American multimillionaire of Japanese origin, Terrance Watanabe, has the following records of huge losses in the casino: $ 5 million for one stop, $ 127 million for the year, and approximately $ 200 million within a few years of playing.
We would like to introduce you to this unique individual.
Success Story
Terrence's father, Harry Watanabe, moved to the U.S. from Japan in 1932. In the States, he founded Oriental Trading Co. Terrence and his sister took up the family business after school. In twenty years, he, as the eldest child required by the Japanese tradition, took control of the company.
I must say, he was a very talented businessman and leader. A modest company was transformed into a huge empire, with an annual revenue of approximately $300 million in the early 2000s.
Terrance Watanabe worked very hard and had no time for a personal life. His relatives say that Terrence never had a romantic relationship, as he was completely absorbed in the company's affairs.
In 2000, Watanabe sold the company for an undisclosed amount, but no one doubted that Terrence earned on it well. Anyway, he had plenty of money.
Watanabe decided to devote herself to charity and have more fun. He participated in various projects, became a well-known philanthropist, unsuccessfully dabbled in the restaurant business, but nothing satisfied him.
After all, he filled the emptiness in his soul with gambling. I must say that the person who can devote all day long to his hobby should not go to the casino. There is a significant risk of a situation similar to the one that occurred with Terrance Watanabe.
Getting to know the Casino
Terrence first played in one of the Harrah's casinos in Iowa, where he, of course, immediately became a VIP customer. A couple of years later, he traveled to Las Vegas and, since then, has almost always played there.
In 2006, he regularly visited Wynn Las Vegas, where he played at maximum bets and regularly left large amounts in cash. It all ended in that Steve Wynn found out about his compulsive gambling and alcoholism, and Terrence was denied service.
But the efforts of Mr. Wynn did not save Watanabe from financial ruin.
Playing in the Caesars Palace and the Rio
In the summer of 2007, immediately after the expulsion of the casinos Wynn Las Vegas, Terrence started playing in Caesars Palace Casino and the Rio Casino. Both places belong to Harrah's.
By that time, his appetite had seriously increased. He could sit for days in a casino playing at bets too high for him. For example, he was allowed to play blackjack for three hands, putting fifty thousand on each box. He also liked roulette and video slots. At the same time, he was not interested in any theoretical refund games, no strategy, no problems with addiction.
Watanabe was also very generous. He often left and right-handed casino employees hundred-dollar bills, even when he was in the red. In short, he was the perfect casino customer, caring only about adrenaline.
Harrah's executives did not care about ethics. If a person wants to play, we should help them. Terrence was frankly sold the best alcoholic beverages and never discouraged from playing, regardless of his state. He got expensive gifts. At over half a million loss, he got him15% return (he played five millions in one go).
In general, for about one year, Terrance Watanabe lost approximately $112 million at the two casinos, or 5.6% of Harrah's Las Vegas corporation's revenue.
Moreover, he owed them almost fifteen million.
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| 100% to 1000 $ x35 |
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| 100% to 400 $ x50 |
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Trial
Card debt is considered a holy thing only in literature and cinema. In real life, gamblers are not in a hurry to repay debts and are trying to ensure that they have written off their losses. Terrence was no exception. He refused to return the money, and Harrah's filed it in court. As a result, he received a twenty-eight-year prison sentence.
Watanabe decided that the best defense is a good offense and made a counterclaim, accusing casino employees of favoring his games. At the same time, if he could prove his innocence, Harrah's would have to return him almost all his losses.
We will not describe all the nuances of the process. It ended quite peacefully. Both sides agreed that the proceedings had attracted too much attention and harmed their image. They decided to withdraw the lawsuits, and Terrence paid half a million dollars to cover the costs.
Yet the process was not in vain. He forced the authorities of many states that have legal casinos to pay attention to how they act with customers and whether they cross the line in a game.
