo worldwide 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 anyone to contain the financial obligation.
A recent court examiner’s report agreed with this assessment after analyzing 80 million papers concerning the business’s financial affairs.
The examiner, ex-Watergate prosecutor Richard Davis, thinks 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 perhaps insolvent as soon as 2008. Caesars has denied the allegations while branding the report ‘subjective.’
Lawyers for CEOC appealed earlier into the week for Judge Goldgar to place the cases 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 produce ‘one regarding the 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 isn’t to offer the debtors and Caesars a chance to avoid negotiations 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 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 away from $150 million, and gambling away 40 million of others’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 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 it was maybe not a case of Wall Street greed, his attorney, Paul Shechtman, insisted, but of ‘addiction and mental infection.’ In some circumstances, courts will consider gambling addiction to be a mitigating factor in a crime.
Casperson, who 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 dealing with fees of tax evasion.
Schechtman is worried that his client has been characterized by 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 back.
Risky Stock Trades
The court heard that Caspersen’s gambling began at casinos and activities betting, and grew into an addiction to making high-risk, and ultimately disastrous stock trades for tens of vast amounts. He’s 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 have paid back investors, but rather he gambled it all on what had been 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 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 secured loans to equity that is private’ and created five bogus investment vehicles to convince them to component with their funds. Some associated with money he raised was used to create interest that is fake to earlier investors, said prosecutors.
Caspersen pleaded simple to one count of securities fraud and one count of wire fraudulence, although he is likely to plead accountable to amended fees at a hearing that is forthcoming.
Caspersen told the judge he https://rubetting.club 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 the web 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 wanting to muster up help to expand gambling laws in the Keystone State so as to finance ballooning expenditures and an budget that is upcoming from Governor Tom Wolf (D).
Late last thirty days, an amendment to expand gambling was included with a bill that set guidelines for how revenues from casinos had been distributed in the state. The proposal was quickly shot down but Republican lawmakers remained steadfast in determining should they can find backing that is enough the chamber to give gaming another try.
Based on The Associated Press, conservatives are trying 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 have adequate support, a vote on State Rep. John Payne’s (R-District 106) House Bill 649 could take destination during the week of June 20.
Republicans are doing everything in their power to avoid taxes that are raising something Wolf is asking them to accomplish in order to bridge a $1-$1.5 billion spending plan gap.
Lawmakers need certainly to come to terms on how 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 as the Republican-controlled legislature and governor declined to compromise.
Gambling is certainly one prospective middleman. It allows Wolf to save money on education, while not raising taxes.
But there are lots of opponents, and additionally they’re citing the same anti-online that is old talking points.
‘One problem with online gambling is accessibility. It offers people the opportunity to gamble wherever and each time they please, including at work and school,’ Northampton County District Attorney John Morganelli had written in an op-ed posted by Lehigh Valley Live.
‘Another problem may be the lack of financial understanding. Essentially, there is absolutely no real way to track the money 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 last fall. ‘We will need to have a set that is thorough of and charges in place to end the ‘wild west’ atmosphere that currently exists and protect authorized consumers.’
DFS Passes Committee
Payne is trying to any and all kinds of gaming revenue to invest in the state spending plan, and no subject 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 provide a boost that is substantial Harrisburg’s bottom line.
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 has been forwarded to the homely house Rules Committee for additional consideration.