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Part 4: Terry Watanabe on Spending $800M Gambling, Casino Not Cutting Him Off, Reveals He's Gay
Part 1: Terry Watanabe on Becoming CEO of His Dad's Company at 20, Selling the Business for $400M
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Terry Watanabe, once a multi-millionaire casino owner, revealed the harrowing ordeal behind losing $350 million gambling over three years. During an interview, Watanabe shared how he racked up $112 million in losses at Harrah's Casino, which extended him $14.7 million in credit. This led to criminal charges filed against him in Clark County in 2009 for defrauding the casino, carrying a potential 28-year prison sentence. Watanabe pled not guilty and countered with a civil lawsuit alleging the casino enabled his addictions by providing liquor and pain medication.
The controversy escalated as Nevada’s gaming board investigated Harrah’s conduct. Ultimately, all criminal charges were dismissed by 2010 after a confidential settlement. Despite losing his entire fortune and facing possible prison time, Watanabe expressed mixed emotions about the outcome. The case also exposed how casinos profit millions even when patrons are vulnerable, as Caesars Entertainment was later fined just $225,000 for allowing Watanabe to gamble while intoxicated.
