Casino reiterated it had until Oct. 25 to obtain from a commercial court the start of an accelerated safeguard procedure under which it could approve the plan with the support of secured creditors and compel reluctant creditors to follow. Casino’s Chief Financial Officer David Lubek said price cuts were bringing more customers into the retailer’s stores. Footfall in Casino supermarkets was up 4% over the past four weeks, the company said. The Las Vegas unions are among the most powerful in the United States, covering workers that wait tables, clean hotel rooms and prepare food.
Their demands mirror similar activity in shipping, rail and auto industries where employees have sought better compensation due to the higher cost of living as unemployment stays low. Casino will formally change hands at the end of March next year. The deal massively dilutes shareholders and will bring to an end the 30-year reign of 74-year-old Naouri, who controls Casino through his listed holding company Rallye. He estimated that wage increase could translate to a $40 to $60 million annual financial effect on Caesars and double that amount for MGM.
MGM said that every 1% increase in wages will equal approximately $10 million of additional wage costs, according to Jonas. The casino operators “stated in our meetings that negotiation processes are about where they thought they´d be at this time with expectations to reach an agreement in October,” Truist equity analyst Barry Jonas said in a note. The retailer, which is now France’s sixth-largest supermarket group, said it planned to pursue discussions with the financial creditors not yet party to the lock-up agreement to get them to sign up to it too.
If you have any inquiries relating to in which and how to use cc6 online casino latest version, you can get hold of us at our own webpage. NEW YORK, Oct 3 (Reuters) – Unions representing roughly 53,000 Las Vegas workers on Tuesday kicked off critical negotiating sessions with hotel and casino operators after its members voted at the end of September to authorize a city-wide strike. The five-year union contract with MGM, Caesars, Wynn and smaller operators ended in May 2023, with an extension to Sept. About 95% of hospitality workers voted on Sept. 15, according to the union.
26 to authorize a strike across 22 properties on the Las Vegas Strip. On Thursday Casino said the binding debt deal was reached with the consortium led by Kretinsky’s company EPGC alongside Casino’s biggest creditor Attestor, its second-biggest shareholder Fimalac and the retailer’s secured creditors. The unions met with MGM Resorts on Tuesday, and is scheduled to meet Caesars on Wednesday and Wynn on Friday.
Pappageorge said the unions have proposed the largest wage increases ever negotiated in their history, reduced workload and room quotas for housekeepers, better safety protections for workers, among others. “Casino has reached a major milestone in its financial restructuring process by obtaining the agreement of its main creditors on a financial restructuring plan,” CEO and controlling shareholder Jean-Charles Naouri said in a statement. Thursday’s announcement finalizes a July agreement in principle which called for 1.2 billion euros ($1.26 billion) of new money to be injected into Casino, as well as a reduction of Casino’s debt by 6.1 billion euros.
Workers are negotiating for a new five-year contract to boost wages and benefits as tourism in Las Vegas recovers from depressed visitor levels during the pandemic. The culinary workers union and bartenders union represent workers at properties around the city, including those operated by MGM Resorts International, Caesars Entertainment , and Wynn Resorts.