Meet Terrance Watanabe – the Gambling Whale That Lost Over $200 Million in Las Vegas

We’ve heard stories of Michael Jordan or Charles Barkly losing thousands on blackjack tables. And that happens regularly, especially among high rollers. However, you should know that there are much wilder casino stories in Las Vegas.

One of the most notable high rollers of all time, Terrance Watanabe, became famous when he reported losing over $200 million in Sin City. That’s a staggering amount of money for anyone, even Watanabe who was a carnival supply magnate. We’ll detail his ambition, addiction, and aftermath below.

Who’s Terrance Watanabe?

Terrance Watanabe was born in Omaha in 1957. His father, Harry Watanabe, founded the Oriental Trading Company. At the time, his company became a leader in America’s carnival supplies. Terrance was always by his father’s side, and by age 20, he became CEO.

His tenure became even more iconic than his father’s. During his reign as CEO of Oriental Trading Company, the company became a US powerhouse. Revenue at the time was close to $25 million per month. Terrance was always invested in the business, never developing any relationships outside it.

In 2000, possibly burnt out from it all, he sold his stake in the company. He was now a free man and one set to enjoy the pleasures of life. He soon established the Terry K. Watanabe Trust, gifting millions to cancer research studies, AIDS groups, and even political causes. That didn’t satisfy him too, and in years, he started looking for excitement in places he never explored. One of them was Las Vegas.

A Dangerous Obsession

As soon as he walked into his first Sin City casino, Watanabe felt a major draw. His favorite place was Caesar’s Palace. He lived like a king there. His loyalty was rewarded with a penthouse, a private chef, and many other perks. Watanabe’s spending was so big that the casino created a custom-tailored Chairman VIP tier only for him.

For three years, he enjoyed everything the casino could offer. He also gambled on high-stakes tables 24/7. Watanabe developed an obsession with vodka—a rather expensive one at $12,500 per bottle. He gave in to a life of alcohol and gambling, often spending millions on tables unknowingly while stumbling around the casino floor.

By 2007, his family knew what’s up. During that year, he lost a total of $127 million. Caesar’s Palace offered him a $17 million loan, but his losses were already too huge. A financial disaster followed. Until the time he was brought back to Omaha, Watanabe lost a whopping $204 million in Las Vegas.

High-Stakes Battles

Once he got out of the slump, Terrance Watanabe decided to sue Caesar’s Palace. He accused the casino of taking advantage of his situation and fueling his gambling and alcohol addiction. In the end, the lawsuit was settled mutually, but his problems didn’t end there.

In 2017, Watanabe was diagnosed with prostate cancer. He had no money left, resorting to creating a GoFundMe page where he raised $28,000. Years before, that was just a portion of the money he’d spend daily in Las Vegas.

Sobriety at Last

Nowadays, Terry Watanabe leads a modest life. He’s trying to make up for his wild past and does his best to warn others about the dangers of addictions, including gambling.

He was once a Las Vegas royal, but those things eventually come at an end. Luckily for him, he managed to get out of the grasp of the shining neon lights of Sin City, and uses his example to help others.