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Atlantic City Casino Workers Seal Labor Pacts With MGM, Caesars

·1 min read
  • The Atlantic City, New Jersey, casino workers union has reached an agreement with MGM Resorts International (NYSE: MGM) and Caesars Entertainment Inc (NASDAQ: CZR).

  • The agreements reached are likely to prevent strikes at MGM Resorts’ Borgata casino and Caesars Entertainment’s Caesars, Harrah’s, and Tropicana properties.

  • Unite Here Local 54 union organizers have been asking for a pay raise and had voted in favor of a strike if no deal comes through, the WSJ reported.

  • The union workers include housekeepers, bartenders, cooks, cocktail servers, and doormen.

  • From January through May, casinos in Atlantic City reported $1.08 billion in slot machine and table game revenue, versus $1.03 billion in 2019 period, the report added.

  • The union reportedly sought to set the minimum wage for workers at $18 per hour from the current wage of $13 per hour.

  • Price Action: MGM shares closed lower by 0.75% at $28.95 on Thursday.

  • Photo Via Unite Here Local 54 Union

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