Terrance Watanabe, 52, is believed to have the biggest losing
streak in Las Vegas history, losing $127 million dollars in one year.
Mr. Watanabe, who now lives in the Bay Area, stands near the
entrance to Stanford University on Dec. 3, 2009.
Posted on 12/05/2009 9:17:58 AM PST by inflorida
LAS VEGAS -- During a year-long gambling binge at the Caesars Palace and Rio casinos in 2007, Terrance Watanabe managed to lose nearly $127 million.
The run is believed to be one of the biggest losing streaks by an individual in Las Vegas history. It devoured much of Mr. Watanabe's personal fortune, he says, which he built up over more than two decades running his family's party-favor import business in Omaha, Neb. It also benefitted the two casinos' parent company, Harrah's Entertainment Inc., which derived about 5.6% of its Las Vegas gambling revenue from Mr. Watanabe that year.
Today, Mr. Watanabe and Harrah's are fighting over another issue: whether the casino company bears some of the responsibility for his losses.
In a civil suit filed in Clark County District Court last month, Mr. Watanabe, 52 years old, says casino staff routinely plied him with liquor and pain medication as part of a systematic plan to keep him gambling.
(Excerpt) Read more at online.wsj.com ...
Is he a government?
Biggest loser in so many ways.
I cannot believe this guy pi$$ed away over 10M USD a month and nobody from the family tried to stop him....
That’s right up there with, “McDonald’s made me fat!”
“...stands near the entrance to Stanford University on Dec. 3, 2009.”
Stanford University looks pretty foreboding, actually.
“A fool and his money are soon parted.”
I thought this was going to be another Tiger Woods thread.
If it was losses in the stock market I could be sympathetic.
But for the love of Nancy. we’re talkin ‘Lost Wages’ here.
But for the love of Nancy. we’re talkin ‘Lost Wages’ here.
LOL, actually not much difference, the house always wins.
He doesn’t even rated as a gambler...mark is more like it.
Thought himself so slick but he’s just another Richard.
Wait til the Dems raid the rest of his nest egg.
I would love to know how much Charles Barkley has blown and how much he has left.
Dude lacks serious gambling skills.
Terrance Watanabe Owes 15 Million in Gambling Debts
Nebraska high roller Terrance Watanabe (52) will experience tension and anxiety of a different kind this week when he appears in court on four criminal counts arising from his failure to honour 38 casino markers worth $14.75 million written between October 22 and December 11 in 2007. The markers were issued for amounts ranging from $200 000 to $875 000 at two Harrah’s Entertainment Inc. properties in Las Vegas.
Watanabe is alleged to have signed the markers at Caesars Palace and the Rio All-Suites Hotel & Casino, and his lawyers will claim that he had intended to pay the markers, and is a man of character admired in his home state for his philanthropy and kindness.
In Nevada state law, casino markers carry the same obligations as bank cheques, and the authorities are additionally permitted to impose 10 percent recovery or collection costs from those who fail to meet their obligations.
Deputy Clark County District Attorney Bernie Zadrowski told media that Watanabe agreed before an arrest warrant was issued to appear before Las Vegas Justice of the Peace Bill Jansen this week. Watanabe will get a chance to post $1.5 million cash bail to remain out of jail pending a trial, Zadrowski said. No plea will be taken at his initial appearance.
Legal representatives for Watanabe said he will “absolutely” plead not guilty when his full trial commences. He could face probation or up to 16 years in prison if convicted of all charges.
Watanabe is the heir to the fortune of Harry Watanabe, founder of Oriental Trading Co. in Omaha, Nebraska who grew a small gift shop in 1932 to a large import wholesaler and direct marketer of toys, novelties and party supplies. Watanabe jnr sold the company in 2 000, subsequently developing a reputation as a generous benefactor to political campaigns and nonprofit organisations.
The case is one of the largest of its kind in Nevada, and will include a $1 475 050 claim by Clark County, representing a bad cheque processing and prosecution fee and a $50 surcharge.
Terrance Watanabe, president of Oriental Trading Co. of Omaha
who would have thought there wwas that king of cash in chinese handcuffs and b-day candles that cant be blown out.
Trite but true; “A fool and his money are soon parted.”
Note to Terrance: That is why they call it GAMBLING.
Gambling is a tax on stupidity.
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