The Gambler Who Blew $127 Million

http://online.wsj.com/article/SB125996714714577317.html


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.

Terrance Watanabe, 52, is believed to have the biggest losing streak in Las Vegas
history, losing $127 million dollars in one year. Mr. Watanabe, who now lives in the
Bay Area, stands near the entrance to Stanford University on Dec. 3, 2009.

Today, Mr. Watanabe and Harrah's are fighting over another issue: whether the
casino company bears some of the responsibility for his losses.


What do you think?

I think he's a moron.

Originally posted by Seitse
http://online.wsj.com/article/SB125996714714577317.html


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 ...[text shortened]... casino company bears some of the responsibility for his losses.


What do you think?

If convicted, Mr. Watanabe faces up to 28 years in prison

That sounds a bit excessive. 😕

Originally posted by Palynka
If convicted, Mr. Watanabe faces up to 28 years in prison

That sounds a bit excessive. 😕

Maximum sentences always sound ridiculous and bear little relationship to reality.

For example, wire fraud carries a maximum penalty of 5 years in prison. So, if someone is indicted for 20 counts of wire fraud based on a series of confidence schemes, the idiots on the media will say "Mr. X, if convicted, faces a maximum sentence of 100 years in prison."

In reality, sentences are based on the amount stolen and, in federal court, are based on the Federal Sentencing Guidelines; not on the statutory maximums.

Originally posted by sh76
Maximum sentences always sound ridiculous and bear little relationship to reality.

For example, wire fraud carries a maximum penalty of 5 years in prison. So, if someone is indicted for 20 counts of wire fraud based on a series of confidence schemes, the idiots on the media will say "Mr. X, if convicted, faces a maximum sentence of 100 years in prison."

...[text shortened]... federal court, are based on the Federal Sentencing Guidelines; not on the statutory maximums.

You're on to something here. Could it be that the judicial system is in league with the media moguls in order to increase the number of eye-catching headlines? 😲

Originally posted by Seitse
http://online.wsj.com/article/SB125996714714577317.html


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 ...[text shortened]... casino company bears some of the responsibility for his losses.


What do you think?

Sounds like that company should have had a bean counter with the keys to the safe.

Originally posted by AThousandYoung
Sounds like that company should have had a bean counter with the keys to the safe.

It is a shame. I used to order from Oriental Trading all the time. They sold these mostly useless trinkets; but they were so darn cheap!

I still have some of the ping pong balls that I bought in, I believe, 1992 (give or take). A gross (144) cost me $9.