Nevada political leaders call on private equity firm Brookfield Asset Management to protect jobs at the Hard Rock
Nevada elected officials are calling upon the owners of the Las Vegas Hard Rock Casino to guarantee that workers’ jobs will be protected during any ownership transition.
The U.S. Representatives and Senator signed letters to the current private equity owner of the Hard Rock Casino, Toronto based Brookfield Asset Management. The letter noted it is standard practice in the Las Vegas gaming industry for workers to keep their jobs and their years of service to be counted when a casino is sold.
The letter can be viewed here.
Endorsers of the letter included:
- United States Senator Catherine Cortez Masto
- US Representative Ruben Kihuen
- US Representative Dina Titus
- US Representative Jacky Rosen
The Congresspeople asked Brookfield to ensure that Hard Rock employees will be able to retain their jobs and that their years of service will be recognized. The letter also stated that workers and their family’s lives should not be turned upside down if the property changes hands.
There are many examples where workers kept their jobs and their years of service counted when their casino sold; workers were retained without being fired or required to reapply for their jobs when Harrah’s purchased The Rio in 1998, Boyd purchased the Coast properties in 2004, Harrah’s purchased Imperial Palace in 2005, an investor group purchased The Aladdin in 2007, and private-equity firm Blackstone purchased the Cosmopolitan in 2014.
Private equity’s main advocacy organization, the American Investment Council released a report last year highlighting that “private equity invests in every state and nearly every congressional district in our country” and how “investment has helped to support over 4.5 million jobs across the United States”.[i]
For private equity jobs to be a positive investment in our communities, we believe Brookfield must live up to the Las Vegas standard and protect Hard Rock workers in any sale of the operation.