Let the good times roll on the Vegas Strip.
Culinary Local 226 and Bartenders Local 165 reached a new five-year labor agreement with MGM Resorts International (MGM) - Get Report on Saturday, June 2, two days after the May 31 deadline to reach a deal passed.
The timing of the proposed strike would have been bad for MGM with the Stanley Cup Playoffs returning to the MGM-owned T-Mobile Arena in Las Vegas on Thursday, June 7.
The Culinary Union said that it is continuing negotiations with the remaining 15 Las Vegas casino resorts that they have not reached an agreement with, but between MGM and Caesars, the Vegas Strip's two largest casino operators, 36,000 of the union's 50,000 members have a new labor contract.
MGM shares were up 0.35% in premarket trading on Monday. Caesars shares were up 0.83%.