The Culinary and Bartenders unions represent some 53,000 workers based in Vegas.Ĭaesars and MGM shares gained 1%, while Wynn Resorts dropped 0.3%. Jonas estimated that wage increases could lift annual costs by $40 million to $60 million for Caesars and double that amount for MGM, based on their employee figures. MGM has said every 1% increase in wages will equal about $10 million of additional labor costs, according to Truist analyst Barry Jonas. Wynn said its next bargaining session with the unions is scheduled for Thursday. 1 day ago &0183 &32 FILE - The exterior of the MGM Grand hotel-casino is pictured on Sept. MGM said it expects to reach an agreement with the unions Wednesday and the deal will result in the largest pay increase in the history of its contracts with the unions, MGM chief executive officer, William Hornbuckle told investors on an earnings call. Talks with casino operators MGM Resorts International (MGM.N) and Wynn Resorts (WYNN.O) are yet to yield an agreement ahead of Friday's deadline for a strike.Ī strike at MGM and Wynn would affect nine casino resorts and 25,000 workers, a majority of whom are employed by MGM. The unions have been in talks with the casinos for about seven months and 95% of their members had voted at the end of September to authorize a city-wide strike.
