Terrance Watanabe

Childhood

Terrance Watanabe was born into a business-oriented family, the son of Harry Watanabe, who founded Oriental Trading Company, a direct merchant of value-priced party supplies, arts and crafts, toys, novelties, and school supplies. While specific details about Terrance's childhood are limited in public records, his upbringing was undoubtedly influenced by his father's entrepreneurial spirit and business acumen.

Career

Terrance Watanabe's professional journey is primarily defined by his leadership at Oriental Trading Company and his subsequent gambling activities.

When Watanabe assumed the roles of president and part-owner of Oriental Trading Company in 1977, he demonstrated considerable business insight by strategically redirecting the company's focus. Under his leadership, the company transitioned from primarily serving carnivals to supplying party goods for churches, schools, retailers, and individuals. This pivotal shift proved to be remarkably successful, leading to substantial growth of the family business.

After over two decades at the helm, Watanabe made a significant career change in 2000 when he sold his stake in Oriental Trading Company to Los Angeles-based private equity firm Brentwood Associates. Following this transaction, he resigned from his positions as CEO and president, marking the end of his formal business career.

Gambling Activities

Following the sale of his company, Watanabe redirected his attention and financial resources toward gambling, eventually becoming known as one of the most notorious high rollers in Las Vegas history.

His gambling habits were characterized by extraordinary extravagance. In 2007 alone, Watanabe reportedly lost $127 million at Caesar's Palace and The Rio in Las Vegas, having wagered a staggering $825 million. His excessive gambling behavior ultimately led to his being banned from Wynn Las Vegas. Overall, Watanabe is estimated to have lost approximately $204 million through gambling activities.

Watanabe's status as an ultra-high-value customer led Caesars Rewards to create a special tier specifically for him called "Chairman," which ranked above their standard top-tier "Seven Stars" level. The casino group gave him extraordinary perks, including tickets to Rolling Stones concerts, $12,500 monthly allowances for airfare, and $500,000 in credit at gift stores. Additionally, Harrah's offered him 15% cash back on table losses exceeding $500,000, special high-limit games, and various other incentives.

Personal life

Information about Terrance Watanabe's personal life remains relatively private. What is known is that following the sale of his company in 2000, he briefly engaged in philanthropic activities before his involvement in high-stakes gambling consumed much of his fortune and attention.

In 2017, Watanabe publicly disclosed that he had been diagnosed with prostate cancer. The severity of his financial losses became evident when he initiated a GoFundMe campaign to raise $100,000 for a necessary medical operation.

Revenue

Watanabe's financial journey represents a dramatic rise and fall. While the exact figure he received from selling Oriental Trading Company to Brentwood Associates in 2000 is not publicly disclosed, it was substantial enough to fund years of high-stakes gambling.

His gambling losses, however, are well-documented. The estimated total of $204 million lost primarily at Las Vegas casinos represents one of the most significant gambling losses by an individual in history. In 2007 alone, his $127 million loss at Caesar's Palace and The Rio constituted a substantial percentage of the parent company's annual revenue, demonstrating his financial impact on the gambling industry.

Interesting facts

Caesars Rewards created a unique "Chairman" tier specifically for Watanabe, ranking above their standard highest tier "Seven Stars," reflecting his exceptional status as a high roller.

Watanabe's 2007 gambling activities were so substantial that his losses at Caesar's Palace and The Rio reportedly accounted for approximately 5.6% of the parent company's annual Las Vegas gambling revenue.

Despite his enormous gambling losses, Watanabe received extraordinary perks from casinos, including $12,500 monthly for airfare and $500,000 in credit at gift stores.

Foundation Media Partners acquired the rights to Watanabe's story in 2022, indicating potential interest in adapting his dramatic rise and fall for film or television.

Legacy

Terrance Watanabe's legacy is complex and multifaceted. In business circles, he is remembered for successfully expanding his father's company by strategically reorienting its focus toward broader markets. This business acumen demonstrated his capability as a strategic leader and entrepreneur.

In gambling history, however, Watanabe has become an infamous cautionary tale about the potential dangers of excessive gambling and addiction. His case has contributed to discussions about responsible gambling practices and the obligations of casinos toward individuals exhibiting problematic gambling behaviors.

The $225,000 fine imposed on Caesars Entertainment by the New Jersey Gaming Commission for allowing Watanabe to gamble while intoxicated has had regulatory implications for the industry, potentially influencing policies regarding the monitoring and management of high-value customers exhibiting signs of impairment or addiction.