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Wednesday, December 09, 2009

This is quite scary:
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.

In a civil suit filed in Clark County District Court last month, Mr. Watanabe, 52 years old, says casino staff routinely plied him with liquor and pain medication as part of a systematic plan to keep him gambling.

It's scary because there were no signs of such behavior during Watanabe's early life. His fortune was not inherited. He joined his father's business when he was 15 and slowly built an empire. To transform a small toy store to a $300 million conglomerate requires not only extraordinary business acumen but also discipline and control - something that's not found in addictive gamblers. And then such a sudden descent in this manner, as if someone with no monetary orderliness won a lottery and decided to bungle it up, shakes me.

PS: Read the whole article, it's very good reporting.


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