Terrance Watanabe – Biggest Casino Loser of All-Time
Nebraska-born businessman Terrance Watanabe has an estimated net worth of $300 million. He built his fortune after selling the stakes in his family business. In 2003, Watanabe started gambling there to pass the time. Terrance Watanabe became one of the most sought-after whales in the entire world not just because he loved gambling, but because he was terrible at it. In Las Vegas, the practice of offering significant incentives to whales is not unusual. The best casinos will do anything within reason to keep these big money gamblers happy and gambling.
Watanabe was offered $12,500 a month for airfare, tickets to exclusive rock concerts and shows, and $500,000 in credit at the gift stores. Watanabe was also presented with an offer for 15% cash back on table losses greater than $500,000, special high-limit games, and other incentives. Watanabe had a free three-bedroom suite at Caesars. He was provided a special brand of vodka and was surrounded by Harrah’s-supplied assistants at all times to attend to his every whim and need. He even had seven-course meals from the casino’s Bradley Ogden restaurant served to him while he was at the tables gambling.
Terry would frequently gamble for 24 straight hours, losing millions and millions of dollars in a single day’s binge. He played three Blackjack hands simultaneously that had a $50,000 limit for each hand. The Casino owners increased his credit line to $17 million at one point. This is not an unusual practice for high rollers. At his peak in 2006, Terry Watanabe was consistently losing $5 million a day. After a year-long gambling and drinking streak, Terry lost a mind-melting $204 million dollars at two Vegas casinos. Both gambling halls are owned by Harrah’s Entertainment, Inc. and Watanabe’s staggering losses alone accounted for 5.6% of gambling revenue for the parent company that year. Undoubtedly, this guy has earned the title of the biggest loser in the gambling industry. It is thought to be one of the largest losing streaks by an individual in Las Vegas history.