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The $127 Million Gamble

by Minority Fortune

Terrance Watanabe manages to make the majority of our Grade F models look like lambs. In the span of just one year, the man has gambled away $127 million dollars of his personal fortune at Caesars Palace and Rio casinos in Las Vegas. While $112 million of the debts have been paid off, Watanabe is refusing to repay the remainder.

Watanabe argues that the casino reneged on its promise to reimburse a portion of its losses and that the casino also supplied him with drugs and alcohol. He believes that these aids were the cause of further losses. The parent casino company, Harrah’s Entertainment, denies the allegation and states that such action is against company policies. As a result, the two sides will battle it out in court.

Philanthropist Casino DebtIt doesn’t look good for Terrance Watanabe. The Wall Street Journal reports that the county clerk’s office has changed him with “four felony counts in district court for intent to defraud and steal from Harrah’s”. While we certainly hope he was drunk out of his mind to have loss $127 million, we doubt that will carry him far in court.

After all, we’re sure the courts will ask him some hard questions such as:

• It took you a year to lose $127 million. Why didn’t you stop long before your losses were so deep?
• Why did you keep giving your money to a casino that allegedly aided you in intoxication and pain relievers?
• Why don’t you have the casino’s promises in writing?

Terrance, the cards just won’t be stacked in your favor…again. You’re reason # 209,554,105,042 why gambling is bad.

*Images courtesy of Pete Ryan and Day Life.
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