Until recently, this man was the most welcome guest in all gambling establishments in Las Vegas. Over the course of several years, he managed to lose $ 200 million. His name is Terrence Watanabe, and he became the absolute record holder for losses in a casino.
Empire building
The Terrence Watanabe family moved to the United States from Japan back in the 30s of the last century. His father, Harry, was the founder of OrientalTradingCo. Terrence took over the family business when he was just twenty years old.
In just a few years, he turned the business entrusted to him into a real empire with an annual income of over $ 300 million.
Terrence devoted almost all of his time to work, he simply did not have time for a romantic relationship. In 2000, he decides to sell his business and devote the rest of his life to charity, since the money from the sale of the company should have been enough for him for a long time.
Terrence Watanabe decided to make up for all that he was deprived of while working hard. He has participated in numerous projects, tried his hand at the restaurant business and gained a reputation as a renowned philanthropist.
However, mental satisfaction never came. Finally, he found a very good way to fill his life with unusual experiences. Terrence Watanabe is addicted to gambling. It is known that at the gambling table people experience a lot of emotions, the need for which is like a drug. And then the trouble came from where they did not expect: a successful businessman and philanthropist became infected with gambling addiction.
Big game
Initially, Terrence Watanabe played at Harrah’s casino, which was located in Iowa. It's hard to imagine the joy of the casino staff when Terrence showed up on the doorstep. He immediately became a VIP player of the establishment. He was excited by the game at very high stakes.
Then he went to Las Vegas, where he began to lose huge amounts of money. In 2006, he was a regular customer at WynnLasVegas Casino. The administration of the institution was forced to close the entrance to the gambling Japanese. The management of the gambling establishment considered him an alcoholic and a gambling addict. Steve Wynn, the casino owner, actually did a very noble thing. He saw that Watanabe was already heavily dependent on the game and did not want to be the cause of his inevitable bankruptcy.
However, not all owners of large casinos can make such noble gestures. In 2007 Terrence Watanabe starts playing at two casinos of the Harrah’s network at once - RiaCasino and CaesarsPalaceCasino. By that time, he was already literally obsessed with gambling at high stakes. He could sit in a casino for days. Especially for him, the administration allowed the game to be played at inflated rates.
This man did not play to win. Money did not bother him at that moment. The process itself was important to Watanabe. He could lose up to $ 150,000 in one hand in BlackJack. Terrence was the most desirable and extraordinarily generous player at the time. He showered the casino staff with fabulous tips, even when he was in the red himself.
The Harrah’s administration was not tormented by mental anguish and did not close the game to Watanabe. For them, the income of the gambling establishment was primary. On the contrary, they drunk the gambling Japanese with elite alcoholic drinks and never stopped the game. At the casino, Terrence Watanabe was presented with gorgeous gifts and a 15% return on the amount lost. By the way, in one gaming session, he could lose up to $ 5,000,000.
During the year Watanabe lost about $ 112 million in these two casinos. This amount was 5.6% of the total annual income of the Harrah’s corporation.
After this enchanting year of playing at space rates, Watanabe owed the establishment $ 15 million. He probably already realized that the casino administration skillfully siphoned out huge sums from him, taking advantage of his gambling addiction. Terrence Watanabe refused to pay the debt, and the matter came to trial.
The hapless gambler's lawyers filed a counterclaim against the Harrah’s corporation and accused the establishments of deliberately soldering their client with expensive alcoholic beverages, so that he would lose the sense of reality and cease to control himself. If the guilt of the casino management was proven, then Harrah’s would be obliged to return the entire amount of the loss to its recent VIP player. However, this did not happen. The trial ended quite peacefully. The parties agreed to withdraw their claims, and Watanabe paid $ 500,000 to cover the costs.
Terrence Watanabe's story is a clear example of how an intelligent and successful person becomes a slave to his addiction. He managed to get rich through hard daily work, but lost most of his fortune in just a few years. Therefore, those people who claim that this will not happen to them are very much mistaken.
