Bob McDevitt, President of Local 54, who claims that workers made sacrifices if the casino industry’s chips were down and he wants these reversed.
Atlantic City is dealing with action that is industrial five of its eight gambling enterprises, as workers voted overwhelmingly to strike on July 1 unless work contract negotiations can be resolved.
Members of neighborhood 54 of the Unite-HERE union were 96 percent in support of the walkout at Bally’s, Caesars, Harrah’s while the Tropicana. The union had already voted to authorize a strike at Carl Icahn’s Trump Taj Mahal last month, although it is not clear whether it’s going to 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 fair contract,’ said Bob McDevitt. ‘We have told the businesses that individuals are available days, nights, and weekends to negotiate.
‘The ball’s in their court, he added. ‘They need to provide these workers a contract that is fair. We threw in the towel a great deal when times were bad, now which they are making money, they have to give back into 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 as well as the saturation that formerly affected the market has eased, with overall profits up 40 percent last year on 2014.
Five-year Wage Freeze
‘These five employers clearly aren’t in touch with what their workers are experiencing,’ 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 city’s two Icahn-controlled properties is distinguished. The United States Supreme Court recently threw out the union’s appeal of a lower 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 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 work security while 33 percent associated with the 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 rising from bankruptcy in 2010, 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 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 wanting to put its primary 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 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, 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 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,’ someone to own the valuable and properties that are iconic one to hold the debt.
A court that is recent’s report agreed with this assessment after analyzing 80 million papers associated with the company’s monetary affairs.
The examiner, ex-Watergate prosecutor Richard Davis, believes that sometime in 2012 Apollo and TPG began a strategy of weakening CEOC and strengthening CEC and other subsidiaries in preparation for CEOC’s bankruptcy. Davis also claims CEOC was perhaps 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 put the situations on hold simply because they believed they were close to reaching consensual contract with all creditors for a reorganization plan for CEOC that would consist of a $4 billion contribution from CEC.
This share was threatened by the lawsuits, they argued, on which judgments were imminent. The rulings could produce ‘one associated with the biggest corporate messes of our time,’ they warned.
29 Deadline august
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 is not to provide the debtors and Caesars a chance to avoid negotiations after which at confirmation https://myfreepokies.com/bondibet-casino/ 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 extremely tight spot.
$40 Million Ponzi Scheme Fraudster Andrew Caspersen had Gambling Addiction
Andrew Caspersen, who 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 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 his very own mother, out of tens of millions.
But this was maybe not a case of Wall Street greed, his lawyer, 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 suicide that is committed 2009 while facing charges of tax evasion.
Schechtman is worried 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 else back.
Risky Stock Trades
The court heard that Caspersen’s gambling started at casinos 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 significantly more than $20 million of his own cash and is 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 rather 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 foundation that is charitable 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 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 part with their funds. Some of this money he raised was used in order to make interest that is fake to earlier investors, stated prosecutors.
Caspersen pleaded not liable to one count of securities fraudulence plus one count of wire 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 Help for Expanded Gambling
Pennsylvania House Republicans are trying to take gambling online and make use of 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 help to expand gambling laws in the Keystone State in order to invest in ballooning expenses as well as an future budget enhance from Governor Tom Wolf (D).
Late month that is last an amendment to expand gambling was put into a bill that set tips for just how revenues from casinos were distributed in the state. The proposal was quickly shot down but Republican lawmakers remained steadfast in determining if they may find backing that is enough the chamber to provide gaming another try.
In accordance with The Associated Press, conservatives want to persuade their House colleagues 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 sufficient support, a vote on State Rep. John Payne’s (R-District 106) House Bill 649 could take spot throughout the of June 20 week.
Republicans are doing everything in their capacity to avoid raising taxes, something Wolf is asking them doing in order to bridge a $1-$1.5 billion budget gap.
Lawmakers need to arrived at terms on how to fund Wolf’s spending plans, and are also hoping in order to avoid history that is repeating. During the previous 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 certainly one prospective middleman. It allows Wolf to spend more on education, while maybe not raising taxes.
But there are many of opponents, and they’re citing the same anti-online that is old chatting points.
‘One problem with online gambling is accessibility. It provides folks the chance to gamble wherever and whenever they please, including at work and school,’ Northampton County District Attorney John Morganelli composed within an op-ed posted by Lehigh Valley Live.
‘Another problem could be the lack of financial understanding. Essentially, there isn’t any method to trace the money that is being traded online because virtual cash leaves no paper path,’ Morganelli opined.
‘I have kids and grandchildren and understand essential it is to get this right,’ Payne said last autumn. ‘We should have a set that is thorough of and penalties in place to end the ‘wild west’ atmosphere that currently exists and protect authorized consumers.’
DFS Passes Committee
Payne is looking to any and all kinds of video gaming income to finance the state budget, and no topic in video 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 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 their adjusted quarterly profits.
Introduced and authored by State Rep. George Dunbar (R-District 56), HB 2150 happens to be forwarded towards the homely house Rules Committee for additional consideration.