US – Union demands Deutsche Bank apply for Nevada licenceBy Phil - 7 September 2015
Members of the UNITE HERE’s Culinary Workers Union Local 226 have called on Nevada’s gaming regulators to investigate Deutsche Bank’s suitability to own Nevada casinos.
A Deutsche Bank subsidiary owns 25 per cent of Station Casinos LLC and its 19 casinos in Nevada. Despite having the authority, state gaming regulators have not required the bank to go through the state’s licensing process for its role in the Las Vegas-based gaming company.
“A lot has changed since May 2011 when you authorised Deutsche Bank’s equity role in Station Casinos without a suitability determination,” Culinary Union Research Director Maya Holmes told the Gaming Control Board. “Deutsche Bank is now the parent company of a felon and has agreed to pay record fines of $2.5 billion for its role in global LIBOR manipulation.”
Earlier this year a Deutsche Bank subsidiary entered a guilty plea to criminal wire fraud and the bank agreed to pay record fines to US and UK regulatory officials for its role in rigging LIBOR, a benchmark interest rate affecting trillions of dollars of debt like mortgages, credit cards, and student loans.
“My job depends on the ability of the Nevada gaming regulators to protect the reputation, integrity and stability of Nevada’s gaming industry,” said union member Monie Cariaga Stewart, a cocktail server at the Paris Hotel and Casino. “We respectfully ask Nevada gaming regulators to call Deutsche Bank forward for a suitability review.”
At yesterday’s meeting, Culinary Union representative listed examples of gaming applications that had been denied by the state regulators and questioned why Deutsche Bank’s admitted and alleged misconduct has not received the same level of scrutiny.
“The Gaming Commission has always maintained a high standard when it comes to licensing casinos,” said Geoconda Arguello-Kline, Secretary-Treasurer of the Culinary Union. “It is unthinkable that Deutsche Bank, the parent company of a felon, is allowed to profit from its ownership in Station Casinos without being licensed.”