The Gambler Who Blew $127 Million

[zengrifter]

BUSINESS DECEMBER 5, 2009

The Gambler Who Blew $127 Million

By ALEXANDRA BERZON | WSJ

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.

Terrance Watanabe, 52, is believed to have the biggest losing streak in Las Vegas history, losing $127 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.

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.

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.

In April, the Clark County District Attorney's office charged Mr. Watanabe with four felony counts in district court for intent to defraud and steal from Harrah's, stemming from $14.7 million that the casino says it extended to him as credit, and that he lost. Although Mr. Watanabe has paid nearly $112 million to Harrah's, he has refused to pay the rest. He denies the charges, alleging that the casino reneged on promises to give him cash back on some losses, and encouraged him to gamble while intoxicated. If convicted, Mr. Watanabe faces up to 28 years in prison.

MORE- http://online.wsj.com/article/SB125996714714577317.html?mod=WSJ_hp_mostpop_read

 

[Brutus]

He looks like one of the mugs who love to play "Wheel of Fortune"

 

[Machinist]

And if Harrah's is convicted

BUSINESS DECEMBER 5, 2009

The Gambler Who Blew $127 Million

By ALEXANDRA BERZON | WSJ

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.

Terrance Watanabe, 52, is believed to have the biggest losing streak in Las Vegas history, losing $127 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.

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.

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.

In April, the Clark County District Attorney's office charged Mr. Watanabe with four felony counts in district court for intent to defraud and steal from Harrah's, stemming from $14.7 million that the casino says it extended to him as credit, and that he lost. Although Mr. Watanabe has paid nearly $112 million to Harrah's, he has refused to pay the rest. He denies the charges, alleging that the casino reneged on promises to give him cash back on some losses, and encouraged him to gamble while intoxicated. If convicted, Mr. Watanabe faces up to 28 years in prison.

MORE- http://online.wsj.com/article/SB125996714714577317.html?mod=WSJ_hp_mostpop_read

Them MotherFXXXers!!!!!!!!!!!!!!!!!!! God i hate Harrahs with a passion. You all have seen those ffffffnnnn commercials they run.@@!!!! Responsible gaming/gambling my ass... Now don't bet over your head!!!! This sob has a case if he gets a goood lawyer,,,,, even in Nevada..... Them cock
I tell you what they are two faced pieces of shxt... Now ya got me going. They systematically took over and created crapppies casinos on the planet.....
I'm done !!!!!!!!!!!!!!!111:flame::flame::flame::flame::flame::flame
On a lighter note
Yes it is personal with them many times up and close.....

Machinist

 

[creeping panther]

Machinist

Them MotherFXXXers!!!!!!!!!!!!!!!!!!! God i hate Harrahs with a passion. You all have seen those ffffffnnnn commercials they run.@@!!!! Responsible gaming/gambling my ass... Now don't bet over your head!!!! This sob has a case if he gets a goood lawyer,,,,, even in Nevada..... Them cock
I tell you what they are two faced pieces of shxt... Now ya got me going. They systematically took over and created crapppies casinos on the planet.....
I'm done !!!!!!!!!!!!!!!111:flame::flame::flame::flame::flame::flame
On a lighter note
Yes it is personal with them many times up and close.....

Machinist

Good God Man...CALM DOWN

Harrahs is just doing what all American business does to increase profits, they take advantage and screw people, hell the Gov. does it every day too

The guy who lost the money was an ignorant addicted gambler and drunk who ask for it and got it, I really do not care about this Jack Off.:grin:

What I do care is that the MMOA, that would include you and all Bash Attendees whip the casino day in and day out, with skillz, cunning and brutality..showing no mercy....that is what I and all of us should care about. Not about this weak LUMP.

CP

 

[ChefJJ]

Degenerate

This guy is a degenerate to the nth degree...but even worse, a sore loser. Considering that the "casino slipped something in my drink" allegation is not an everyday thing, what makes this whale think he's any more special than every other one?

