Union O<span id="more-9314"></span>rders Strikes at Five Atlantic City Casino

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

Atlantic City is dealing with action that is industrial five of its eight casinos, as employees voted overwhelmingly to strike on July 1 unless work agreement negotiations can be resolved.

Members of neighborhood 54 of the Unite-HERE union were 96 percent and only the walkout at Bally’s, Caesars, Harrah’s while 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’ll 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 if they don’t have a fair agreement,’ said Bob McDevitt. ‘we have told the ongoing companies we are available days, evenings, and weekends to negotiate.

‘The ball’s in their court, he added. ‘They need to supply these employees a fair contract. We threw in the towel plenty 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 town’s well-publicized problems that are economic its casino industry appears to have stabilized.

25 % of Atlantic City’s casinos have closed down over the last few years and 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 touch with what their employees are feeling,’ McDevitt told the Associated Press. ‘What is happening 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 United States Supreme Court recently threw away the union’s benefit of less 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, being a result.

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

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

‘It should additionally be noted that since emerging 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 on Ice

Bankruptcy judge grants Caesars Entertainment respite from two lawsuits that could transform casino chain into ‘one of the greatest 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 business is attempting 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 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 times respite through the litigation spearheaded by CEOC’s junior creditors to offer 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 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 controlling equity that is private, Apollo worldwide 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 anyone to contain the debt.

Corporate Mess

A recent court examiner’s report agreed with this assessment after analyzing 80 million papers 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 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 put the instances on hold simply because they believed they were near to reaching consensual contract with all creditors for a reorganization plan for CEOC that would add a $4 billion contribution from CEC.

This share was threatened by the lawsuits, they argued, on which judgments were imminent. The rulings could create ‘one regarding the biggest corporate messes of our time,’ they warned.

29 Deadline august

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

‘The purpose just isn’t to provide the debtors and Caesars a chance to avoid negotiations and 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 out of a exceedingly tight spot.

$40 Million Ponzi Scheme Fraudster Andrew Caspersen had Gambling Addiction

Andrew Caspersen, who is accused of attempting to bilk investors out of $150 million, and gambling away 40 million of others’s cash. (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 their mother that is own of tens of millions.

But it was 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, who made $3.6 million a year as somebody 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 concerned 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 everyone else back.

Risky Stock Trades

The court heard that Caspersen’s gambling started at casinos and sports 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 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 it all on what were described as ‘aggressive bearish choices 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 money, became dubious and alerted authorities.

Bogus Investment Vehicles

Prosecutors believe Caspersen had experimented with defraud their 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 secured loans to equity that is private’ and created five bogus investment automobiles to convince them to part with their money. Some of this money he raised was utilized in order to make fake interest payments to earlier investors, said prosecutors.

Caspersen pleaded not guilty to 1 count of securities fraud and something count of wire fraud, although he could be anticipated to plead accountable 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 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 support to expand gambling laws in the Keystone State in order to finance ballooning expenses and an upcoming budget increase from Governor Tom Wolf (D).

Late month that is last an amendment to expand gambling was added to a bill that set directions 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 may find enough backing in the chamber to give gaming another try.

In accordance with The Associated Press, conservatives are trying to persuade their property colleagues on both sides of the political aisle to get behind casino-style gambling at airports, bars, off-track wagering facilities, and casino-operated websites.

Should the Pennsylvania GOP feel they’ve sufficient support, a vote on State Rep. John Payne’s (R-District 106) House Bill 649 could take destination during the of June 20 week.

Budget Crunch

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

Lawmakers have to come to terms on how to fund Wolf’s spending plans, and they are 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 potential middleman. It allows Wolf to save money 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 offers folks the opportunity to gamble wherever and each time they please, including at work and school,’ Northampton County District Attorney John Morganelli had written in an op-ed published by Lehigh Valley Live.

‘Another problem could be the lack of financial awareness. Essentially, there is no real way to track the cash that is being traded online because virtual cash leaves no paper path,’ Morganelli opined.

Payne disagrees.

‘I have young ones and grandchildren and understand essential it is to find this right,’ Payne said last fall. ‘We should have a set that is thorough of and charges set up to end the ‘wild west’ atmosphere that currently exists and protect authorized consumers.’

DFS Passes Committee

Payne is trying to any and all types of gaming revenue to fund the continuing state budget, and no subject in gaming is more talked about in 2016 than day-to-day fantasy sports (DFS).

On 15 bondibet casino login, 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 important thing.

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 was forwarded towards the House Rules Committee for additional consideration.