FOR IMMEDIATE RELEASE
November 19, 2015
MEDIA CONTACT:
Bethany Khan BKhan@culinaryunion226.org (702) 387-7088
Culinary Union Calls for Clean Gaming in Nevada and an Investigation
of Deutsche Bank’s Ownership of Station Casinos
Las Vegas, NV—Today members of UNITE HERE’s Culinary Workers Union are holding a rally at Lions Memorial Park and will also attend the Nevada Gaming Commission meeting to call on state gaming regulators to ensure there is clean gaming in Nevada and it is free of criminal and corrupt elements. Union representatives are calling on state gaming regulators to review Deutsche Bank’s recent and ongoing legal and regulatory troubles and determine whether the bank is suitable under the state’s strict gaming regulations to own 25 percent of Station Casinos.
Union representatives began raising concerns over the summer to state regulators about Deutsche Bank’s suitability. These concerns were heightened after Station Casinos’ announcement last month of plans for an initial public offering (IPO), which will require the approval of the Nevada Gaming Control Board and Gaming Commission. The Las Vegas-based gaming company owns 19 “locals” casinos in Nevada and manages two tribal casinos elsewhere.
“For years, institutional investors have invested in Nevada gaming companies because they trust our regulatory system to keep criminal and corrupt elements out of gaming,” said Culinary Research Director Maya Holmes. “Potential investors in the Station Casinos IPO need reassurances from our regulators that Deutsche Bank is a suitable owner of Nevada casinos and certainty that we have not become a permissive regulatory system where someone mired in regulatory investigations and criminal scandals is allowed to own Nevada casinos for as long as they want to or our licensees need their capital.”
Deutsche Bank’s troubles include an affiliate’s guilty plea to criminal wire fraud, record fines of more than $2.5 billion to US and UK regulatory authorities in the LIBOR rate rigging probe, and at least two unresolved US criminal investigations, including a Justice Department probe into possible money laundering through the bank by its Russian clients and whether the bank adequately vetted $6 billion in mirror trades. It has been reported that beneficiaries of the transactions may include several close associates of Russian President Vladimir Putin who are also under US sanctions.
“I don’t believe casinos owners should have ties to criminals or be involved in criminal investigations,” said Chad Neanover, Culinary member and cook at Margaritaville on the Las Vegas Strip. “What kind of message does that send? It’s not good for the gaming industry’s reputation and it’s not good for Nevada.”
Culinary Workers Local 226 and Bartenders Local 165, Nevada affiliates of UNITE HERE, represent over 55,000 workers in Las Vegas and Reno, including at most of casino resorts on the Las Vegas Strip. UNITE HERE represents 270,000 workers in gaming, hotel, and food service industries in North America.
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