Las Vegas worst losing streak
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Terrance Watanabe started running Oriental Trading – one of the first American wholesale trading companies – at the age of 15. The business was founded by his father and survived the hardships of WWII. But it was Terrance’s talent in management and his marketing innovations that led the company to true prosperity: the operations have grown by 3 times, and Oriental Trading became the largest provider of goods for parties in the USA.
In a 2000’s interview, Terrance declared that the time had come for him to retire. He wasn’t bluffing: soon after that, when his company’s annual income had exceeded $300 million, the boss sold his shares.
In another interview, Mr. Watanabe confided that his retirement plans are charity and savouring life. He kept his word and made a lot of generous donations to people in need and contributed to various funds. However, the slow-paced life of a retired person got boring very soon. Terrance was looking for new things and experiences; he opened a restaurant to close it down almost immediately.
In search of dopamine, Terrance turned to gambling. He started off at a casino, Harrah’s in Iowa located near his house. Mr. Watanabe became a regular customer very soon, but during the first year, he managed to gamble and lose moderately.
The situation changed in 2005, when he began frequenting Las Vegas and, in addition to his gambling dependency, took up drinking strong liquor.
In the beginning, Terrance was gambling at the Wynn casino. The high-roller quickly attracted the attention of the owner. After watching the gambler for a while, Steve Wynn invited Mr. Watanabe for a talk. The casino owner told Terrace that his name had been blacklisted, and it was nothing else but an attempt to help. In his opinion, alcohol and gambling addictions were the reason why Watanabe couldn’t deal healthily with casino losses.
Unfortunately, Steve Wynn was the only ethical casino owner who crossed Mr. Watanabe’s way. All the rest of them were happy to welcome a wealthy problem gambler to their flashy, ringing halls and watch him lose one thousand after another at their tables. The top managers of all Vegas casinos knew their hero by sight and treated him like royalty. In their defense, this is a standard service strategy for high rollers: call them VIP, pay for their hotel rooms and drinks, book shows, sports events, and concerts to have an excuse to call and invite them to your city.
In the future (Spoiler Alert, by the way), when the case of Vegas’ worst losing streak was taken to court, the investigation brought some numbers to light. Mr. Watanabe had been receiving 15% cashback on all the losses over $500 thousand. Plus, Vegas casinos had spent $12.5 thousand on his flights and gave him a $500 thousand worth credit card as a gift. Personal bartenders serving the most expensive spirits, honorable VIP titles, beautiful life at its finest – the mutual friendship between the wealthy addicted gambler and Vegas casinos ended in 2009.
Terrance went to court claiming that the casino owners had been taking advantage of him while knowing about his gambling addiction. Watanabe’s attorneys stated that the top management of every casino had been praying for the appearance of the unhinged player at their doorstep. Some casino employees confirmed that their supervisors ordered them to serve Terrance more free alcohol even when the player was more than three sheets to the wind.
Watanabe was the most desirable casino guest not only because of his high bets; his game choice was another gift to the House. Terrance would usually go for Roulette, slot machines, and Keno – the worst games in terms of winning odds, the best – for the casino advantage.
Most probably, Watanabe was no saint either, but the huge role casinos played in increasing his losses is undeniable.
The employees revealed that he would gamble for 24 hours and lose up to $5 million in one sitting. The managers allowed opening Blackjack tables with fearfully high bet limits (up to $50 thousand) upon Terrace’s request and giving him loans.
In the end, Watanabe and Vegas casinos withdrew their mutual lawsuits and came to an agreement. The financial dispute was resolved one-on-one, but the casino had to pay a $225 thousand fine for letting the intoxicated customer gamble. According to Terrance’s sister, he went to a casino in 2008 for the last time and, after that, started seeking psychological help to treat the gambling addiction.
What we are doing here is trying to point out how hard it is to keep a cool head and stay in control of your emotions and budget when dealing with games of chance and uncertainty, triggering dopamine rushes in the brain. Getting hooked is easy, especially now, when the gambling world has gone virtual and mobile. Online casinos have brought even more temptations: 24/7 availability, no deposit bonus offers, an unlimited choice of games, and their compelling graphics and sounds.
Never forget that gambling must always remain an entertainment: as soon as the fun stops, stop. Gamble responsibly and read up on the matter.
