The tale of Terrance Watanabe, the “Gambling Whale,” who gambled over $800 million in a single year

The tale of Terrance Watanabe, the “Gambling Whale,” who gambled over $800 million in a single year

Rich Omaha, Nebraska, businessman Terry Watanabe lost more than $200 million playing slots at Caesars Palace and the Rio in 2007. He became known as one of Las Vegas’ biggest losers as a result of this questionable accomplishment. Currently, a movie about Watanabe and his miserable losing run is in the works.

According to Deadline, Foundation Media Partners has acquired exclusive rights to Watanabe’s tale of rising from wealth to obscurity. The company intends to produce a feature film, a documentary, and/or a book about the fabled whale. Since concluding a legal dispute with Caesars Entertainment, formerly known as Harrah’s, in 2010, Watanabe has avoided discussing his experiences in Las Vegas in public.

The casino owner was pursuing Watanabe for a $14.7 million line of credit that he had used to play and lost. Watanabe’s justification was that the casino had taken advantage of him and permitted him to gamble while intoxicated.

Patrick Hughes, the founder and CEO of Foundation Media Partners, revealed to Deadline that he has a lifelong obsession with finding out more about Watanabe and his life.

Hughes continued, “I’ve always pictured portraying his narrative with a director that could truly capture the kind of claustrophobic, strange world he was locked in. He had a heart of gold and all the money in the world, but he was caught in a tragic and intriguing hamster cycle of wealth and self-destruction.

Who Was Terry Watanabe?

Watanabe amassed wealth by growing Oriental Trading Co., the tiny trading firm started by his father, into a $300 million enterprise. In order to leave the company in 2000, he sold Brentwood Associates, a private equity company, his full ownership position. Now affluent, he made the decision to spend the remainder of his life giving back. He made a notable donation of millions to AIDs research.

But Watanabe quickly grew bored without the work that had occupied his life up to that moment. He first began playing at Harrah’s Council Bluffs in Iowa before moving to Las Vegas when a serious addiction took hold.

The Wynn Las Vegas was occupied by Watanabe. But according to a statement Wynn’s lawyer sent to the Nevada Gaming Control Board, then-CEO Steve Wynn, who noticed his copious gaming, barred him for being a “gambling addict and alcoholic.”

There were additional accommodations at the two Caesars casinos. They actually went above and beyond to make Watanabe feel welcome at their gaming tables, gifting him with Rolling Stones tickets and a $500,000 gift store credit.

The highest VIP status at Caesars, “Chairman,” was even created especially for him; previously, it had been “Seven Star.”

$5M Sessions

Watanabe was binge-playing at the tables for up to 24 hours in 2007, the year of his mind-boggling losing streak, and occasionally lost as much as $5 million in a single session. According to court records, he occasionally played three hands of blackjack at once with a $50,000 cap on each hand.

In court, Watanabe alleged that Caesars gave him alcohol and prescription medication to keep him gambling; the operator refuted this. Watanabe contributed roughly 5.6% of the company’s gambling earnings in that particular year.

Watanabe launched a GoFundMe campaign in 2017 to seek $100,000 for a potentially life-saving prostate cancer operation. He was now broke.

He wrote, “I’ve accepted my circumstance, and I do not pity myself. But I’m hoping you’ll find it in your heart to forget about my mistakes and give me the strength to live long enough to assist others in the future.

 

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