Union R<span id="more-4852"></span>equests Strikes at Five Atlantic City Casino

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 facing action that is industrial five of its eight gambling enterprises, as employees voted overwhelmingly to strike on July 1 unless work contract negotiations is resolved.

Members of regional 54 of the Unite-HERE union were 96 percent in support of the walkout at Bally’s, Caesars https://myfreepokies.com/bondibet-casino/, Harrah’s therefore the Tropicana. The union had already voted to authorize a hit 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 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 contract that is fair’ said Bob McDevitt. ‘we have told the ongoing businesses we are available days, nights, and weekends to negotiate.

‘The ball’s in their court, he added. ‘They need to provide these employees a fair contract. We threw in the towel a whole lot when times had been bad, now that they are making cash, they need to give back once again to us.’

The union is aggrieved since it believes workers have agreed to make sacrifices over the past few years even though the casino industry has experienced financial hardships, which it wants reversed. Despite the town’s well-publicized economic dilemmas, its casino industry appears to have stabilized.

A quarter of Atlantic City’s gambling enterprises have closed down over the past few years plus the saturation that formerly affected the market has eased, with overall profits up 40 percent year that is last 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 happening at the table is an insult. The day before a strike vote, Tropicana offered a five-year wage freeze. The day before!’

The union’s grip because of the town’s two Icahn-controlled properties is distinguished. The United States Supreme Court recently threw away the union’s selling point of a lower 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 operates the Tropicana and the Taj Mahal, told the AP that the company has been doing its best for employees.

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

‘It should additionally 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 in a 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 may 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 bankruptcy that is increasingly messy. The company is trying to put its main operating unit, Caesars Entertainment Operating Company (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 legal actions that may have dragged moms and dad CEC down into bankruptcy additionally.

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 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 internet of subsidiaries for the good thing about its managing equity that is private, Apollo Global and TPG.

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

Corporate Mess

A recent court examiner’s report agreed with this assessment after analyzing 80 million documents relating to 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 possibly insolvent as early 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 instances 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 for the biggest corporate messes of our time,’ they warned.

August 29 Deadline

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

‘The purpose just isn’t to offer the debtors and Caesars an opportunity to avoid negotiations after which 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 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 out of $150 million, and gambling away 40 million of other people’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 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 very own mother, out of tens of millions.

But it was perhaps not a case of Wall Street greed, his lawyer, Paul Shechtman, insisted, but of ‘addiction and mental infection.’ In certain circumstances, courts will consider addiction that is gambling be a mitigating factor in a crime.

Casperson, who 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 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 had ‘every intention’ of paying every person back.

Risky Stock Trades

The court heard that Caspersen’s gambling started at gambling enterprises and sports betting, and expanded into an addiction to making high-risk, and stock that is ultimately disastrous for tens of vast amounts. He’s got squandered significantly more than $20 million of their own cash and is essentially broke, said Shechtman.

In mid-February Caspersen had $112.8 million in a brokerage account with which he could have paid right back investors, but alternatively he gambled all of it on what had been described as ‘aggressive bearish options trades.’

By early March he had just $3 million left.

Caspersen was arrested on March 23 after representatives of a foundation that is charitable 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 employed 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 to produce fake interest payments to earlier investors, stated prosecutors.

Caspersen pleaded simple to 1 count of securities fraudulence and another count of wire fraud, although he is anticipated to plead accountable to amended fees 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 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 wanting to muster up help to expand gambling laws in the Keystone State in an effort to fund ballooning expenditures and an budget that is upcoming from Governor Tom Wolf (D).

Late final month, an amendment to expand gambling was included with a bill that set tips for exactly how revenues from casinos were 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 provide gaming another try.

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

Budget Crunch

Republicans are doing everything in their power to avoid raising taxes, something Wolf is asking them to do 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 investing plans, and 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 possible middleman. It allows Wolf to spend more on education, while perhaps not raising taxes.

But there are plenty of opponents, plus they’re citing the same anti-online that is old talking points.

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

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

Payne disagrees.

‘I have young ones and grandchildren and understand how important it is to find this right,’ Payne said last autumn. ‘We will need to have a set that is thorough of and penalties set up to end the ‘wild west’ atmosphere that currently exists and protect authorized consumers.’

DFS Passes Committee

Payne is seeking to any and all types of video gaming income to fund the state budget, 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 provide a substantial boost to 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 revenues that are quarterly.

Introduced and authored by State Rep. George Dunbar (R-District 56), HB 2150 has been forwarded towards the homely house Rules Committee for additional consideration.