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}
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}
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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}
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}

Las Vegas Gaming Workers Call on Nevada Gaming Commission to Investigate Deutsche Bank

On August 20, members of the Culinary Workers Union Local 226 attended the Nevada Gaming Commission meeting to demand that Deutsche Bank be called forward for a suitability hearing. “My job depends on the ability of the Gaming Commission to protect the integrity and stability of Nevada’s gaming industry,” said Yuriko Garcia, a server at SLS Hotel and Casino. “We respectfully ask the Gaming Commission to call Deutsche Bank forward for a suitability review.” Deutsche Bank has been charged record fines from U.S. and U.K. regulatory officials for its role in manipulating LIBOR, a benchmark rate affecting trillions of dollars in financial instruments like mortgages, credit cards, and student loans. Although Deutsche Bank owns 25% of Station Casinos LLC and its 19 casinos in Nevada, it has not gone through the licensing process by Nevada regulators. At the Nevada Gaming Commission meeting today, a representative of the Culinary Union listed examples... {read more}
UNITE HERE Calls on Nevada Gaming Regulators to Investigate Deutsche Bank Role in Station Casinos

UNITE HERE Calls on Nevada Gaming Regulators to Investigate Deutsche Bank Role in Station Casinos

UNITE HERE’s Culinary Workers Union Local 226 has called on Nevada gaming regulators to investigate and determine Deutsche Bank’s suitability to be a casino owner following a guilty plea to criminal wire fraud by a subsidiary of the bank, the bank’s admissions of misconduct and its agreements to pay $2.519 billion in penalties to U.S. and British authorities to settle charges of rigging global benchmark interest rates namely the London Interbank Offer Rate (Libor). {read more}