Terrance Watanabe is a name that may not ring a bell for many people, but for those who are familiar with the world of high-stakes gambling, he is a legend. Watanabe is an American businessman who inherited a multimillion-dollar company from his father and turned it into one of the largest suppliers of party goods in the country.
He then sold his stake in the company and embarked on a lavish lifestyle that involved spending millions of dollars at Las Vegas casinos. However, his gambling addiction soon got the better of him and he ended up losing most of his fortune in one of the biggest losing streaks in history. This is his story.
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Terrance Watanabe Biography
This entrepreneur was born in Omaha, Nebraska. Terrance Watanabe took birth in 1957. His father, Harry Watanabe, was a Japanese immigrant who founded Oriental Trading Company in 1932 as a gift shop that sold carnival supplies.
Over the years, the company expanded to multiple stores across the Midwest and became a direct merchant of value-priced party supplies, arts and crafts, toys and novelties, and school supplies. Terrance Watanabe joined the family business in 1977, when he was 20 years old, and became president and part owner.
| Name | Terrance Watanabe |
|---|---|
| Birth Year | 1957 |
| Birth Place | Omaha, Nebraska, USA |
| Occupation | Former businessman and high roller |
| Net Worth | $150 million |
| Gambling Losses | $204 million (estimated) |
| Legal Settlement | Undisclosed amount |
| Family Background | Son of Harry Watanabe, a Japanese immigrant who founded Oriental Trading Company in 1932 |
Career Details
He shifted the focus of the company from carnivals to supplying party goods for churches, schools, retailers, and individuals. Under his leadership, the company grew to a $300 million-a-year mail-order business that employed over 2,000 people.
In 2000, Terrance Watanabe sold his entire stake in Oriental Trading Company to Brentwood Associates, a Los Angeles-based private equity firm, for an undisclosed amount. He resigned as CEO and president and decided to pursue philanthropic endeavors. He donated millions of dollars to various nonprofit organizations, especially those related to LGBTQ and HIV causes. Terrance Watanabe also enjoyed traveling around the world and collecting art and antiques.
Gambling Addiction
However, Terrance Watanabe also had a dark side: he was a compulsive gambler who had developed a taste for high-roller casinos. He started visiting Las Vegas frequently and became known for his extravagant bets and generous tips. He would often gamble 24 hours a day, playing three $50,000 hands of blackjack simultaneously or betting $100,000 on a single roll of dice. Terrance Watanabe would also lose millions of dollars every day, sometimes up to $5 million. He was not deterred by his losses; instead, he saw them as a challenge and a thrill.
Watanabe’s gambling habits caught the attention of Caesars Entertainment Corporation, which owned several casinos in Las Vegas, including Caesar’s Palace and The Rio. The company saw him as a valuable customer and offered him various perks and incentives to keep him gambling at their properties.
These included tickets to the Rolling Stones concerts, $12,500 a month for airfare, $500,000 in credit at the gift stores, special high-limit games, and 15% cash back on table losses greater than $500,000. Caesars also created a special tier for him in their loyalty program called “Chairman”, which ranked above “Seven Stars”, the highest level available to regular customers.
However, Caesars also allegedly exploited Watanabe’s addiction and enabled his self-destructive behavior. According to Watanabe’s claims, the casino staff would ply him with alcohol and drugs to impair his judgment and keep him gambling longer.
They would also overlook his erratic and belligerent actions, such as throwing cards at dealers or making sexual advances toward employees. They would also ignore his requests to stop sending him marketing materials or to ban him from their casinos.
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The Biggest Loser in Las Vegas History
Terrance Watanabe’s gambling spree reached its peak in 2007 when he reportedly lost $127 million at Caesar’s Palace and The Rio in Las Vegas after having gambled a total of $825 million that year. This amounted to 5.6% of Caesars’ gambling revenues that year and made him one of the biggest losers in Las Vegas history. His overall estimated gambling losses came out to around $204 million since he started visiting Las Vegas in 2004.
Terrance’s downfall came when he failed to pay back his debts to Caesars. He had signed several markers, or IOUs, that amounted to $14.7 million. He paid back $112 million but refused to pay the rest, claiming that he was not responsible for his losses because he was intoxicated and manipulated by the casino staff. Terrance Watanabe also accused Caesars of violating Nevada gaming laws by allowing him to gamble while drunk and by extending him credit beyond his limit.
Full Report on Lawsuit
Caesars filed a civil lawsuit against Watanabe in 2008 to recover the unpaid markers. The company also pressed criminal charges against him for fraud and theft. He faced up to 28 years in prison if convicted. He countersued Caesars for $20 million, alleging that the company had breached its duty of care and had exploited his gambling addiction.
The legal battle between Terrance Watanabe and Caesars lasted for two years and attracted a lot of media attention. The case raised questions about the ethics and practices of the casino industry and the responsibility of both gamblers and casino operators. It also exposed the dark side of the glamorous and lucrative world of high-stakes gambling.
In July 2010, a settlement was reached between Watanabe and Caesars, resulting in a dismissal of both civil and criminal cases. The terms of the settlement were not disclosed, but it was reported that Watanabe agreed to pay an undisclosed amount to Caesars and that the company agreed to drop the criminal charges against him. Both parties also agreed not to make any further comments on the matter.
Life After Gambling
After settling his legal disputes with Caesars, Watanabe largely stayed out of the public eye. He moved to San Francisco and tried to rebuild his life. He also sought treatment for his gambling addiction and alcoholism. He expressed remorse for his actions and hoped to help others who suffered from similar problems.
However, he also faced some health issues that affected his quality of life. In 2017, he announced that he had prostate cancer and that he needed an operation that would cost $100,000. He said that he had hit hard times since losing his fortune and that he could not afford the surgery. Terrance Watanabe started a GoFundMe campaign to raise money for his medical expenses. He also asked for forgiveness from those he had hurt in the past and said that he wanted to live long enough to help others in the future.
Terrance Watanabe’s GoFundMe campaign received some donations from people who had been touched by his generosity or who sympathized with his situation. Some of them shared stories of how Watanabe had donated millions of dollars to various causes or how he had been a kind and gentle person. However, the campaign did not reach its goal and only raised $16,000 as of September 2021.
His story also attracted the interest of some filmmakers who wanted to turn it into a movie. In 2022, Foundation Media Partners acquired the exclusive rights to Watanabe’s story and announced plans to produce a feature film based on his life. The film was expected to explore the themes of addiction, redemption, and the dark side of gambling.
Conclusion
Terrance Watanabe is a man who lived a life of extremes. He went from being a successful businessman and philanthropist to being a notorious gambler and debtor. He experienced both wealth and poverty, fame and infamy, joy and sorrow. His story is a cautionary tale of how gambling can ruin one’s life and how one should always be careful with one’s money and choices.
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