Terence Watanabe's $200M Gambling Loss: The Biggest Downswing in Vegas History

Terence Watanabe, born in 1962, inherited Oriental Trading at the age of 15. The company, founded by his father Harry Watanabe in 1932, grew significantly under Terence's leadership, becoming the largest supplier of party goods in America. In 2000, Terence sold his stake in the company, which was generating $300 million in annual revenue.

Terence's life took a dramatic turn in 2003 when he discovered gambling. His first casino was Harrah’s in Iowa, but it was in Las Vegas where his gambling addiction truly took hold. Terence's preference for high-stakes games and alcohol led to significant losses. Steve Wynn, founder of Wynn Resorts, banned Terence from his casinos in 2007 due to concerns over his gambling addiction and alcoholism.

Caesars Entertainment, however, welcomed Terence with open arms. They offered him a 15% cashback on losses over $500k, a $500k credit line, and other perks. Terence claimed that Caesars employees were instructed to keep him playing, even when he was barely standing. In 2009, Harrah's Entertainment sued Terence for $14.7 million in unpaid debts. Terence countered that he had lost over $200 million in Las Vegas casinos, with $112 million at Harrah's alone, and that Caesars had manipulated him to continue playing.