The Second Worst Gambler in HistoryMost people don’t know Terrance Watanabe, but probably do k

The Second Worst Gambler in HistoryMost people don’t know Terrance Watanabe, but probably do know of his work. After all he was responsible for the Oriental Trading Company, inheriting the business from his father in the 70’s and transforming it into one of the largest party supply retailers in the United States.  By the time he retired from the business in 2000, the company was turning a profit of over $300 million a year.  Watanabe was certainly a brilliant businessman, but he had some problems; he was a heavy drinker and a terrible gambler.  After his retirement, Watanabe began making regular trips to Las Vegas and Atlantic City, tossing hundred dollar bills on the tables like they were candy and living the life of a high roller.  The problem was that gambling was more than mere fun to him, it was a destructive habit, one that burned hundreds of thousands from his hard earned fortune.  After several losing streaks, and bad behavior due to drunkenness, he was eventually blackballed from almost every casino in Vegas and Atlantic City.  However one casino, the famous Caeser’s Palace chose to host Watanabe, knowing that the reckless gambler had a fortune to lose.  They not only tolerated his drunkenness and losing streaks, they encouraged it, plying him with booze, prescription pain killers, free food, free lodging, and turning a blind eye when he cheated or made crude sexual advances on female employees.In 2007, Terry Watanabe spent the entire year living at Caeser’s on a constant gambling blitz.  By the time Watanabe’s losing streak came to an end, he had lost $112 million and owed another $14 million in casino credit.  Amazingly, in that single year, Watanabe’s losses amounted to 5.6% of Caesar’s annual revenues.  It was only until Watanabe started to write bad checks that they kicked him out of the casino for good.  When added together, Watanabe’s total gambling losses amounted to over $204 million.  Caesar’s went after Watanabe for the $14 million debt, but when Watanabe counter-sued them for using unethical business practices, they decided to forgive the debt.  After all, Watanabe was broke, and you can’t squeeze blood out of a turnip.  The parent company which owns Caesar’s, the Harrah Group, was fined by the New Jersey Division of Gambling (Harrah Group is located in NJ) was fined for the underhanded way they handled the Watanabe situation to the pitiful tune of $225,000, around .2% of Watanabe’s losses. -- source link

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