Union Orders Strikes at Five Atlantic City Casino

Union Orders Strikes at Five Atlantic City Casino

Bob McDevitt, President of Local 54, who states that workers made sacrifices if the casino industry’s chips were down and he wants these

Atlantic City is facing industrial action at five of its eight casinos, as workers voted overwhelmingly to hit on July 1 unless work agreement negotiations could be resolved.

Members of neighborhood 54 of the Unite-HERE union were 96 percent in favor of the walkout at Bally’s, Caesars, Harrah’s therefore the Tropicana. The union had already voted to authorize a hit at Carl Icahn’s Trump Taj Mahal last thirty days, although it’s not clear whether it’s going to 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 if they don’t have a fair agreement,’ said Bob McDevitt. ‘we now have told the companies that we can be found days, evenings, and weekends to negotiate.

‘The ball’s in their court, he added. ‘They need to supply these workers a fair agreement. We gave up a lot 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 actually consented to make sacrifices over the past few years whilst the casino industry has skilled financial hardships, which it wants reversed. Despite the city’s well-publicized problems that are economic its casino industry appears to have stabilized.

A quarter of Atlantic City’s gambling enterprises have closed down over the past few years while 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 occurring 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 because of the town’s two properties that are icahn-controlled distinguished. The US Supreme Court recently threw out the union’s selling point of a reduced court ruling that permitted the Taj to break its contract to secure a bankruptcy deal. Both the Taj and the Tropicana have already 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 useful for employees.

‘Our employees have benefited from increased hours, increased gratuities and task security while 33 percent associated with market’s 12 casinos have been forced to close and thousands have lost their jobs,’ he stated.

‘It should additionally be noted that since emerging from bankruptcy this year, current ownership has not withdrawn one penny of investment from Tropicana Atlantic City while continuing to risk millions in an 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 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 company is wanting to put its main operating unit, Caesars Entertainment running business (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 days 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 have claims worth $12.6 billion, an amount 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 good thing about its managing equity that is private, Apollo Global and TPG.

They argue that CEC has created a ‘good Caesars’ and a ‘bad Caesars,’ one to own the valuable and properties that are iconic someone to contain the financial obligation.

Corporate Mess

A court that is recent’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 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 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 create ‘one of the biggest corporate messes of our time,’ they warned.

29 Deadline august

But lawyers for Appaloosa and Oaktree argued that the lawsuits were putting pressure on CEC and Apollo and TPG to negotiate and that this was a positive thing.

‘The purpose isn’t to provide the debtors and Caesars an opportunity 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 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 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 mother that is own 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 infection.’ In some circumstances, courts will consider addiction that is gambling 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 dealing with charges of tax evasion.

Schechtman is concerned 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 had ‘every intention’ of paying everybody back.

Risky Stock Trades

The court heard that Caspersen’s gambling started at gambling enterprises and recreations betting, and grew into an addiction to making high-risk, and ultimately disastrous stock trades for tens of vast amounts. He’s got squandered significantly 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 have paid back investors, but instead he gambled it all on what had been called ‘aggressive bearish options trades.’

By early March he had simply $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 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 private equity firms’ and created five bogus investment automobiles to convince them to component with their money. Some associated with the money he raised was utilized in order to make interest that is fake to earlier investors, stated prosecutors.

Caspersen pleaded not guilty to at least one count of securities fraudulence plus one count of wire fraud, although he could be likely 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 trying to take gambling online and make use of the tax arises 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 in an effort to invest in ballooning expenses plus https://rubetting.club an budget that is upcoming from Governor Tom Wolf (D).

Late final 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 proposition was quickly shot down but Republican lawmakers remained steadfast in determining if they can find enough backing in the chamber to offer gaming another try.

According to The Associated Press, conservatives want 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 have sufficient support, a vote on State Rep. John Payne’s (R-District 106) House Bill 649 could take place throughout the week of June 20.

Budget Crunch

Republicans are doing every thing in their capacity to avoid raising taxes, something Wolf is asking them to accomplish in order to bridge a $1-$1.5 billion spending plan gap.

Lawmakers need certainly to arrive at terms on how best to fund Wolf’s spending plans, and tend to be hoping in order to avoid repeating history. 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 one middleman that is potential. It allows Wolf to spend more on education, while maybe not increasing taxes.

But there are lots of opponents, and so they’re citing the same old anti-online gambling chatting points.

‘One problem with online gambling is accessibility. It provides people the opportunity to gamble wherever and whenever they please, including at work and school,’ Northampton County District Attorney John Morganelli had written in a op-ed posted by Lehigh Valley Live.

‘Another issue is the lack of fiscal understanding. Essentially, there is absolutely no real way to trace the money that is being traded online because virtual cash leaves no paper trail,’ Morganelli opined.

Payne disagrees.

‘I have actually children and grandchildren and understand how important it is to find this right,’ Payne said fall that is last. ‘We need a thorough set of directions and penalties set up 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 gaming income to invest in the state budget, and no topic in 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 give 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 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.

 

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