Terrance Watanabe is an American businessman and high roller who inherited Oriental Trading Company, a direct merchant of value-priced party supplies, arts and crafts, toys and novelties and school supplies founded by his father Harry Watanabe. Terrance is known for the successful expansion of his father’s business, and the large amounts of money he wagered at Las Vegas casinos.
Terrance Watanabe | |
|---|---|
| Occupation | Businessman |
| Employer | Oriental Trading Company (1977–2000) |
| Known for | Being a high roller in Las Vegas |
Business background
editWhen Watanabe became president and part owner of Oriental Trading Company in 1977, he shifted the company's focus from carnivals to supplying party goods for churches, schools, retailers, and individuals.
In 2000, Watanabe sold his stake in the company to Los Angeles-based private equity firm Brentwood Associates and resigned as CEO and president.[1][2] He became a philanthropist[3] but subsequently lost most of his fortune gambling in Las Vegas.[4]
Gambling habits
editAfter selling his company, Watanabe became known for his lavish gambling habits. In 2007, he was reported to have lost $127 million at Caesar's Palace and The Rio in Las Vegas after having gambled a total of $825 million. He was banned from Wynn Las Vegas for compulsive gambling. Watanabe is estimated to have lost approximately $204 million.[5][6]
Caesars Entertainment was fined $225,000 by the New Jersey Gaming Commission for allowing Watanabe to continue gambling in a highly intoxicated state, though Watanabe's losses occurred in Las Vegas. Caesars alleges that Watanabe "was using marijuana and/or cocaine and made sexual advances toward employees."[7] Caesars Rewards created a special tier for him known as "Chairman" which ranks above "Seven Stars." Watanabe received "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."[2]
Illness and film
editIn 2017, Watanabe announced he had prostate cancer, and he began a GoFundMe campaign to raise $100,000 for an operation. In 2022, Foundation Media Partners acquired the rights to Watanabe's story.[8][9]
References
edit- ^ "Metro/Region". Omaha.com. Archived from the original on 2013-01-30. Retrieved 2010-09-28.
- ^ a b Berzon, Alexandra (December 5, 2009). "The Gambler Who Blew $127 Million". Wall Street Journal. Archived from the original on July 24, 2018. Retrieved 2011-02-09.
- ^ Riedel, David (2010-05-26). "Gambling Philanthropist Loses More Than $200 Million". CBS News. Retrieved 3 October 2019.
- ^ Weisenthal, Joe (December 6, 2009). "Meet The Man Who Blew $127 Million And Most Of His Family's Fortune Gambling In Vegas". Business Insider. Retrieved November 20, 2018.
- ^ Sheldon, David (14 July 2018). "What Happens to the Biggest Gambling Losers?". Casino.org. Retrieved 9 September 2019.
- ^ Guill, James (2013-09-27). "Poker's Greatest All-Time Whales: Terrance Watanabe". Pokerlistings. Retrieved 9 September 2019.
- ^ Pempus, Brian (2013-03-21). "Caesars Fined $225K Over Not Kicking Out Belligerent High-Roller On Historic Losing Streak". cardplayer.com. Retrieved 9 September 2019.
- ^ Conneller, Philip (2022-09-16). "Biggest Las Vegas Loser Terry Watanabe Will Be Subject of Film". Casino.org. Retrieved 2023-04-05.
- ^ Grobar, Matt (2022-09-15). "Foundation Media Partners Secures Book, Film & Doc Rights To Story Of Las Vegas' Biggest High Roller Terry Watanabe". Deadline. Retrieved 2023-04-05.