Deutsche Bank ThisClose To Just Saying “To Hell With This Place” And Leaving Keys To Cosmopolitan In Lobby For Whoever Wants It

Deutsche Bank, as you all know, owns a Las Vegas resort and casino called the Cosmopolitan. The bank never set out to be the proprietors of such an establishment, but after a developer who they loaned money to defaulted, they didn’t have much choice, did they? So now, here we are, 6 years and $4 billion later. Senior execs at the bank won’t be seen there. Guests aren’t particularly interested in gambling at the place. And, by the way, it’s never turned a profit. So it wasn’t entirely surprising to hear the Germans had decided to try and find someone to take the investment off their hands and that was before this happened:

One detail the bank didn’t account for when it opened the Cosmopolitan of Las Vegas: a labor dispute that has reached from Nevada into the bank’s dealings with the Federal Reserve in Washington. The tenacious union that represents the hotel’s culinary workers hasn’t stopped at the usual tactics of picketing, sit-ins and traffic blockades. It has lobbied the Fed to tighten oversight of Deutsche Bank and launched a website that among other things encourages bank insiders to report allegations of wrongdoing to regulators. While the union’s ranks of maids, dishwashers, cooks and cocktail servers may not pay much attention to financial regulation, its researchers have dug deep into the 2010 Dodd-Frank law to pressure the bank to the bargaining table. “Our experience in Las Vegas over the years has been when you have a financial institution that has to run a casino for a little while, they just don’t understand the way labor relations work in the city,” said Marty Leary, a research director at Unite Here, the parent union of the culinary workers’ affiliate in Las Vegas. “We often find that we have to educate them.”

Bankers Learn What Happens in Vegas Can Land Back in D.C. [Bloomberg]

Earlier: Who Wants To Buy A Las Vegas Resort?

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12 Responses to “Deutsche Bank ThisClose To Just Saying “To Hell With This Place” And Leaving Keys To Cosmopolitan In Lobby For Whoever Wants It”

  1. guest says:

    I could have sworn that headline was going to just be Deutsche Bank ThisClose To Just Saying "To Hell With This Place," the place being Deustche Bank

  2. guest says:

    This is turning out to be even more entertaining than Morgan Stanley and Revel.

  3. B Iteme says:

    Deutsche didn't do well at running rigged games on ISDA FIX, LIBOR or FX so what made them think they could run an entertainment business where the odds were in their favor?

  4. Led Kennedy says:

    Ich bin ein Nevader!

  5. Chiarb says:

    While hardly an OWS fan, I have to chuckle at the thought of union members "educating" a group of German bankers.

    A guy who has lived in Chicago way to long and knows what "educate' means.

  6. Captain Oblivious says:

    The place looks like Liberace blew a load on it.

    • el guesto says:

      pretty sure the last time i was there (december) they actually had liberace's car in the lobby. it was either them or aria; pretty sure it was cosmo.

  7. An Epileptic says:

    The seizure inducing tv spots they run probably does not help