Losing $127m in Vegas in one year

[bigbadwolf]

Now this is the way to live: story in 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.

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.

 

[IlyaKEightSix]

Wow...

There's only one way to describe this:

Epic Fail: when normal, run-of-the-mill failure just isn't enough.

 

[xoxqun]

Now this is the way to live: story in WSJ:

What an unfortunate and pathetic self-inflicted waste of a human life!

 

[chaoticrambler]

He was probably playing the Martingale.

 

[GoIllini]

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.

I'm inclined to believe Watanabe on this. Typically, large casinos in Vegas will negotiate a discount on money lost with high-rollers- it's generally pretty customary. In any case, this doesn't look like a criminal matter at all. Given the facts I currently have and not giving people the benefit of the doubt (just like the media), this looks like the case of a typical Nevada DA railroading someone over a civil matter.

Harrahs needs to sue Watanabe, get a judgment and orders for Watanabe to pay. If Watanabe still refuses to pay, they should either force him into bankruptcy or get him for contempt of court.​