Wednesday, November 13, 2013

The Man Who Lost $127 Million.

If you love gambling games and visiting casinos on a regularly basis, then you're aware of how luck Seems completely absent on some days. In game pages as you can check the power of chance However unlucky you’ve been, we assure you that it doesn’t even come close to what happened to Terry Watanabe. This man’s yearlong gambling run is believed to be the worst losing streak ever in Las Vegas history ( for more info). He ended up losing $127 Million. Let’s see how this unfortunate event took place.

Harry Watanabe is the founder of a successful gift shop called the Oriental Trading Company. In the early 30’s the company prospered thanks to his efforts until it became one of the largest in its industry. Harry Watanabe until always wanted to make his son Terry the CEO. It was the year 1977 when his son finally assumed leadership of the company. A little more than two decades later, Terry sold his entire stake in the company in order to amass a huge fortune that would play an important part in propelling his drinking and gambling issues.

The beginning of the end started in 2007 when Harry took a trip to Las Vegas. Apparently, he took an enormous liking to the city’s infamous night life and casinos. As a wealthy man with little restraints, the casinos slowly drained his accumulated wealth for an entire year. During that year Harry spent most of his time visiting the Harrah casinos. It is estimated that about 6% of the Harrah’s annual revenue came from Watanabe. It was a sinful gambling and drinking binge that ended up costing him millions.

Harry decided to put an end to his gambling problem after a serious talk with his sister on Thanksgiving. She helped him made sure he found his way to a rehabilitation center in Omaha. Since then, Harry hasn’t laid a foot inside a casino but unfortunately that was not the end to his problems.

The Harrah casinos eventually had to sue Watanabe since he refused to pay his millionaire debts. He agreed to pay part of it, since he felt that the Harrah casinos fueled his gambling problem by supplying him with copious amounts of alcohol. Employees at Harrah's say that Mr. Watanabe would sometimes lose up to $5 million a day and gamble for hours without sleep.

Luckily for Harry, the Casino decided to settle things outside of court: a confidential agreement was made a couple of weeks before the Watanabe’s trial and all claims from both parties were dropped. Harry has kept out of the public eye for a while ever since.

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