Culinary Union targets bank’s ownership stake in Station Casinos
Source: Vegas Inc
By J.D. Morris
The Culinary Union’s latest attempt to exert pressure on Station Casinos seeks to bring a complex international finance scandal before state gaming regulators.
The union, which represents about 55,000 casino workers in Nevada, wants regulators to investigate whether high-profile misconduct has rendered a major bank unfit to retain its ownership stake in Station, the locals gaming giant that operates such casinos as Red Rock Resort, Green Valley Ranch and Palace Station.
In a recent letter to the chairmen of the state Gaming Control Board and Gaming Commission, the union asked regulators to hold a hearing about Deutsche Bank because of the bank’s involvement in rigging certain interest rates that are a key component of global financial markets.
Earlier this year, Deutsche Bank agreed to pay $2.5 billion in penalties to settle charges that it manipulated the London Interbank Offered Rate, or Libor, a benchmark interest rate that affects a wide range of financial loans and contracts, including mortgages and student loans.
FULL story and photo gallery at link.
Christopher DeVargas
The Culinary Union protests in front of Palace Station in an ongoing attempt to unionize employees at the Station Casinos properties, Friday, July 10, 2015.
Read more: http://vegasinc.com/business/gaming/2015/jul/13/culinary-union-targets-banks-ownership-stake-stati/