Man sues casinos because he lost $127 million

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GamblerLAS VEGAS: 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.

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

The rest of the story.

via

Two words:  Tough Shit!

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11 thoughts on “Man sues casinos because he lost $127 million”

  1. Are tobacco companies responsible for people smoking? Gambling can be a clinical addiction, and is an exploited human weakness. Perhaps it’s time someone started the ball rolling.

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  2. I have little sympathy for gamblers that lose money – that’s what the gambling part is: You might win or you might (most probably) lose. But come on – that’s a ten million a month!!!
    Even I would have kicked him out for his own good after the first 20 mill.
    Jesus, I would have kicked myself out after that. “You just lost 20 million, perhaps it’s time to admit that you’re really sh|t at this gambling malarkey.”

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  3. Party favor money? Happy come–Happy go. (that’s also a kin of one of my least favorite quotes). I just realized it AND used it. There!

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  4. We are supposed to feel sorry for him. Like: “I am an alcoholic; I’m sick” (No you’re a drunk) “I am an over-eater; I’m sick” (no you’re just fat) “I gamble beyond my means; I’m sick” (No, you’re just greedy).
    It comes down to lack of self control. I can not feel sorry for any of them.

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  9. You know, this one kind of bugs me. I’m not saying that he should get a dime back from the casino but where does the responsibility or rationalization stop. When I read that:
    “Nevada treats unpaid gambling debt as a criminal matter handled by the District Attorney’s bad-checks unit. Most defendants agree to pay the debt through a payment plan before charges are filed, with around 10% tacked on to fund the D.A. unit. Clark County, which encompasses Las Vegas, prosecutes roughly 200 cases involving gambling debts a month, says Bernie Zadrowski, who runs the bad-checks unit.”
    I wonder if they should keep lending them money or should they stop the addiction. We’re talking a massive amount of money here. A whale. And they are encouraging the Whale.
    When I read: “But a report by the Productivity Commission has recommended that laws be created to allow gamblers to sue venues that encourage them to play despite knowing they have an addiction.”
    Responsible gambling and responsible drinking.
    BUT: “Other employees recall Mr. Watanabe stumbling around and dozing off at casino tables, some of which were located next to a nightclub blaring loud music.” Because: “State regulators have the authority to fine casinos for letting people gamble who are visibly intoxicated, but such fines haven’t been levied, says Brian Duffrin, executive secretary to the Nevada Gaming Control Board and the Nevada Gaming Commissions.”
    The quotes are via Jonco’s & tdc’s links.
    It justs smells really dirty to me.

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  11. My god! This is why I stand by what I say that when I die my kids wont get a penny. One of the most awful things in the world is inherited money. Because the people who inherit it will just blow it all. Like the owner of the company I work for. He inherited it and a few million, I have no idea how they stay in business.

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