Terry Watanabe on Gambling Away $350 Million Fortune
Update: 2025-11-14
Description
Terry Watanabe, who inherited his father's import business, Oriental Trading Company, and expanded it to $300 million in revenue by 2000, lost his entire $350 million fortune to gambling addiction. He started gambling in his 20s and escalated to losing $120 million in a year at Caesar's Palace, contributing significantly to their revenue. Watanabe's excessive gambling led to a $15 million credit from Harrah's, which he lost, resulting in criminal charges. He faced multiple rehabs and legal battles, eventually settling out of court. Watanabe now lives on Social Security and plans to write a book and documentary about his experiences.
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