Las Vegas union reaches deal with Caesars to avoid strike

• Caesars Entertainment reached a deal with the Culinary Union to avoid a strike.
• MGM Resorts and Wynn Resorts are still negotiating with the union.
• Union members had voted in September to authorize a strike.

Nearly 10,000 union workers on the Las Vegas strip will not go on strike.

A tentative deal for a new five-year contract was reached after 20 hours of negotiations, just two days before a deadline for a walkout, according to the Culinary Union.

In September, members of the Culinary Union and Bartenders Union voted to authorize a strike against Caesars due to the expiration of their previous contract, which ended on June 1.

Negotiations with MGM and Wynn are ongoing.

Caesars announced that its union employees will receive wage increases that are commensurate with growth prospects and past performance, as stated in a communication to CNBC.

Caesars CEO Tom Reeg stated on an earnings call Oct. 31 that the company has performed well post-merger and post-pandemic, and employees should and will be involved in that success.

The largest wage increase for Caesars employees in the company's 40-year history with the Culinary Union was stated by him.

The gaming industry's profitability metric, adjusted EBITDA, was exceeded by the company with a record-breaking $1 billion.

This summer, the company budgeted for wage increases and incorporated new contract terms into its business model, as indicated by Reeg.