Tragic Billionaire Loses £95m at Las Vegas Casino Then Blames It on Being Drunk
For Terrance Watanabe, life was going well. He was the heir to the Oriental Trading Company and had played a remarkable role in transforming its fortunes, before selling it for a whopping £299m ($400m). He had run it from 1977 to 2000 but had dedicated so much of his life to it that he suffered from burnout. Those close to him reportedly say he was so busy with work they don't believe he ever had time for a romantic partner in this period, as he was so busy travelling the world on business. So it was little surprise that he retired early and planned to enjoy his life a little. But according to reports, he soon grew bored of this and became restless. That led to him heading to Las Vegas in 2007 with an appetite for hedonism...and a very heavy wallet.
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Vegas Year-Long Binge Almost Wiped Out a Fortune
According to CBS News, he would go on a historic year-long binge that would lose him around an eye-watering $127m (£95m) before accusing casinos of plying him with alcohol. His loss is believed to be the biggest losing streak in Las Vegas history. His losses were even reported to account for an astonishing 5.6 per cent of the revenue of Caesars Palace and the Rio casinos, where he was gambling. His lawyer, Pierce O'Donnell, said: "It's a tragedy, Mr. Watanabe's a tragedy. He was so addicted and so out of it, he didn't really realise what was going on."
VIP Treatment and the Lure of the Tables
According to employees, he was drinking two to three bottles of vodka a day and spending money on gifts for staff. It was reported he would sometimes play roulette and multi-line slot machines for 24 hours straight. He claims he received VIP treatment from the casinos with luxury suites, private gaming areas and showered him with attention to keep him betting his money. But when things finally reached a disastrous peak, his sister reportedly intervened and Watanabe went into rehab.
Legal Fallout and a Difficult Reckoning
In 2009, he was charged with four felony counts for refusing to pay the £10.5m ($14m) sum. But later a confidential settlement was agreed, with Watanabe then being forced to rebuild his life.
