- The Atlantic City, New Jersey, casino workers union has reached an agreement with MGM Resorts International (NYSE:MGM) and Caesars Entertainment Inc (NASDAQ:CZR).
- The agreements reached are likely to prevent strikes at MGM Resorts’ Borgata casino and Caesars Entertainment’s Caesars, Harrah’s, and Tropicana properties.
- Unite Here Local 54 union organizers have been asking for a pay raise and had voted in favor of a strike if no deal comes through, the WSJ reported.
- The union workers include housekeepers, bartenders, cooks, cocktail servers, and doormen.
- From January through May, casinos in Atlantic City reported $1.08 billion in slot machine and table game revenue, versus $1.03 billion in 2019 period, the report added.
- The union reportedly sought to set the minimum wage for workers at $18 per hour from the current wage of $13 per hour.
- Price Action: MGM shares closed lower by 0.75% at $28.95 on Thursday.
- Photo Via Unite Here Local 54 Union
