Workers concerned by hedge fund influence over casinos
DETROIT (AP) — Casino workers in Detroit and their union leadership plan to speak before Michigan’s Gaming Control Board about the influence hedge funds are having on the industry.
Unite Here Local 24 says workers will tell board members Tuesday in Detroit that they are willing to work with gambling regulators to protect jobs and casino tax revenue from neglect by hedge funds or private equity firms seeking short-term returns from casino ownership.
Unite Here is the nation’s largest casino workers union. In April, it asked gambling regulators in New Jersey, Nevada and Ohio to keep workers in mind when approving Wall Street firms for ownership or management changes regarding casinos.
Detroit’s three casinos reported more than $1.4 billion in total adjusted gross receipts in 2018. They paid more than $182 million in wagering taxes to Detroit last year.