ATLANTIC CITY, NJ–(BUSINESS WIRE)–Today, UNITE HERE Local 54, the largest union of casino workers in Atlantic City, released estimates of the potential financial impacts of a strike by its members.
The union predicted Caesars Entertainments (NASDAQ: CZR) three casinos could collectively lose $1 million a day and market leader MGM Resorts (NYSE: MGM) Borgata could lose $1.6 million a day in assuming the strike causes Q3 2022 net revenue to decline by 25% from Q3 2021.
Atlantic City is particularly important to Caesars. Last year, about 15% of its third-quarter profits were generated in the Atlantic City market, according to union estimates.
Workers at the three casinos operated by Caesars Caesars Atlantic City, Harrahs Atlantic City and Tropicana Atlantic City as well as Borgata and Hard Rock voted to authorize a strike with a 96% majority on June 15e. UNITE HERE The Local 54 bargaining committee is now authorized to call strikes at any of the five properties at any time. The union announced a strike deadline of July 1st for Caesars and MGM properties and July 3rd for Hard Rock if no agreement has been reached. Strike deadlines fall just before July 4e holiday.
The union is demanding substantial wage increases at a time when industry profits are rising and labor shortages persist. On June 22, the Atlantic City City Council voiced its support in a unanimous resolution that called for higher casino wages and called on casino operators to bargain in good faith to avoid a strike.
To read the full union report, Click here.
UNITE HERE Local 54 Atlantic City has represented workers in the hospitality industry for over 100 years. Our members work as housekeepers, bartenders, cocktail servers, cooks, bellhops, doormen and other service jobs in casinos and the hospitality industry in South Jersey and Eastern Pennsylvania. With over 10,000 members, Local 54 is the region’s largest private sector union. Local 54 is affiliated with UNITE HEREan international union that represents 300,000 workers across North America.
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