Culinary Union Calls on Nevada Gaming Commission to Investigate Deutsche Bank

FOR IMMEDIATE RELEASE

August 20, 2015

MEDIA CONTACT:

Bethany Khan: bkhan@culinaryunion226.org ▪ (702) 387-7088

Culinary Union Calls on Nevada Gaming Commission to Investigate Deutsche Bank

Las Vegas, NV—Today, 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 of other individuals and entities whose gaming applications had been denied by the state regulators. So far, the Nevada Gaming Commission has not provided an official response to the union’s request to call Deutsche Bank forward for a suitability hearing after one of its subsidiaries entered a guilty plea to criminal wire fraud and the bank agreed to pay $2.5 billion in fines to settle charges of LIBOR rigging.

“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.”

The Culinary Union previously sent a letter to the Nevada Gaming Commission requesting a suitability hearing for Deutsche Bank. A follow-up letter was also sent that described new allegations brought against Deutsche Bank by financial regulatory agencies in the U.S. and Germany. Both letters have also been delivered to state gaming boards across the country.

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 Letters:

 

Culinary Workers Union Local 226 and Bartenders Union Local 165, Nevada affiliates of UNITE HERE, represent over 55,000 workers in Las Vegas and Reno, including at most of the casino resorts on the Las Vegas Strip and in Downtown Las Vegas. UNITE HERE represents 270,000 workers in gaming, hotel, and food service industries in North America.

www.CulinaryUnion226.org / @Culinary226

 

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