He is an American businessman who lost $127 million in the Rio and Caesar Palace casinos.
Terrence Watanabe is an American businessman who during 2007 had a historic streak setting record losses at Rio and Caesar Palace Casinos in Las Vegas. Alleging that they took advantage of his situation while he was drunk, he reached the figure of 127 million dollars in losses.
This streak is believed to be one of the longest in Las Vegas history. Much of his fortune vanished during that year. A fortune that had been in his possession for two decades, leading the family business importing party supplies in Omaha, Nebraska.
Caesar Palace Casino
Terrance Watanabe: the man who lost a fortune in gambling
This situation also benefited the parent company of the two casinosHarra’s Entertainment Inc., which generated about 5.6% of Las Vegas revenue thanks to Watanabe’s losses that year. For years, the businessman and the company were in conflict over the casino’s responsibility for their losses.
The man assures that They took advantage of his situation while he was drunk and they encouraged him to take out loans and continue gambling. More precisely, he accuses casino employees of routinely providing him with alcohol and pain medication to keep him gambling.
In April 2009, Clark County prosecutors charged him with four counts of attempted fraud and robbery at Harrah’sfollowing US$14.7 million in credit that the casino says it extended to him and that he lost.
How can casinos prevent cases like Watanabe’s?
There are state regulators who fine casinos for allowing people visibly affected by substances to continue gambling but such fines have not been imposed in this case. Additionally, casinos often ban players who behave irregularly or who they suspect will not pay their debts.
Watanabe claimed that in 2007 he was banned from Wynn’s casino due to his gambling and alcohol consumption, but Caesar Palace and Rio continued to welcome him.
Source: Ambito
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