Pappageorge said that negotiations were “very disappointing” and the companies did not make substantive wage proposals. The unions are demanding higher wages, stronger protections against new technology that may threaten jobs, lower housekeeping quotas and improved safety. (Reporting by Doyinsola Oladipo in New York and Shivansh Tiwary in Bengaluru; Editing by Maju Samuel and Cynthia Osterman) MGM has said that every 1% increase in wages would add about $10 million to labor costs, according to Truist analyst Barry Jonas.
He estimated wage increases could cost Caesars $40 million to $60 million a year and double that for MGM based on their employee count. Bureau of Labor Statistics, putting 2023 on track to becoming the busiest year for strikes since 2019. Nearly 309,700 workers have been involved in work stoppages and strikes through August this year, according to preliminary data from the U.S. The company’s unionized workers say they essentially have the power to veto any transaction they do not approve of.
Steel, which is reviewing multiple proposals ranging from partial acquisition to an entire buyout, is embroiled in a tussle with the United Steelworkers union. The retailer, which is now France’s sixth-largest supermarket group, said it planned to pursue discussions with the financial creditors not yet party to the lock-up agreement to get them to sign up to it too. Teamsters union workers at United Parcel Service ratified a new five-year contract in August, a deal that raises pay, eliminates a two-tier wage system for drivers, provides another paid holiday and ends forced overtime.
A self-professed lover of France, Kretinsky is also in talks to become the biggest shareholder in French IT consulting firm Atos, developing a portfolio of assets in the country after a string of investments in Britain with soccer club West Ham, retailer Sainsbury’s, and Royal Mail. The deal massively dilutes shareholders and will bring to an end the 30-year reign of 74-year-old Naouri, who controls Casino through his listed holding company Rallye. Casino will formally change hands at the end of March next year.
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