Terrance Watanabe spends $825 million on Gambling

Terrance Watanabe spends $825 million on Gambling

When you sit down at a casino table at any of the best online casino's available, there is always some risk, but big losses aren't very common if you are savvy. The temptation to gamble has proven too strong for those who have lost it all. Whether or not they were seeking a return on investment or taking an ego trip is beside the point.

There has always been a bit of competition when we discuss the biggest gambling losers in history. A lot of people who came into money, or made a fortune somehow, have felt inclined to gamble a bit foolishly at one point or another. Terrance Watanabe was, however, one of the gamblers who lost it all, or at least a substantial portion of everything he owned.

One of the Biggest Gambling Losers in History

Terrance Watanabe’s father Harry Watanabe founded Oriental Trading Company, which sells value-priced party supplies, arts and crafts, toys, and school supplies, as his business.

As a result of a family inheritance, Watanabe inherited Oriental Trading Company in 1977. He sold it in 2000. Having gambled a total of $825 million, he lost $127 million at Caesar's Palace and The Rio in Las Vegas. Compulsive gambling led to his expulsion from Wynn Las Vegas. Approximately $204 million was lost by Watanabe. Whether he lost any online casino nz dollars is unknown.

Fines for Caesars Entertainment

A New Jersey Gaming Commission fined Caesars Entertainment Corporation $225,000 for allowing Watanabe to gamble in a highly intoxicated state, despite Watanabe's losses taking place in Las Vegas. The company accuses Watanabe of using marijuana and cocaine as well as making sexual advances toward employees.

The Caesars Rewards program created a special tier for him called "Chairman" that ranks above "Seven Stars". The company gave Watanabe "tickets to the Rolling Stones, $12,500 a month for airfare, and $500,000 in gift store credit. Harrah's also offered 15% cash back on table losses over $500,000, high-limit games, and other incentives.

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