But I agree with CP...who cares about this guy? If he does win his case, do you think that Harrah's having to swallow that big loss is going to make the games there any better?

good luck :joker:

 

[Machinist]

Yea i know

They just twist me the wrong way!!!!! I could care less also if that guy croaked today... It's just their sneaky advertising , as do all companies,,,, I know ,,,, i know,,,,
If somebody finds a good gig at a Harrahs Property let me know . I will personally bankroll it and cream these sobs..... And when we r done, i want them to know what exactly we did and how we did it... I just HATE them.....
It's almost as if they are run by X hustlers.... Nothing better than conning a conman..!!!! LMAO
Thanks guys for calming me down!!!!!
And yes the Store i am at was good for me today.... very accomodating.. I feel a little of the Creeping Panther stuff ooozing from me.....LOL

Thanks guys oh yeah and gals........ Hello??

Machinist

 

[zengrifter]

This guy is a degenerate to the nth degree...but even worse, a sore loser. Considering that the "casino slipped something in my drink" allegation is not an everyday thing,,,

Used to be. When and how, exactly, did Harrah's get the mob out? It sounds like he's trying to hold
on to his last 10M, and Harrah's IS probably reneging on their loser rebate they plied him with as well. zg

 

[sagefr0g]

Good God Man...CALM DOWN

Harrahs is just doing what all American business does to increase profits, they take advantage and screw people, hell the Gov. does it every day too

The guy who lost the money was an ignorant addicted gambler and drunk who ask for it and got it, I really do not care about this Jack Off.:grin:

What I do care is that the MMOA, that would include you and all Bash Attendees whip the casino day in and day out, with skillz, cunning and brutality..showing no mercy....that is what I and all of us should care about. Not about this weak LUMP.

CP

ha ha, exactly Stealthy Won!

you know ever since my cherished cat Blue (who was a cold blooded predator and highly intelligent and loyal companion ) was killed by two predatory dogs that teamed up on her, i've been puzzling over the predator and prey nature of living things in general. those two dogs were no more wrong in what they did than anything else that goes on in nature, it's just a good bit of the nature of things in life. i just wish Blue had of been able to escape but alas it was not to be. that said if i'd of been able i'd have offed those two mongrels to save Blue, if need be.
what ever, it seems it's a strange fact of life that this predator and prey sort of stuff is how it is.
MMOA are predators of the casinos just as casinos are predators of the unsuspecting masses who would like to in their naivety make the casino their prey. thing is i think that casinos by their nature must in order to survive as predators have a genuine element of vulnerability. so, that is our key to the kingdom, lol, thing is we are vulnerable as well and must never let our guard down.:cat:

 

[ChefJJ]

Used to be. When and how, exactly, did Harrah's get the mob out? It sounds like he's trying to hold
on to his last 10M, and Harrah's IS probably reneging on their loser rebate they plied him with as well. zg

Good point, ZG. In a time of tough going for profits, who knows

good luck :joker:

 

[Cardcounter]

Harrahs likes him so much that after paying harrah's $112 million they are they are threating to arrest him because he was $14 million short. If you lose $112 million $14 million off your marker should be a comp. The lesson here is do not gamble at Harrahs!

 

[ChefJJ]

Harrahs likes him so much that after paying harrah's $112 million they are they are threating to arrest him because he was $14 million short. If you lose $112 million $14 million off your marker should be a comp. The lesson here is do not gamble at Harrahs!

12.5% cash back...really?

 

[johndoe]

12.5% cash back...really?

If the loss is that big, sure. I'd think they'd want him back at almost any expense, unless they figured any future loss would be very difficult to collect.

 

[ChefJJ]

If the loss is that big, sure. I'd think they'd want him back at almost any expense, unless they figured any future loss would be very difficult to collect.

Guess I wouldn't know how a multimillion-dollar whale should be adequately comped :grin: As if the complimentary free drugs in the drinks weren't enough for the guy...the nerve!

 

[Tarzan]

Friends

"Friends don't let friends play at Harrah's"----Obviously this guy doesn't have any friends! I don't like Harrah's as much as Machinist does though... I see they have a huge following of fans.

