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Terrance Watanabe, a Nebraska businessman lost nearly $127 million during a year long gambling spree, believed to be the biggest losing streak in Vegas history.
Watanabe has admitted to wagering more than $825 million at Caesars Palace and the Rio Casino in 2007, resulting in the $127 million loss.
After paying the casinos over $100 million, charges were filed against Watanabe after he refused to pay the final $14 million. If convicted he could face up to 28 years in prison.
Last month the compulsive gambler filed a civil suit against Harrah’s Entertainment Inc, the parent company of both casinos alleging that they provided him generous amounts of alcohol and prescription painkillers to keep him playing.
Watanabe is claiming that the casinos are responsible for his losing streak by allowing him to gamble while intoxicated and for enticing him with substances that prevented him from knowing “what was going on.”
The Nevada Gaming Control Board has opened a separate investigation into the allegations. Allowing patrons to gamble while visible intoxicated is a violation of gaming regulations.
Watanabe’s losing streak is credited with providing Harrah’s Entertainment 5.6 percent of its total Las Vegas revenue last year.
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