In advance of new co-CEO John Cryan’s announcement of the results of a strategy review of Deutsche Bank at the end of the month, we are writing 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. Deutsche Bank currently owns 25% of the economic interests in Station Casinos LLC.[i] Station Casinos owns 19 casinos in Las Vegas including the 495-room Green Valley Ranch, the 796-room Red Rock, and the 1,011-room Palace Station. The company operates 19,465 slot machines and 310 table games at its Las Vegas properties and had over $1.29 billion in net revenues in 2014.[ii] While this is not the only time that Deutsche Bank has been a “casino bank” in a literal sense, we are alarmed by its continuing ownership in 19 Las Vegas casinos, which should be a non-strategic asset for Germany’s largest lender. Deutsche Bank became the owner of the Cosmopolitan of Las Vegas after the developer defaulted on a $768 million construction loan provided by the bank.[iii] Deutsche Bank […]
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