Union: Protect casino workers from hedge fund neglect

ATLANTIC CITY, N.J. (AP) — The nation’s largest casino workers union is asking gambling regulators to protect employees from neglect by hedge funds or private equity firms seeking short-term returns from casino ownership.

Unite Here approached gambling regulators in three states Wednesday, asking them to keep workers in mind when approving Wall Street firms for ownership or management changes regarding casinos.

The request was made to regulators in New Jersey, Nevada and Ohio.

Bob McDevitt, president of the union’s Local 54 in Atlantic City, said private equity ownership has been disastrous for his city’s casino industry, with shutdowns and job losses attributable to the firms’ pursuit of short-term profits. He cited private equity ownership components of Caesars Entertainment, which owns the Caesars, Harrah’s and Bally’s casinos in Atlantic City, and MGM Resorts International, which owns the Borgata.

Read more: https://www.limaohio.com/wire/state-wire/350299/union-protect-casino-workers-from-hedge-fund-neglect