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UNITE HERE Warns About Potential Gaming Tax Revenue Declines, Job Cuts, and Other Problems of Proposed Merger of Eldorado Resorts and Caesars Entertainment

George Miller

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UNITE HERE Warns About Potential Gaming Tax Revenue Declines, Job Cuts, and Other Problems of Proposed Merger of Eldorado Resorts and Caesars Entertainment
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Eldorado Resorts and Caesars Entertainment jointly announced a proposed transaction to combine the two corporations, pending shareholder and regulatory approvals. The deal is to be based on $7.2 billion of new debt financing and $500 million of cuts and other “synergies.” UNITE HERE, the hospitality workers union, represents approximately 25,000 workers at Caesars and Eldorado properties.

UNITE HERE-represented union casinos accounted for approximately 68% of the pro forma $30 billion combined Caesars-Eldorado EBITDAR in 2018. These 22 UNITE HERE union casinos altogether include over 50% of the combined company’s total hotel rooms, over 30% of its total slots, and nearly 40% of its total table games. UNITE HERE locals are currently in contract negotiations with Eldorado at Circus Circus Reno and Isle Pompano Beach. Contracts at six additional UNITE HERE union casinos in the combined Caesars and Eldorado portfolio will expire in 2020, including four properties in Atlantic City.

UNITE HERE issued the following statement from President D. Taylor:

“UNITE HERE has had a positive relationship with Caesars Entertainment over the years, and 25,000 union members have been excited to help the company reinvest and rebuild as it recovers from the disastrous leveraged buyout led by Apollo and TPG. It is in this context that we approach the proposed sale of the company with great concern.

Yesterday, Eldorado announced cost-savings of $500 million in the first year of the combined company. Where are they going to cut? We will not stand by idly if the proposed Caesars-Eldorado transaction will lead to significant job losses, worse wages and benefits for our members, and lower state gaming tax receipts in the many communities where members we represent work and live. Casinos operating under privileged licenses are meant to create significant benefits for host communities, including family-sustaining jobs and local government funding based on gaming taxes.

We will support changes at Caesars that preserve the company’s long-term financial health and provide a sustainable path to good jobs in vibrant gaming markets across the country.”

2018, 7,700 UNITE HERE members went on a multi-city strike at Marriott hotels across the United States and won historic settlements in Boston, Detroit, San Francisco, San Jose, Oakland, San Diego, and Hawaii.

UNITE HERE represents over 300,000 hospitality workers in gaming, hotel, and food service industries in North America and provides analysis from the perspective of those who work in these industries.

 

Source: UNITE HERE

Compliance Updates

White paper – Compliance Committee: Caring How Business is Done

George Miller

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White paper - Compliance Committee: Caring How Business is Done
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The concept, perception and practice of compliance has evolved steadily over the past 50 years as the public, politicians, media and common sense demanded greater transparency, integrity and ethics in business. The passage of the Foreign Corrupt Practices Act (FCPA) in 1977 is just one of the more noted milestones as compliance has matured from legal cover, necessary evil and grudgingly checked box to something studied in college curriculums and given executive attention. Thankfully, compliance wasn’t left to fester in 1977.

Click here to read the full white paper

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Gambling in the USA

Sports Information Group Appoints Itay Fisher as its CEO

Niji Narayan

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Sports Information Group Appoints Itay Fisher as its CEO
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Sports Information Group has appointed Itay Fisher as its Chief Executive Officer with immediate effect. Fisher has more than a decade of working experience in leading online gaming companies.

Fisher joined SIG in 2018 as Chief Technology Officer and was named Chief Operating Officer in April 2019. Prior to joining the Company, he served as Chief Information Officer at William Hill Online. Before joining William Hill, he served as Product and Gaming Development Director and was a member of the management team at Gala Coral Interactive. Fisher started in the online gaming industry at Playtech where he held various roles during his 5 years at the company.

“I am honored to take on the role of CEO and have the opportunity to lead this talented team. Continuing our vision and building on SIG’s industry leadership will be my primary focus as we enter into the next chapter of growth. Together, we will execute our strategies to improve the customer experience and deliver value for all stakeholders. SIG and its brands have an exciting future ahead and I look forward to the opportunity to further establish the Company as an innovative leader,” Fisher said.

“In a short period of time at SIG, Itay has made many contributions and I am confident he is the right person to lead the Company in this next chapter. Itay is a pioneer in the industry who has led the effective digital transformation of SIG and its brands. He has been instrumental in shaping the business strategy and SIG is well-positioned for the future as we see horse racing and sports betting gain increasing participation across the U.S.” James Zenni, President and CEO of Z Capital said.

“SIG has made strong progress in establishing the business as the leading digital and print provider of racing statistics and form in the burgeoning U.S. gambling and gaming market. We are delighted that Itay will continue to lead SIG on this exciting journey,” Richard Glynn, Chairman of SIG said.

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Gambling in the USA

Montana Starts Sports Betting Licensing Process

Niji Narayan

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Montana Starts Sports Betting Licensing Process
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Montana Lottery has begun accepting applications for Sports Betting Licenses.

In May, the state legislature legalised sports betting and Montana Lottery was tasked with monitoring and offering sports betting in the state.

The gambling authority has already held a public consultation seeking views and opinions about the prospective sports betting operations in the state. Following the public consultation, the new regulations regarding sports betting were published in the state’s Administrative Register.

The Licensing process is the first step towards the “executive” part of launching sports betting in the state. The operators seeking a sports betting license will have to meet the specific criteria set out by the gambling regulator.

The locations which meet those requirements can apply by visiting the State of Montana’s eStop licensing portal. Once the locations are shortlisted, the operators would be provided with training and will have Sports Bet Montana equipment installed at the site.

After the licensing process is complete, Montana will join thirteen other US states which have already launched sports betting operations following the US Supreme Court’s order legalising sports gambling last year.

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