Terrance Watanabe (born 1957) is an American businessman and high roller who inherited Oriental Trading Company, a direct merchant of value-priced party supplies, arts and crafts, toys and novelties and school supplies founded by his father Harry Watanabe. Terrance was known for the large amounts of money he wagered at

Las Vegas Las Vegas (; Spanish for "The Meadows"), often known simply as Vegas, is the 25th-most populous city in the United States, the most populous city in the state of Nevada, and the county seat of Clark County. The city anchors the Las Vegas ...

casinos.

Business background

In 1977, Terrance Watanabe became president and part owner of Oriental Trading Company shifting the focus from carnivals to supplying party goods for churches, schools, retailers, and individuals. In 2000, Watanabe sold his entire stake in the company to

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...

-based

private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a ty ...

firm

Brentwood Associates Brentwood Associates is a private equity firm in the US with groups focusing on leveraged buyout. The firm, which is based in Los Angeles, was founded in 1972. Their most recent fund was a $1.15bn fund raised in 2017. The venture capital group ...

, and resigned as CEO and President. He became a philanthropist, but subsequently lost most of his fortune gambling in Las Vegas.

Gambling habits

After selling his company, Watanabe became known for his lavish gambling habits. In 2007, he was reported to have lost $127 million at Caesar's Palace and

The Rio The Rio is a hotel and casino near the Las Vegas Strip in Paradise, Nevada, United States. It is owned by Dreamscape Companies LLC and operated by Caesars Entertainment. It includes a casino and 2,520 suites. It features a Brazilian theme base ...

in Las Vegas after having gambled a total of $825 million. He was banned from Wynn Las Vegas for compulsive gambling. Watanabe is estimated to have lost approximately $204 million.

Caesars Entertainment Corporation Harrah's Entertainment (later named Caesars Entertainment Corporation, previously The Promus Companies) was an American casino and hotel company founded in Reno, Nevada, and based in Paradise, Nevada, that operated over 50 properties and seven go ...

was fined $225,000 by the New Jersey Gaming Commission for allowing Watanabe to continue gambling in a highly intoxicated state, though Watanabe's losses occurred in Las Vegas. Caesars alleges that Watanabe "was using marijuana and/or cocaine and made sexual advances toward employees".

Caesars Rewards Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corporat ...

created a special tier for him known as "Chairman" which ranks above "Seven Stars". Watanabe received "tickets to the

Rolling Stones The Rolling Stones are an English Rock music, rock band formed in London in 1962. Active for six decades, they are one of the most popular and enduring bands of the album era, rock era. In the early 1960s, the Rolling Stones pioneered the g ...

, $12,500 a month for airfare and $500,000 in credit at the gift stores. Harrah's also offered 15% cash back on table losses greater than $500,000, special high-limit games and other incentives".

References

{{DEFAULTSORT:Watanabe, Terrance 1962 births Living people American people of Japanese descent American businesspeople American gamblers