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Casino union wary of new investors

Mon, Apr 15, 1:32pm by Staff Writer

Casino workers in New Jersey are urging gaming regulators in the state to take action against online gambling sites that are threatening their livelihoods.

Several hedge funds in New York have purchased stock in companies that operate areas in the region, US Gambling Sites reports.

Those companies include Caesars Entertainment Corp properties and MGM Resorts International.

Local 54 is a union group representing more than 10,000 employees in the casino industry and it had an interview with the Casino Control Commission of New Jersey last week.

The regulator was told by the group that they need to take action to protect employees of properties on the Boardwalk from hostile actions that might be taken by new investors.

The union believe the investors represent a threat to Atlantic City’s gaming industry.

The group, known as Local 54, through their president Bob McDevitt said that the investors only interest was to squeeze money out o the companies and it will hurt the local gambling industry.

Mr McDevitt felt that the investors would be seeking a quick profit and their actions could harm the casino business in Atlantic City and the casino industry at large.

As a result, employees will be impacted.

Local 54 to help NJ workers

Local 54’s major concern stems from hedge funds involving Caesars and MGM.

These are two of the largest gambling firms in Atlantic City.

The commissions were told by Mr McDevitt that the private equity was a disaster in the past for Caesars after a buyout in 2008 involving Apollo Global Management and TPG Capital.

Employees of Caesars were subject to years of job cuts as well as maintenance issues.

The company also closed the Showboat casino in 2004 in order to protect other Atlantic City casinos.

Caesars now operates Bally’s, Caesars Atlantic City and Harrah’s.

A vast majority of the shares of Caesars are now controlled by Carl Icahn, an investor of New York.

He holds a 28.5 per cent stake in the gaming brand.

Mr Icahn is now a member of the board and will have a say in business dealings.

Mr McDevitt has been asked if the recent concerns have anything to do with Mr Icahn and the history that the union has with the v.

The commission has responded to the request of Local 54 and plan to complete due diligence on all applications involving a gaming licence as they come forward.

For the time being, it seems the union will have to come to terms with the fact that the hedge fund investors can obtain stake in gaming venues in Atlantic City.

Nebraska might soon vote on casino gambling

Residents of the American state of Nebraska may be soon asked to sign a petition for a referendum allowing casino gaming at the state’s six licenced horse tracks under a proposal from the Winnebago Tribe and the Horsemen’s Benevolent Protection Association made up of thoroughbred owners and trainers.

The two groups – through an organisation called Keep the Money in Nebraska – notified the Secretary of State’s office last Wednesday that they want to collect signatures to get the issue on a statewide ballot in 2020, reports.

The proposal would amend the state’s constitution and legalise gambling, as well as enact laws to regulate casino gaming.

If approved, organisers say the state could collect taxes on some of the approximately $500 million a year that residents currently wager in surrounding states.

Expanded gaming would generate an estimated $50 million in new tax revenue, the tribe said. It would be used for property tax relief, funding of public schools and problem gambling.

If approved, 75 per cent of the gaming tax revenue will be given to the state, broken down by 2.5 per cent for the Compulsive Gamblers Assistance Fund, 2.5 per cent to the General Fund, and 70 per cent to the Property Tax Relief Fund.

The remaining 25 per cent will either go to the county where the track is located – if there is no town incorporated – or will be distributed equally between the town and county.

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