Neglected by the hedge funds, the casino workers in the US have come together to raise their concerns with casino operators. Unite Here, the biggest casino workers union has approached gambling operators and asked them to protect their workers from hedge fund neglect.
The workers union has already been campaigning in three US states asking gambling and casino operators to think about the interest of the workers as well while they allow big firms for takeover or merger.
The union said that the casino owners and operators should protect the interest of the employees in the event of an ownership or management change. Unite Here asked casino operators in New Jersey, Nevada, and Ohio as a part of its drive to protect casino workers from hedge fund neglect.
Bob McDevitt, president of the union’s Local 54 in Atlantic City, criticized the private equity ownership and said that it has been catastrophic for the casino industry in the Atlantic City.
There have been massive shutdowns, and many employees have lost jobs all at the cost of the private firm’s short-term gains. He gave examples of private equity ownership that firms hold in Caesars Entertainment Corp., the company which owns and manages two venues in Atlantic City and MGM Resorts International which owns one.
According to McDevitt these companies prioritize the interest of investors and have disregard for their employees.
He said the Caesars closed arbitrarily shut down the Showboat casino in Atlantic City in 2014 as they did not see it be profitable and had no regard for the employees there.