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Union R<span id="more-9929"></span>equests Strikes at Five Atlantic City Casino

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

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

Members of regional 54 of the Unite-HERE union were 96 percent in support of the walkout at Bally’s, Caesars, Harrah’s therefore 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 if they don’t have a fair agreement,’ said Bob McDevitt. ‘We have told the businesses that we are available days, evenings, and weekends to negotiate.

‘The ball’s in their court, he added. ‘They need to offer these workers a contract that is fair. We quit a whole lot when times had been bad, now that they are making cash, 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 economic dilemmas, its casino industry seemingly have stabilized.

A quarter of Atlantic City’s gambling enterprises have closed down over the past few years and the saturation that previously affected the market has eased, with general profits up 40 percent this past year on 2014.

Five-year Wage Freeze

‘These five employers clearly are not in contact with what their workers are experiencing,’ McDevitt told the Associated Press. ‘What is going on during the table is an insult. The day before a strike vote, Tropicana offered a wage freeze that is five-year. The before! day’

The union’s grip utilizing the city’s two properties that are icahn-controlled well known. The US Supreme Court recently tossed away the union’s appeal of a diminished 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, being a result.

But Tony Rodio, president of Tropicana Entertainment, which runs the Tropicana and the Taj Mahal, told the AP that the company has been doing its most readily useful for employees.

‘Our workers 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 appearing from bankruptcy in 2010, current ownership has not withdrawn one cent 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 lawsuits which 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 main operating unit, Caesars Entertainment Operating business (CEOC), through chapter 11 bankruptcy in a bid to reorganize its $18 billion financial obligation 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 provide Caesars time to work out a deal 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 CEC of fraudulently transferring many of CEOC’s best assets to CEC and a tangled web of subsidiaries for the good thing about its managing private equity backers, Apollo worldwide and TPG.

They argue that CEC has developed a ‘good Caesars’ and a ‘bad Caesars,’ anyone to own the valuable and properties that are iconic anyone to hold the financial obligation.

Corporate Mess

A recent court examiner’s report agreed with this assessment after analyzing 80 million papers concerning the company’s economic 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 preparation 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 in the week for Judge Goldgar to place the instances on hold because they believed they were near to reaching consensual contract 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.

August 29 Deadline

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 give the debtors and Caesars a chance to avoid negotiations and then at confirmation cram a plan down on the note that is second-lien,’ 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, that is accused of attempting to bilk investors out of $150 million, and gambling away 40 million of others’s money. (Image: wsj.com)

A man who swindled friends and family away from 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 is not a case of Wall Street greed, his lawyer, Paul Shechtman, insisted, but of ‘addiction and mental illness.’ In a few circumstances, courts will consider addiction that is gambling 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 committing suicide in 2009 while facing costs of tax evasion.

Schechtman is worried that his client has been seen as an 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 everyone else 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 got squandered a lot more than $20 million of their own money 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 instead he gambled it all on what had been 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 money, became suspicious 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 employed to ‘make guaranteed loans to equity that is private’ and created five bogus investment cars to convince them to part with their cash. Some for the money he raised was utilized to make interest that is fake to earlier investors, stated prosecutors.

Caspersen pleaded simple to one count of securities fraudulence plus one count of cable fraudulence, although he’s anticipated to plead guilty to amended charges at a hearing that is forthcoming.

Caspersen told the judge he is receiving treatment plan 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 budget that is growing Governor Tom Wolf. (Image: visitpacasinos.com)

Pennsylvania House Republicans are trying to muster up support to expand gambling laws in the Keystone State so as to finance ballooning expenses plus an budget that is upcoming from Governor Tom Wolf (D).

Late month that is last an amendment to expand gambling was included with a bill that set directions for exactly 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 can find backing that is enough the chamber to give gaming another try.

According to The Associated Press, conservatives are trying to persuade their property colleagues on both sides of the aisle that bondi bet casino is political 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 place during the of June 20 week.

Budget Crunch

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

Lawmakers need to arrive at terms on how to fund Wolf’s investing plans, and tend to be hoping to prevent 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 certainly one possible middleman. It allows Wolf to save money on education, while not taxes that are raising.

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

‘One problem with online gambling is accessibility. It offers folks the possibility to gamble wherever and whenever they please, including at school and work,’ Northampton County District Attorney John Morganelli published in an op-ed posted by Lehigh Valley Live.

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

Payne disagrees.

‘I have actually kids and grandchildren and understand essential it is to get this right,’ Payne said fall that is last. ‘We must-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 finance the continuing state budget, and no subject 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 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 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.