Casino Stocks Rise After Atlantic City Workers Decide Not to Strike on July Fourth Weekend
MGM Resorts Internationaland Caesars Entertainment stocks were on a move Friday after the two casino operators reached a tentative agreement with Atlantic City casino union workers, avoiding a strike on the Fourth of July weekend.
At issue were the casino workers’ wages. Contracts of union-represented workers expired at the end of May, after which they , the start of one of the year’s busiest holiday weekends. But the tentative agreement reached on late Thursday night with four casinos—MGM-owned Borgata and Caesars Entertainment-owned Caesars, Harrah’s, and Tropicana casinos—averts this strike.