When Gary Loveman gets up there and drones on about "We are about responsible gaming blah blah blah", that is nothing more than a "legal disclaimer" to provide cannon fodder and a smokescreen while they are whacking degenerate gambler whales for all it's worth. This is not the first instance of some whale getting cleaned out for about everything they have. The book "Stung", based on a true story (also with a movie based on the book, "Owning Mahowny") goes into how Caesars had a dummie corporation set up for "whales" to wire funds into, which was then automatically transfered to the cage for them. The book went into much more detail than the movie and specifically pointed out Caesars. The whacky thing about this was that these embezzled funds were being wired directly from the bank (that they were being embezzled from) to the dummie corporation, so in essense Caesars turned a blind eye as to the source of these funds (in the name of responsible gaming, of course).

Although the incident regarding Brian Moloney (in which he embezzled over 10 million over approximately 18 months from a large bank in Canada to feed a gambling binge) occurred prior to Harrah's buying out Caesars (I think?). This is a common practice for "whales". The casino provides them booze, drugs, women, lavish gifts... whatever it takes to keep them at it and gambling! That garbage about advocating responsible gaming is a farce.

Harrah's casinos have the worst blackjack game available, so I almost never play there but when I do, there is a certain sense of joyful glee for every little nickel and dime I can whack them for, those scum.

 

[Machinist]

thanks

"Friends don't let friends play at Harrah's"----Obviously this guy doesn't have any friends! I don't like Harrah's as much as Machinist does though... I see they have a huge following of fans.

When Gary Loveman gets up there and drones on about "We are about responsible gaming blah blah blah", that is nothing more than a "legal disclaimer" to provide cannon fodder and a smokescreen while they are whacking degenerate gambler whales for all it's worth. This is not the first instance of some whale getting cleaned out for about everything they have. The book "Stung", based on a true story (also with a movie based on the book, "Owning Mahowny") goes into how Caesars had a dummie corporation set up for "whales" to wire funds into, which was then automatically transfered to the cage for them. The book went into much more detail than the movie and specifically pointed out Caesars. The whacky thing about this was that these embezzled funds were being wired directly from the bank (that they were being embezzled from) to the dummie corporation, so in essense Caesars turned a blind eye as to the source of these funds (in the name of responsible gaming, of course).

Although the incident regarding Brian Moloney (in which he embezzled over 10 million over approximately 18 months from a large bank in Canada to feed a gambling binge) occurred prior to Harrah's buying out Caesars (I think?). This is a common practice for "whales". The casino provides them booze, drugs, women, lavish gifts... whatever it takes to keep them at it and gambling! That garbage about advocating responsible gaming is a farce.

Harrah's casinos have the worst blackjack game available, so I almost never play there but when I do, there is a certain sense of joyful glee for every little nickel and dime I can whack them for, those scum.

Thanks Tarzan,
Those commercials really, really, cranky my trigger.!!!!!!!!!!! Scumbags , two faced dirty rotten scoundrels,,, and those are the nice words for them.... LOL
I do remember when they came to the lime light. Harrahs had some nice casinos, good management, I had some good times in them, made some money. And then it was like a light was flipped, or they hired a thug and they decided to start buying everything in site and decided to gut their casinos. Then they went after the over 50 crowd and it worked!!!! Pure assed scumbuckets in my book....
Hell their diamond card is just garbage now...Go into one of their lounges now and dine with trash... I won't go into them anymore...
Okay enough again.....Jeeze i got a stop this!!!
I can remember one good story, but you had to be there kind of thing. My brother and i were in Harrahs laughlin.... 1994 or early 95, they had a good lounge, also a game called Flush Attack was out we were playing. We could sit at the game , making 50 bucks an hour, sipping a drink, listening to music. Here's the good part they had this girl that had body that wouldn't quit. Blonde , 5 and a half foot or so. Gorgeous...... At the end of the show they would bring out the Butt, LET ME TELL YOU she could shake her ass like i have never ever and not to this day have i seen anything like it. It was part of the Bands routine....!!! I never missed a show when they came to town.... I truely miss the BUTT!!!!!!!!:whip::whip::devil:
Okay that's my only good HARRAH's story that i have, which was before the big corportat greedy Harrah's took over!!
I shall now got in and ply my trade for the day!!!

Take care all


Machinist