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.”
Because this is America, he’s suing. Wantanabe paid the casinos back $112 million, but refuses to pay the rest because he said the other $14 million and change was “extended to him as credit.” He alleges the casinos “routinely plied him with liquor and pain medication as part of a systematic plan to keep him gambling.” In the annals of gambling stories, this one has no peer.
In 2007, Mr. Watanabe’s prodigality became almost as legendary as his gambling. According to court documents, Mr. Watanabe says he regularly handed out to Caesars employees bundles of $100 bills that could total as much as $20,000.
Al Deleon and Kristian Kunder, two of Mr. Watanabe’s personal handlers at Caesars, say he had thousands of Tiffany gift boxes filled with $50 gift cards or $100 gift coins that he would hand out to bartenders, nightclub operators, security guards and others. They say he once told a security guard to go to a supermarket and buy every cut of steak, and then proceeded to hand them out to employees.
And you thought Michael Jordan incurred heavy gambling losses. Without question, Vegas is back, baby. This whale flushes $127 million at the tables and Tiger Woods turned it into his personal playground to cheat on his wife and tarnish his polished public image. Can’t wait to get out there sometime in the near future.
The Gambler Who Blew $127 Million [WSJ]
Because this is America, he’s suing. Wantanabe paid the casinos back $112 million, but refuses to pay the rest because he said the other $14 million and change was “extended to him as credit.” He alleges the casinos “routinely plied him with liquor and pain medication as part of a systematic plan to keep him gambling.” In the annals of gambling stories, this one has no peer.
In 2007, Mr. Watanabe’s prodigality became almost as legendary as his gambling. According to court documents, Mr. Watanabe says he regularly handed out to Caesars employees bundles of $100 bills that could total as much as $20,000.
Al Deleon and Kristian Kunder, two of Mr. Watanabe’s personal handlers at Caesars, say he had thousands of Tiffany gift boxes filled with $50 gift cards or $100 gift coins that he would hand out to bartenders, nightclub operators, security guards and others. They say he once told a security guard to go to a supermarket and buy every cut of steak, and then proceeded to hand them out to employees.
And you thought Michael Jordan incurred heavy gambling losses. Without question, Vegas is back, baby. This whale flushes $127 million at the tables and Tiger Woods turned it into his personal playground to cheat on his wife and tarnish his polished public image. Can’t wait to get out there sometime in the near future.
The Gambler Who Blew $127 Million [WSJ]