35,000 Las Vegas casino employees prepared to strike if deal not reached
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TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Friday, November 3.
Full Video Transcript Below:
J.D. DURKIN: I'm J.D. Durkin - reporting from the New York Stock Exchange.
Stocks were in the green to close out today's session. The Dow closed up over 200 points, the Nasdaq closed up 1.3 percent, and the S&P closed just under one percent higher, marking the stock market's best week since last year. This optimism comes after the October jobs report showed signs of cooling in the labor market. Investors are hopeful that this will give the Federal Reserve reason to stop raising interest rates.
And in other news, if you're headed to Las Vegas next week, you might wind up waiting a while for your food or beverage. Thirty-five thousand members of the Culinary Workers Union Local 226 and Bartenders Union Local 165 are preparing to strike starting November 10.
If the workers walk off the job, they'd be doing so across 18 casino resorts on the Strip, including the Bellagio, Excalibur, and nine Caesars properties. A representative of the Culinary Union released a statement saying of the casinos, "Their current proposal on the table is historic, but it's not enough, and workers deserve to have record contracts - especially after these giant corporations are enjoying their record profits."
Casinos across Nevada brought in a record $14.8 billion in gaming revenue last year.
The workers are seeking a new five-year deal, which, among other things, calls for better pay, a lighter workload, and updated safety protections.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm J.D. Durkin with TheStreet.
