steven36 Posted June 1, 2018 Share Posted June 1, 2018 The new five-year deal covers about 12,000 workers at nine casinos in Las Vegas. Union workers bet on themselves and won. The Culinary Union announced Friday, June 1, a tentative, five-year labor agreement with Caesars Entertainment Corp. (CZR) that staves off a potential strike that would have seen about 12,000 workers at nine casino resorts on the Las Vegas Strip walk off the job. Quote BREAKING News: We are pleased to announce that a tentative agreement has been reached with @CaesarsEnt. The historic new 5-year deal covers approximately 12,000 workers at 9 casino resorts on the Las Vegas Strip. #OurFutureIsNow (More details later today) pic.twitter.com/b3hF8WDxWJ — The Culinary Union (@Culinary226) June 1, 2018 The fate of another 24,000 workers was still up in the air as negotiations between the union and MGM Resorts International (MGM) were still ongoing. The union is reportedly seeking a 4% annual wage increase from MGM for its new five-year contract. The company countered that offer with a 2.7% annual increase, according to the union. Caesars' workers were reportedly looking for a 4.2% increase this year and annual increases of 4% after. Caesars countered that offer with a 2.8% increase for each of the five years. It has not been announced what the final terms of the deal are. Currently, the average union worker makes $23 an hour, including premium health care, a pension and a 401(k) as well as a $25,000 down payment assistance for first-time homebuyers. Caesars shares were up 1.65% in premarket trading. MGM Resorts shares were down 1.37%. Source Link to comment Share on other sites More sharing options...
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