It appears that the season of hard-fought labor contract negotiations is still in full swing. Following substantial actions in Hollywood, the auto industry, airlines, and logistics, the Las Vegas strip may be the next battleground. Workers on the strip have voted in favor of a strike amid ongoing contract negotiations with casino majors MGM Resorts (NYSE:MGM) and Caesars Entertainment (NASDAQ:CZR), according to the Wall Street Journal.
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Nearly 95% of the members of the Culinary and Bartenders unions have given the green light for a strike, which would include nearly 53,000 housekeepers, bartenders, and other workers. While talks remain ongoing, no strike deadline has been set yet.
Additional discussions are slated for next week. The unions are seeking new five-year contracts that could include substantial wage increases. Other demands include lowered workloads and security measures to protect against criminal behavior.
If the strikes do occur, it would be the first such instance in over three decades. Meanwhile, both MGM and Caesars recently experienced cyberattacks, and according to reports, Caesars ended up paying $30 million in ransom to the attackers.
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Consensus ratings for both MGM and Caesars remain as Strong Buys, and the Street sees a potential upside of over 45% in the shares of both companies.
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