The Sat./Sun. edition of the World Street Journal featured a
long article about an alleged compulsive gambler who blew
$147 Mill, during a year long gambling binge at CP and the Rio
in 2007. The article states that this is believed to be the
largest losing streak, by one individual in the history of LV.
A Nebraska businessman, Terrance Watanabe, is now suing Harrahs
over the issue of whether Harahs bears some of the responsibility
for hus losses. Mr. W. alledges that casino employees "plied him
with booze and prescription meds, as part in an effort to induce
him to continue gambling. Harrahs is counter-suing, charging that
Mr. W. owes them $14.7 Mill in uncollected losses, after they
extended him credit.
The article states that some current and former Harrah's employees
allowed Mr. W. to continue betting when he was "visibily intoxicated",
despite casino rules and NV law which stipulate against this.
The employees say that feared loss of their jobs if they discouraged
Mr. W. from gambling further.
The article mentions that Harrahs created a special tier, in their
Total Rewards program, called "Chairman", for the exclusive use of
Mr. W. This designation entitled him, among other luxury perks, to
stay in a three bedroom suite at CP, with round the clock servants
and catered meals from Bradley Ogdens. He also alleges that Harrahs
offered him $12,500 a month for airfare, a $500K credit in the gift shops. and the promise of 15% cash back on losses he sustained over
$500K. Mr. W. now alleges that Harrahs later rolled back those
terms.
In 2006, prior to gambling at Harrahs, Mr. W. gambled primarily at
Wynn, where his heavy action brought him to the attention of Steve
Wynn. The article states that after Mr. Wynn met with him, he concluded that Mr. W. was a compulsive gambler and an alchoholic,
and barred him from the casino. After, that Harrahs made him offers
to gamble at their properties. A Harrah's VP stated that it was not
their understanding that he was barred from from Wynn because of
a gambling problem.
Harrah's officials allege that Mr. W.'s statements should be viewed
in the prospective that the Clark County DA's office has charged him
with four felony counts of intention to defraud and steal from
Harrahs, steming from the alleged $14.7 Million which the casino extended to him in credit, and has not recovered. If Mr. W. is convicted on those charges, he potentially faces a prison term pf
up to 28 years!
The entire article can be read online at wsj.com.
It will be interesting to see how this plays out in the courts.
~Babe~