Man Drops $127m At Casino; Sues Casino!

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The Gambler Who Blew $127 Million
The Wall Street Journal
By ALEXANDRA BERZON
DECEMBER 5, 2009



LAS VEGAS -- During a year-long gambling binge at the Caesars Palace and Rio casinos in 2007, Terrance Watanabe managed to lose nearly $127 million.

The run is believed to be one of the biggest losing streaks by an individual in Las Vegas history. It devoured much of Mr. Watanabe's personal fortune, he says, which he built up over more than two decades running his family's party-favor import business in Omaha, Neb. It also benefitted the two casinos' parent company, Harrah's Entertainment Inc., which derived about 5.6% of its Las Vegas gambling revenue from Mr. Watanabe that year.

Terrance Watanabe, 52, is believed to have the biggest losing streak in Las Vegas history, losing $112 million dollars in one year. Mr. Watanabe, who now lives in the Bay Area, stands near the entrance to Stanford University on Dec. 3, 2009.

Today, Mr. Watanabe and Harrah's are fighting over another issue: whether the casino company bears some of the responsibility for his losses.

In a civil suit filed in Clark County District Court last month, Mr. Watanabe, 52 years old, says casino staff routinely plied him with liquor and pain medication as part of a systematic plan to keep him gambling.

Nevada's Gaming Control Board has opened a separate investigation into whether Harrah's violated gambling regulations, based on allegations made by Mr. Watanabe.

Continue. . .
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What next? They'll start suing McDonald's over how fat they get?

~String
 
Actually he has a case:

1. He was being liquered up and possibly medicated by the casino.

2. Casinos have rules against addicts.

3. Once the casino played him dry, he wrote a bad check and they went after the nonexisting money. Now they want to jail him for years. That is just mean. They should have known when their golden goose stops laying eggs...
 
its just the number that is high. he liked the lifestyle, liked going out to the casino every night.
 
Here is an opinion from another website:

"Here in Canada some casinos really have been caught "targeting" people. When a big-spending gambler starts showing some restraint, they give him the VIP treatment - dinners, limo service, etc. - and makes him feel like a big shot, to convince him to continue gambling.

There are cases where someone quit gambling, got help, and put it behind them. And months later the casino sends a stretch limo to their house with promises of more VIP treatment...."

There is such a thing as agressive targeting. And again, first they sucked him dry, then put the poor fuck in prison? Not very good advertisement for the casino...
 
Syzygys said:
Here is an opinion from another website:

"Here in Canada some casinos really have been caught "targeting" people. When a big-spending gambler starts showing some restraint, they give him the VIP treatment - dinners, limo service, etc. - and makes him feel like a big shot, to convince him to continue gambling.

There are cases where someone quit gambling, got help, and put it behind them. And months later the casino sends a stretch limo to their house with promises of more VIP treatment...."

There is such a thing as agressive targeting. And again, first they sucked him dry, then put the poor fuck in prison? Not very good advertisement for the casino...
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Yea, but when exactly did this dawn on him? lol
Come on, he blew 112 million dollars in one year. He must have scratched himself behind the ears at some point.. if not, he's a retard.
 
Syzygys said:
Here is an opinion from another website:

"Here in Canada some casinos really have been caught "targeting" people. When a big-spending gambler starts showing some restraint, they give him the VIP treatment - dinners, limo service, etc. - and makes him feel like a big shot, to convince him to continue gambling.

There are cases where someone quit gambling, got help, and put it behind them. And months later the casino sends a stretch limo to their house with promises of more VIP treatment...."

There is such a thing as agressive targeting. And again, first they sucked him dry, then put the poor fuck in prison? Not very good advertisement for the casino...
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wow...free froom snad limo service? i really feel bad now.
 
Free limo as the first hits are free from your drug seller.

For Enmos: Gambling is an addiction just like alcoholism or drug abuse...

Hell, "hoarding" is an addiction too....
 
Enmos said:
Why didn't he sue them at 20 million dollars loss? Why now?
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Yes. Seems fortuitous to sue them after a year of losing all that money. And just because something is a legal addiction (like alcohol) doesn't mean you get the right to sue the institution who provided it. One cannot turn around ad sue Walmart for being a shopping addict; the local drug-store for selling you booze if you're an alcoholic; but now personal responsibility is out the window and it's okay to sue a casino because you pissed away your money?

~String
 
John99 said:
its just the number that is high. he liked the lifestyle, liked going out to the casino every night.
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True . It is his fault and he should blame no one . I play lotteries every week but I am very responsible player . I do not gamble more than one dollar for one million jackpot . My rule works . Last time I won $70.00 and then $20.00 .
When I do not win I feel disappointed but not much loss .
 
I was in a casino two times and i never play sctch offs or anything like that. i cant understand gambling but people must like it.
 
It's not unusual for casinos to ply punters with free booze and VIP services (if warranted); why should there be an exception for this guy? All businesses try to sugar-coat their wares to maximise their profits and casinos are no different, they just operate on a different level. This guy obviously had some serious issues, maybe a subconscious desire to lose all his money to punish someone (himself?), whatever. The point is, a person savvy enough to accumulate that type of money in the first place, should have been savvy enough to cut his losses way, way before he lost his entire fortune. Fuck me, the 1st million should have been the wake up call and even that would have been excessive!
 
tablariddim said:
....The point is, a person savvy enough to accumulate that type of money in the first place, should have been savvy enough to cut his losses way, way before he lost his entire fortune. Fuck me, the 1st million should have been the wake up call and even that would have been excessive!
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what if he is a gambling addict who is drunk and drugged?
I would think he thought he could win it back. Most gambling addicts do.

When Mr. Sullivan, the Iowa casino host, visited Mr. Watanabe in Las Vegas during the height of his binge in 2007, he says, Mr. Watanabe appeared incoherent and had trouble remembering details of conversations. Other employees recall Mr. Watanabe stumbling around and dozing off at casino tables, some of which were located next to a nightclub blaring loud music.

Mr. Kunder and Mr. Deleon say they both voiced concerns to managers that Mr. Watanabe was too intoxicated, and were told not to get involved. "Nobody wanted to be the one to cut him off," Mr. Kunder says. "We were afraid of what upper management would do if he left because of our actions."
 
Are we to assume that he was somehow incarcerated in the casino for a whole year and kept intoxicated continuously, against his will, but still had the wherewithal to access his money and place bets? That is what you seem to be implying.

That he had a pathological need to gamble is a given, but isn't it strange that for 20 years he was able to run a business and accumulate a dozen normal fortunes, without this sickness? Pathological gamblers tend to start young and never amount to anything, let alone making astronomical fortunes. No, I think this guy had a death wish that he expressed in a sudden gambling binge. He allowed others to take advantage of him probably in full knowledge of what he was doing. However, after fully expressing his wish, by the time he got over this obsession his money was gone and he decided to sue the people that he almost certainly, gladly gave his money to. Not only is he tragic, he is pathetic.
 
I think how he made his fortune was his drive to risk it all and take a gamble. New items...would they sell? It was a gamble. Expanding to a magazine...would it work?....it was a gamble.

And just because most gamblers start young, doesn't mean they all do. His dad started grooming him to run the company at 15.
 
Assumption of Risk is a cornerstone of American jurisprudence.

As in: He assumed the risk when he sat down at the table. The Casinos make NO claims (and in fact, are required to post disclaimers, especially in Nevada) that any person will win.

Now that he lost [perish the thought!] he's caterwauling about the results.

~String
 
I don't have a lot of sympathy for him, BUT

there is a protocol to be followed by the casinos, which he and some employees are saying weren't followed.
 
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