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Vegas Gambler Loses $127 Million in One Year and Blames Casinos
The Wall Street Journal recently reported that the 52-year old U.S. gambler, Terrance Watanabe lost an incredible $127 million at Caesars Palace and Rio casinos in 2007. This is the longest reported losing streak by an individual in Las Vegas casino history. Now Watanabe says that the Vegas casinos are to blame for his staggering losses and wants them to pay him back.
This huge loss that Watanabe suffered just about cleaned up a fortune that was built up for over 20 years in his family's import business. The two casinos also state that Watanabe's losses amounted to about 5.6% of their Las Vegas gambling revenue for that year.
Now two years later, Watanabe claims that the Las Vegas casinos are at fault for his losses, saying that they planned on keeping him gambling by loading him up with alcohol and pain medication. Watanabe filed a civil suit against Harrahs last month as a last ditch effort to escape his debts to the Vegas casinos.
Back in April, Watanabe was charged with four felony counts for intent to defraud and steal from Harrahs after he lost a credit that was extended by the casino for him. Refusing to pay back the $14.7 million that is supposedly owed to the casino could send him to jail for up to 28 years.
Watanabe became one of Harrahs top customers in the early 00's, and by 2005 he had become a hardcore drinker and gambler. Steve Wynn actually met with Watanabe in 2007, after it was suspected that he had an addiction problem. Wynn decided that Watanabe was indeed a compulsive alcoholic and gambler and was therefore barred from the Vegas casino. At one point, Watanabe was gambling away up to $5 million in one day.ÂÂ
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Free Gaming Lessons in Las Vegas
This huge loss that Watanabe suffered just about cleaned up a fortune that was built up for over 20 years in his family's import business. The two casinos also state that Watanabe's losses amounted to about 5.6% of their Las Vegas gambling revenue for that year.
Now two years later, Watanabe claims that the Las Vegas casinos are at fault for his losses, saying that they planned on keeping him gambling by loading him up with alcohol and pain medication. Watanabe filed a civil suit against Harrahs last month as a last ditch effort to escape his debts to the Vegas casinos.
Back in April, Watanabe was charged with four felony counts for intent to defraud and steal from Harrahs after he lost a credit that was extended by the casino for him. Refusing to pay back the $14.7 million that is supposedly owed to the casino could send him to jail for up to 28 years.
Watanabe became one of Harrahs top customers in the early 00's, and by 2005 he had become a hardcore drinker and gambler. Steve Wynn actually met with Watanabe in 2007, after it was suspected that he had an addiction problem. Wynn decided that Watanabe was indeed a compulsive alcoholic and gambler and was therefore barred from the Vegas casino. At one point, Watanabe was gambling away up to $5 million in one day.ÂÂ
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Discuss this article in our forumFree Gaming Lessons in Las Vegas