{"id":11444,"date":"2013-09-03T10:21:28","date_gmt":"2013-09-03T18:21:28","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=11444"},"modified":"2021-11-14T08:45:36","modified_gmt":"2021-11-14T16:45:36","slug":"more-turmoil-at-sands-pensions-want-a-bigger-slice-of-caesars","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/more-turmoil-at-sands-pensions-want-a-bigger-slice-of-caesars\/","title":{"rendered":"More turmoil at Sands; Pensions want a bigger slice of Caesars"},"content":{"rendered":"

David Sisk<\/strong>, the COO of Sands China<\/strong>, has resigned — the latest casualty of high executive turnover<\/a> in Sheldon Adelson<\/strong>‘s fiefdom. You’d think that such instability in the upper ranks would give Wall Street<\/strong> an ulcer. But when Sands is posting revenues that are above expectations, that’ll buy a lot of Pepto-Bismol<\/strong>.<\/p>\n

God help the public-pension funds<\/strong> that foolishly put money into the buyout of Caesars Entertainment<\/strong>. If that investment were any more of a dog it would bark. Shamelessly, Texas Pacific Group<\/strong> and Apollo (Mis)Management<\/strong> have been slurping away at the trough, widening Caesars losses by pocketing “transaction fees” (paying themselves for buying Caesars) and “monitoring fees.” But the investors aren’t mad because David Bonderman<\/strong> and Leon Black<\/strong> are sucking Caesars dry. No, they want a piece of the action<\/a>. Both the states of Oregon<\/strong> and Rhode Island<\/strong> are clamoring for a cut.<\/p>\n

\"\"Perhaps the reason Rhode Island General Treasurer Gina Raimondo<\/strong> “called it ‘a clear misalignment of interest’ when fund investors had not seen any profits,” is that there haven’t been any profits to see. CEO Gary Loveman<\/strong>, who initiated the LBO, fucked Caesars over royally — becoming the world’s richest boffin in the process — and anybody who didn’t see a catastrophe in the making probably shouldn’t be handling large sums of money for others.\u00a0Unite-Here<\/strong>, having watched employment at Caesars fall by 19,000 — in part because the LBO took effect in the teeth of the Great Recession — is understandably sore to see TPG and Apollo making out like bandits. (The union represents 18% of Caesars workforce.) <\/span><\/p>\n

Unions won one<\/strong> on the East Coast, where dealers at Foxwoods Resort Casino<\/strong> are unionized — unlike Las Vegas<\/strong>. Despite the casino’s ropey financial status, it was “george” to its dealer work force, including a pair of retroactive pay increases. Kudos to CEO Scott Butera<\/strong> for doing the right thing — and not pleading poverty when he’s also up in Massachusetts, throwing money about. He’s earned a day off from being “Woody.”<\/p>\n","protected":false},"excerpt":{"rendered":"

David Sisk, the COO of Sands China, has resigned — the latest casualty of high executive turnover in Sheldon Adelson‘s fiefdom. You’d think that such instability in the upper ranks would give Wall Street an ulcer. But when Sands is … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[28,14,166,7,62,141,12,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11444"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=11444"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11444\/revisions"}],"predecessor-version":[{"id":30334,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11444\/revisions\/30334"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=11444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=11444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=11444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}