Terrance Watanabe (born 1962) is an American businessman who inherited Oriental Trading Company, a direct merchant of value-priced party supplies, arts and crafts, toys and novelties and school supplies founded by his father Harry Watanabe. Terrance was known for the large amounts of money he wagered at Las Vegas casinos.
- The Oriental Trading
- Google Oriental Trading Company
- Oriental Trading Company Crafts
- Chinese Oriental Trading Company
- Oriental Trading Company
Business background[edit]
In 1977, Terry Watanabe became president and part owner of Oriental Trading Company shifting the focus from carnivals to supplying party goods for churches, schools, retailers, and individuals.
The Oriental Trading
ORIENTAL TRADING INC. I established ORIENTAL TRADING INC. In 2012 and have been successfully expanded. Now we are dealing with various kinds of products between Japan and Asian countries. I think the 'Overseas' becomes more and more important for Japanese. I will make every effort to contribute for Japan and Asian countries. Terrance Watanabe, is a business man that inherited a small fortune from his father, and is now the CEO of a company his fathered started in the 1930's, the Oriental Trading Company. But he isn't known for his business exploits. Nebraska-born businessman Terrance Watanabe has an estimated net worth of $150 million. He built his fortune through his inheritance of the Nebraska-based Oriental Trading Co. It was founded by his father, Harry Watanabe, as a gift shop that sells party favors and trinkets in 1932. Since then, the company has expanded to 17 shops in the Midwest.
In 2000, Watanabe sold his entire stake in the company to Los Angeles-based private equity firm Brentwood Associates, and resigned as CEO and President.[1][2] He became a philanthropist,[3] but subsequently lost most of his fortune gambling in Las Vegas.[4]
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Gambling habits[edit]
After selling his company, Watanabe became known for his lavish gambling habits. In 2007, he was reported to have lost $127 million at Caesar's Palace and The Rio in Las Vegas after having gambled a total of $825 million. He was banned from Wynn Las Vegas for compulsive gambling. Watanabe is estimated to have lost approximately $204 million.[5][6]
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Caesars Entertainment Corporation was fined $225,000 by the New Jersey Gaming Commission for allowing Watanabe to continue gambling in a highly intoxicated state, though Watanabe's losses occurred in Las Vegas. Caesars alleges that Watanabe 'was using marijuana and/or cocaine and made sexual advances toward employees'.[7]Caesars Rewards created a special tier for him known as 'Chairman' which ranks above 'Seven Stars'. Watanabe received 'tickets to the Rolling Stones, $12,500 a month for airfare and $500,000 in credit at the gift stores. Harrah's also offered 15% cash back on table losses greater than $500,000, special high-limit games and other incentives'.[2]
References[edit]
- ^'Metro/Region'. Omaha.com. Archived from the original on 2013-01-30. Retrieved 2010-09-28.
- ^ abBerzon, Alexandra (December 5, 2009). 'The Gambler Who Blew $127 Million'. Wall Street Journal. Retrieved 2011-02-09.
- ^Riedel, David (2010-05-26). 'Gambling Philanthropist Loses More Than $200 Million'. CBS News. Retrieved 3 October 2019.
- ^Weisenthal, Joe (December 6, 2009). 'Meet The Man Who Blew $127 Million And Most Of His Family's Fortune Gambling In Vegas'. Retrieved November 20, 2018.
- ^Sheldon, David. 'What Happens to the Biggest Gambling Losers?'. Casino.org. Retrieved 9 September 2019.
- ^Guill, James (2013-09-27). 'Poker's Greatest All-Time Whales: Terrance Watanabe'. Pokerlistings. Retrieved 9 September 2019.
- ^Pempus, Brian (2013-03-21). 'Caesars Fined $225K Over Not Kicking Out Belligerent High-Roller On Historic Losing Streak'. cardplayer.com. Retrieved 9 September 2019.
Terrance Watanabe (born 1962) is an American businessman who inherited Oriental Trading Company, a direct merchant of value-priced party supplies, arts and crafts, toys and novelties and school supplies founded by his father Harry Watanabe. Terrance was known for the large amounts of money he wagered at Las Vegas casinos.
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Business background[edit]
In 1977, Terry Watanabe became president and part owner of Oriental Trading Company shifting the focus from carnivals to supplying party goods for churches, schools, retailers, and individuals.
Google Oriental Trading Company
In 2000, Watanabe sold his entire stake in the company to Los Angeles-based private equity firm Brentwood Associates, and resigned as CEO and President.[1][2] He became a philanthropist,[3] but subsequently lost most of his fortune gambling in Las Vegas.[4]
Gambling habits[edit]
After selling his company, Watanabe became known for his lavish gambling habits. In 2007, he was reported to have lost $127 million at Caesar's Palace and The Rio in Las Vegas after having gambled a total of $825 million. He was banned from Wynn Las Vegas for compulsive gambling. Watanabe is estimated to have lost approximately $204 million.[5][6]
Caesars Entertainment Corporation was fined $225,000 by the New Jersey Gaming Commission for allowing Watanabe to continue gambling in a highly intoxicated state, though Watanabe's losses occurred in Las Vegas. Caesars alleges that Watanabe 'was using marijuana and/or cocaine and made sexual advances toward employees'.[7]Caesars Rewards created a special tier for him known as 'Chairman' which ranks above 'Seven Stars'. Watanabe received 'tickets to the Rolling Stones, $12,500 a month for airfare and $500,000 in credit at the gift stores. Harrah's also offered 15% cash back on table losses greater than $500,000, special high-limit games and other incentives'.[2]
Oriental Trading Company Crafts
References[edit]
Chinese Oriental Trading Company
- ^'Metro/Region'. Omaha.com. Archived from the original on 2013-01-30. Retrieved 2010-09-28.
- ^ abBerzon, Alexandra (December 5, 2009). 'The Gambler Who Blew $127 Million'. Wall Street Journal. Retrieved 2011-02-09.
- ^Riedel, David (2010-05-26). 'Gambling Philanthropist Loses More Than $200 Million'. CBS News. Retrieved 3 October 2019.
- ^Weisenthal, Joe (December 6, 2009). 'Meet The Man Who Blew $127 Million And Most Of His Family's Fortune Gambling In Vegas'. Retrieved November 20, 2018.
- ^Sheldon, David. 'What Happens to the Biggest Gambling Losers?'. Casino.org. Retrieved 9 September 2019.
- ^Guill, James (2013-09-27). 'Poker's Greatest All-Time Whales: Terrance Watanabe'. Pokerlistings. Retrieved 9 September 2019.
- ^Pempus, Brian (2013-03-21). 'Caesars Fined $225K Over Not Kicking Out Belligerent High-Roller On Historic Losing Streak'. cardplayer.com. Retrieved 9 September 2019.