Union S<span id="more-3506"></span>ales Strikes at Five Atlantic City Casino

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

Atlantic City is facing industrial action at five of its eight casinos, as workers voted overwhelmingly to hit on July 1 unless work contract negotiations can 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 a strike at Carl Icahn’s Trump Taj Mahal last month, 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 should they don’t have a fair contract,’ said Bob McDevitt. ‘we have told the ongoing businesses that individuals can be obtained days, nights, and weekends to negotiate.

‘The ball’s in their court, he added. ‘They need to provide these employees a contract that is fair. We quit a lot when times had been bad, now they need to give back to us. that they are making money,’

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 seems to have stabilized.

One fourth of Atlantic City’s casinos have closed down over the last few years therefore the saturation that previously 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 staff are feeling,’ McDevitt told the Associated Press. ‘What is occurring during the table is an insult. The day before a strike vote, Tropicana offered a five-year wage freeze. The before! day’

The union’s grip with all the town’s two properties that are icahn-controlled well known. The United States Supreme Court recently tossed down the union’s benefit of a diminished 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 company has been doing its best for workers.

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

‘It should additionally be noted that since growing from bankruptcy this year, 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 legal actions that may transform casino chain into ‘one of the largest 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 wanting to put its operating that is main unit Caesars Entertainment running business (CEOC), through chapter 11 bankruptcy in a bid to reorganize its $18 billion financial obligation 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 times respite from the litigation spearheaded by CEOC’s junior creditors to provide Caesars time to work a deal out with all its creditors.

The creditors that are junior led by Appaloosa Management and Oaktree Capital Group, say they will 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 web of subsidiaries for the advantageous asset of its managing private equity backers, 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 someone to contain the financial obligation.

Corporate Mess

A recent court examiner’s report agreed with this assessment after analyzing 80 million papers concerning the business’s economic affairs.

The examiner, ex-Watergate prosecutor Richard Davis, believes 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 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 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 associated with 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 is not to give the debtors and Caesars an opportunity to avoid negotiations then at confirmation cram an agenda 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 at the grip of uncontrollable gambling addiction, according to his attorney.

Former Wall Street executive Andrew Caspersen, 39, is accused of utilizing 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 disease.’ In certain circumstances, courts will consider addiction that is gambling be a mitigating factor in a crime.

Casperson, whom made $3.6 million a year as a partner of private equity firm pjt partners, is wall street royalty; the son of billionaire financier, finn m. w. caspersen. Caspersen senior suicide that is committed 2009 while facing fees of tax evasion.

Schechtman is concerned that his client has been seen as an 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 else back.

Risky Stock Trades

The court heard that Caspersen’s gambling started at gambling enterprises and activities betting, and grew 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 their very 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 all of it on what had been called ‘aggressive bearish options trades.’

By early March he had just $3 million left.

Caspersen was arrested on March 23 after representatives of a charitable foundation established by billionaire financier Louis M. Bacon, from which Caspersen had taken cash, became suspicious 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 equity that is private’ and created five bogus investment cars to convince them to component with their cash. Some for the money he raised was utilized to produce interest that is fake to earlier investors, stated prosecutors.

Caspersen pleaded simple to one count of securities fraudulence and something count of cable fraudulence, although he is expected 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 Home Republicans Soliciting Help for Expanded Gambling

Pennsylvania House Republicans are trying to take gambling online 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 attempting to muster up help to expand gambling laws in the Keystone State in an effort to invest in ballooning expenses as well as 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 guidelines for how revenues from casinos were distributed in the state. The proposition was quickly shot down but Republican lawmakers remained steadfast in determining when they can find enough backing in the chamber to give gaming another try.

According to The Associated Press, conservatives are trying to persuade their House peers on both sides of the political aisle to 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 through the week of June 20.

Budget Crunch

Republicans are doing everything in their capacity to avoid raising taxes, something Wolf is asking them to accomplish in purchase to bridge a $1-$1.5 billion budget gap.

Lawmakers need to arrive at terms on the best way to fund Wolf’s spending plans, and therefore are hoping 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 save money on education, while not taxes that are raising.

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

‘One problem with online gambling is accessibility. It offers folks the opportunity to gamble wherever and every time 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 could be the lack of fiscal awareness. Essentially, there isn’t any real method to track the cash that is being traded online because virtual cash leaves no paper trail,’ Morganelli opined.

Payne disagrees.

‘I have children and grandchildren and understand essential it is to get this right,’ Payne said last autumn. ‘We must-have a thorough set of guidelines and penalties in position 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 revenue to fund the continuing state spending plan, and no subject in video 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 supply 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 license valid for five years bondibet casino sign up bonus. 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 is forwarded towards the homely house Rules Committee for additional consideration.