"Too-Big-To-Regulate"

“Too-Big-To-Regulate”

We recently sent a letter to Nevada Governor Brian Sandoval  to provide the governor with “specific examples of problems related to the approval of the Station Casinos/Red Rock Resorts IPO by the Nevada Gaming Commission on January 21, 2016 in order to illustrate the challenges Nevada faces in regulating a ‘too-big-to-regulate’ significant owner of one of the major gaming companies in Las Vegas.” {read more}
Deutsche Bank should insist on an immediate buyout of its Las Vegas casino stake through the Station Casinos IPO

Deutsche Bank should insist on an immediate buyout of its Las Vegas casino stake through the Station Casinos IPO

UNITE HERE has sent a letter to Deutsche Bank (NYSE: DB) to urge the bank to dispose of its non-core casino asset through the Station Casinos (Red Rock Resorts) IPO in order to boost its capital position and investor confidence. The letter can be viewed here. {read more}
UNITE HERE Launches "Station Casinos IPO Dissected" Website

UNITE HERE Launches “Station Casinos IPO Dissected” Website

Deutsche Bank has a minority stake in Station Casinos, and UNITE HERE has called on the Securities and Exchange Commission (SEC) to require full disclosure of the bank’s regulatory problems in Station Casinos Corp.’s IPO registration filings. {read more}
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Public Comments by UNITE HERE Culinary Local 226 at Nevada Gaming Commission Meeting on December 17, 2015

Public Comments by UNITE HERE Culinary Local 226 at Nevada Gaming Commission Meeting on December 17, 2015

In October of this year, Station Casinos filed registration documents with the SEC to take the company public. These filings make it clear that Deutsche Bank will hold both voting and economic rights in Station Casinos following the offering. You will soon have to review and decide whether to approve the company’s application for a public offering. We have previously communicated our concern that it is dangerous to allow a parent company of a felon to go unlicensed while profiting from Nevada casinos and have asked the Board and Commission to call Deutsche Bank forward for a suitability review. Now that Deutsche Bank is set to own voting rights, we believe this only furthers the need for a suitability review. In May 2011, the Gaming Commission approved the restructuring of Station Casinos without requiring Deutsche Bank to go through licensing despite its 25% ownership. At the time, Robert Cashell, Jr.... {read more}
Why Didn’t Station Casinos Disclose that an Affiliate of its Large Shareholder is a Felon?

Why Didn’t Station Casinos Disclose that an Affiliate of its Large Shareholder is a Felon?

UNITE HERE’s Las Vegas affiliate, the Culinary Workers Union, has called on the Securities and Exchange Commission (SEC) to require full disclosure of Deutsche Bank’s regulatory problems in Station Casinos Corp.’s registration for an Initial Public Offering (IPO), given gaming’s highly regulated nature. {read more}
Questions About Station Casinos

Questions About Station Casinos

We want to remind you of Deutsche Bank’s continuing ownership of 19 casinos in Las Vegas, Nevada. The bank did not disclose it owned casinos in its 2014 annual report, nor did it mention it in the recent announcement regarding anticipated impairment charges on October 7th. {read more}
Union Launches Radio Ad Campaign about Deutsche Bank's Casino Ownership

Union Launches Radio Ad Campaign about Deutsche Bank’s Casino Ownership

In a 30-day radio ad campaign launched today and a letter to Governor Brian Sandoval, the Culinary Workers Union Local 226 is calling on Nevada gaming regulators to enforce the highest ethical standards for the state’s most important industry. The Culinary Union is concerned that Deutsche Bank has not gone through the state’s non-restricted licensing process or a suitability review for its 25 percent ownership stake, through a subsidiary, in Station Casinos. {read more}