Summary
Highlights
Terence Watanabe, born in 1957, took over his father's company, Oriental Trading Company, at age 20. He grew the business significantly by shifting its focus to party products, generating $25 million per month. However, his life was consumed by work, leaving him with little experience outside of it.
At 43, Terence sold his share of the company in October 2000, aiming for a charitable and fun retirement. He created the Terry K. Watanabe Charitable Trust, donating millions to AIDS and cancer research, and political causes. Despite his philanthropic efforts, he found little satisfaction and became restless. Business ideas failed, and he began spending large amounts of money on luxury items, including a lavish home.
Terence's new hobby became gambling, starting at the Caesar's Horseshoe Casino in Council Bluffs, Iowa. Casino hosts encouraged him to play at Las Vegas casinos like the Rio. His gambling intensified in Las Vegas starting in 2005, coupled with a severe drinking habit, often consuming expensive vodka.
By 2006, billionaire Steve Wynn, owner of the Wynn Las Vegas, identified Terence as a "compulsive gambler and alcoholic" and banned him. Terence then took his business to Caesar's Palace, where marketing executives offered him highly advantageous arrangements including significant comps, rebates, credit, free luxury suites, and constant attendance to cater to his needs.
With no intervention, Terence's gambling habit spiraled. He would stay at tables for up to 24 hours, losing millions in a single sitting. He was allowed to play three blackjack hands simultaneously, often making poor decisions. Employees noted his disorientation, stumbling, and falling asleep at tables. He preferred games with low odds like roulette and slots. By Thanksgiving 2007, he had lost an astounding $127 million in 11 months.
Despite his massive losses, Caesars gave him a $17 million loan. By January 2008, he sold his Omaha mansion, but it was too late. He had lost over $204 million in three years, the most in Las Vegas history. Still owing the casino $14.7 million, Terence blamed Caesars, alleging they plied him with alcohol and prescription drugs to keep him gambling despite his intoxication, leading him to sue the casino.
Caesars defended their actions, stating they were in the gambling business and Terence made adult decisions. They subsequently launched criminal proceedings against him for the unpaid debt. Both parties eventually dropped their lawsuits. However, Terence's life never recovered. In 2017, he announced he had prostate cancer, seeking crowdfunding for treatment. He later joined Twitter in 2020, expressing a desire to live a good life and help others by sharing his story, taking responsibility for his past mistakes.