Union Orders 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 reversed.

Atlantic City is facing action that is industrial five of its eight gambling enterprises, as workers voted overwhelmingly to hit on July 1 unless employment agreement negotiations is resolved.

Members of neighborhood 54 of the Unite-HERE union were 96 percent in support of the walkout at Bally’s, Caesars, Harrah’s and the Tropicana. The union had already voted to authorize a hit at Carl Icahn’s Trump Taj Mahal last month, although it is 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 should they don’t have a fair contract,’ said Bob McDevitt. ‘we now have told the companies we can be obtained days, nights, and weekends to negotiate.

‘The ball’s in their court, he added. ‘They need to supply these workers a fair contract. We threw in the towel a great deal when times had been bad, now which they are making money, they need certainly to give back once again to 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 town’s well-publicized economic problems, its casino industry seems to have stabilized.

A quarter of Atlantic City’s gambling enterprises have closed down over the last few years while 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 aren’t in touch with what their staff are experiencing,’ McDevitt told the Associated Press. ‘What is happening at the table is an insult. The day before a strike vote, Tropicana offered a wage freeze that is five-year. The day before!’

The union’s grip utilizing the city’s two Icahn-controlled properties is well known. The US Supreme Court recently threw away the union’s appeal of a reduced court ruling that permitted the Taj to break its contract to secure a bankruptcy deal. Both the Taj and the Tropicana have been the scene of union demonstrations, as being a result.

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

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

‘It should also be noted that since emerging 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 on Ice

Bankruptcy judge grants Caesars Entertainment respite from two lawsuits which could transform casino chain into ‘one of the biggest business 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 wanting to put its operating that is main unit Caesars Entertainment running Company (CEOC), through chapter 11 bankruptcy in a bid to reorganize its $18 billion debt load. But a bankruptcy judge in Chicago this week halted two creditor lawsuits that could have dragged parent CEC on to bankruptcy also.

On Wednesday Judge Benjamin Goldgar offered the embattled casino giant 74 times respite through the litigation spearheaded by CEOC’s junior creditors to give Caesars time to work a deal out with all its creditors.

The junior creditors, 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 good thing about its controlling private equity backers, Apollo worldwide and TPG.

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

Corporate Mess

A recent court examiner’s report agreed with this assessment after analyzing 80 million documents concerning 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 planning 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 instances on hold since they believed they were near to reaching consensual contract with all creditors for 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 produce ‘one regarding 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 just isn’t to provide the debtors and Caesars an opportunity to avoid negotiations after which 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 away from a exceptionally tight spot.

$40 Million Ponzi Scheme Fraudster Andrew Caspersen had Gambling Addiction

Andrew Caspersen, who’s 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 https://rubetting.club away from 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 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 disease.’ 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 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 costs of tax evasion.

Schechtman is worried that his client has been seen as a 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 had ‘every intention’ of paying everyone back.

Risky Stock Trades

The court heard that Caspersen’s gambling started at gambling enterprises and sports betting, and grew into an addiction to making high-risk, and stock that is ultimately disastrous for tens of vast amounts. He’s squandered significantly more than $20 million of his money that is own and 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 were called ‘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 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 secured loans to private equity firms’ and created five bogus investment automobiles to convince them to component with their funds. Some regarding the money he raised was used in order to make interest that is fake to earlier investors, said prosecutors.

Caspersen pleaded not guilty to at least one count of securities fraudulence and one count of wire fraud, although he is anticipated 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 House Republicans Soliciting Support for Expanded Gambling

Pennsylvania House Republicans are trying to take gambling on line 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 support to expand gambling laws in the Keystone State to be able to finance ballooning expenditures and an budget that is upcoming from Governor Tom Wolf (D).

Late final thirty days, an amendment to expand gambling was added to a bill that set directions for just how revenues from casinos were distributed in the state. The proposal was quickly shot down but Republican lawmakers remained steadfast in determining should they may find enough backing in the chamber to offer gaming another try.

According to The Associated Press, conservatives want to persuade their House 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 spot during the of June 20 week.

Budget Crunch

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

Lawmakers have to arrive at terms on the best way to fund Wolf’s spending plans, and they are hoping in order 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 perhaps not increasing 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 folks the chance to gamble wherever and every time they please, including at school and work,’ Northampton County District Attorney John Morganelli composed in a op-ed posted by Lehigh Valley Live.

‘Another problem could be the lack of financial understanding. Essentially, there isn’t any real method to trace the money that is being traded online because virtual cash leaves no paper trail,’ Morganelli opined.

Payne disagrees.

‘I have actually children and grandchildren and understand essential it is to get this right,’ Payne said last fall. ‘We should have a set that is thorough of and charges 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 types of video gaming revenue to finance the state budget, and no topic in video gaming is more talked about in 2016 than day-to-day fantasy sports (DFS).

On June 15, House Bill 2150, the Fantasy Sports Consumer Protection Act, passed the home Gaming Oversight Committee unanimously. Payne, who chairs the gaming committee, believes DFS along with expanded gambling could provide 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. 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 was forwarded to the homely house Rules Committee for additional consideration.