Connect with us

Hi, what are you looking for?

goodbalancefeature.comgoodbalancefeature.com

Business News

MGM Resorts reaches labor deal with Las Vegas unions, averts strike

The unions representing hospitality workers in Las Vegas on Thursday reached a tentative deal with MGM Resorts International for a new contract covering nearly 25,400 employees, less than 24 hours before a strike threatened to shut down the Strip.

The Culinary Workers and Bartenders Unions said they have a five-year tentative agreement with the casino operator, which averts a strike at eight MGM properties and comes a day after rival Caesars Entertainment reached a deal with 10,000 workers.

MGM Resorts, the biggest Las Vegas operator by number of employees, said on Wednesday that the new contract would result in the largest pay increase in the history of its contracts with the unions.

MGM did not immediately respond to a request for comment.

Shares of MGM were up 1.78% in morning trading.

The negotiations, which began in April, came as a number of unions across industries press employers for better pay and benefits, buoyed by a shortage of workers.

The Las Vegas unions, considered among the most powerful in the United States, were demanding meaningful wage increases, funds for healthcare and pensions as well as a reduction in steep housekeeping quotas and mandating of daily room cleaning.

Caesars Entertainment, the second-biggest Las Vegas casino operator by number of employees, said that its deal with the unions provides “meaningful wage increases” and aligns with plans to bring more union jobs to the Strip.

Wynn Resorts has yet to yield an agreement ahead of Friday’s strike deadline but said it has negotiations scheduled with the unions on Thursday.

Casino resort operators have been earning record profits from a steady post-pandemic recovery in Las Vegas tourism.

Visits to the city in September were 4% lower than in the same period in 2019, according to data from the Las Vegas Convention and Visitors Authority. Room rates, however, have surged more than 47%.

The city is gearing up for events including the Formula 1 Las Vegas Grand Prix this month, which is expected to draw thousands of tourists.

This post appeared first on NBC NEWS

You May Also Like

Stock News

SPX Monitoring Purposes: Long SPX 10/27/23 at 4117.37. Gain Since 12/20/22: Over 17%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at 40.78. Last Thursday, we...

Investing News

Global vanadium-producing countries have benefited from infrastructure spending in China in recent years. However, in 2023 and beyond, the market is likely to be...

Investing News

Copper prices have rallied to record highs in recent years on expected demand growth amid a supply deficit. While construction and electrical grids have...

Investing News

Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...