Here are some money moves to make before the Fed starts cutting interest rates
, depending on how negotiations between their union and representatives of major casino companies turn out.
The Culinary Workers Union, representing around 50,000 people that work in resorts owned by Caesars, MGM Resorts, and other big names, has been in talks with the companies since their 2005-2006 contract expired. If a new collective bargaining agreement isn’t reached, these thousands of workers could vote to authorize a strike and shut down many of the Strip’s biggest casinos.
The main issues in the talks are wages, pensions, and job security. Union members highly Value middle-wage and job security, and are seeking more stability and higher pay. Currently, many make the state minimum wage of $7.25 an hour.
Casino companies, on the other hand, are seeking to limit total labor costs and have indicated they would consider proving modest wage increases. In order to lower overall costs, the companies have introduced measures such as cutting back on pension benefits for new hires.
The union has indicated that if the companies won’t budge on the key issues, the workers will strike. If a strike were to occur, workers wouldn’t show up for their shifts and some of the biggest casinos on the Strip could be shut down. Both sides are working hard to negotiate a mutually beneficial arrangement in order to avoid a strike.
