This is why Vegas is amazing. Where else can fortunes be won and lost in a moments notice. Actually I suppose anywhere but it’s a ton more fun in Vegas.
In 2007, Terrance Watanabe lost about $127 M at Caesars Palace and the Rio. As you might guess this was not the first time Watanabe gambled. This is regarded as one of the largest losing streaks attributed to a single person in Vegas history.
The two casino’s are owned by Harrah’s Entertainment Inc. Here is an incredible number, of Harrash 2007 gambling related revenue about 5.6% of it came from Watanabe.
The WSJ got a hold of some of the details of the alleged perks that Harrah’s made for Terrance.
In a series of emails signed by Mr. Ning, the Harrah’s marketing executive, the casino company laid out the terms that it was willing to offer him, which included “a special formula just for Mr. Watanabe.”
Mr. Ning specified such offers as tickets to the Rolling Stones, $12,500 a month for airfare and $500,000 in credit at the gift stores. Harrah’s also offered 15% cash back on table losses greater than $500,000, special high-limit games and other incentives. Mr. Watanabe alleges that Harrah’s later rolled those terms back.
These are controversial perks because in 2006 Mr. Watanabe frequented the Wynn Casino Resort until a meeting with Wynn CEO, Steve Wynn in which Wynn concluded that Watanabe was a compulsive gambler and alcoholic. After the meeting he banned him from his casino.
Obviously a guy losing hundreds and hundreds of thousands of dollars does not go unnoticed in Vegas. Thus the fact that Harrah’s was trying to get Watanabe to play in their house is a bit sketchy.
That being said, make no mistake Watanabe is at fault and needs to pay. Apparently he has paid almost $112 million to Harrah’s but now is refusing to pay the last $15 M or so.
Watanabe, who was heir to a large fortune, posted bail of $1.5 million earlier this year. So he is like that spoiled bastard you know from high school or college. Why he won’t by the last $15 M I don’t know.
I have a prop bet for Mr. Watanabe; odds you end up in a ditch in the Vegas desert… Go.
[via WSJ]
Check out the mullet on his attorney. He looks like Penn Jillette.