Terrance Watanabe Net Worth

What Is Terrance Watanabe's Net Worth?

Terrance Watanabe is a former American businessman who at one time had a peak net worth of $500 million, but ultimately lost the vast majority of his fortune—reportedly over $200 million—due to an extreme gambling addiction. As of today, his net worth is likely negligible.

Watanabe is best known for his spectacular rise as the CEO of Oriental Trading Company, a Nebraska-based mail-order business his father founded in 1932. After taking over the company at the age of 20, he grew it into a $300 million-a-year party supply empire. In 2000, he sold his stake to private equity firm Brentwood Associates and stepped down from the business, intending to devote his life to philanthropy and personal enjoyment.

Unfortunately, Watanabe soon developed a severe gambling addiction that led to one of the most infamous losing streaks in Las Vegas history. A compulsive gambler, Watanabe famously lost most of his fortune at casinos in Las Vegas. During a very public and epic gambling run in 2007, Terrance ran through much of his personal wealth, losing up to $5 million per day gambling. Watanabe's downward spiral into gambling addiction and alcoholism resulted in losing $204 million in one year while gambling at Harrah's Entertainment, Inc. casinos, Caesar's Palace, and the Rio. Harrah's reported that 5.6% of its gambling revenues that year were from the losses incurred by Watanabe. He paid $112 million back but refused to pay the rest, prompting Harrah's to file criminal charges of fraud and theft against him. In July 2010, a settlement was reached between Harrah's Entertainment and Watanabe, resulting in a dismissal of both the civil and criminal cases.

Oriental Trading Company

In 1977, Watanabe became publicly recognized when he took over as president and part-owner of Oriental Trading Company, which was founded by his father, Harry, in 1932. Started as a gift shop in Omaha, Nebraska, it eventually expanded to multiple shops across the Midwest, providing value-priced party supplies, toys, arts and crafts, and novelties, as well as school supplies. In 2000, Terrance sold his entire stake in the company to Brentwood Associates, a Los Angeles-based private equity firm. He resigned as CEO and president and went on to pursue philanthropic endeavors. In 2006, the Carlyle Group acquired a 68% interest in the company. Four years later, Oriental Trading Company declared Chapter 11 bankruptcy protection. Subsequently, in 2012, it was acquired by the holding company Berkshire Hathaway.

(Photo by STEVE MARCUS, Licensed via LAS VEGAS SUN)

Gambling Losses

After cashing out of Oriental Trading, Watanabe began gambling at Harrah's Council Bluffs casino near his Omaha home. By 2005, he had graduated to the Las Vegas Strip, and his gambling habits intensified dramatically. His game of choice was blackjack, though he also played roulette and slot machines—games with some of the worst odds for players. He was frequently intoxicated, sometimes gambling for 24 hours straight while playing up to three $50,000 blackjack hands at once.

In 2007 alone, Watanabe reportedly gambled $825 million and lost a staggering $127 million at Caesars Palace and the Rio. After internal records were reviewed during legal proceedings, the final estimated loss was closer to $204 million—making it the largest single-year gambling loss by one person in Las Vegas history.

At one point, Harrah's gave Watanabe a 15% rebate on large losses, $12,500/month in airfare credits, a personal staff, and $500,000 in gift shop credit—all to keep him playing. His presence accounted for 5.6% of Harrah's total annual gaming revenue in Las Vegas that year.

Legal Aftermath

Watanabe eventually paid back $112 million of his debts, but refused to cover the remaining $14.7 million, alleging that Harrah's enabled and exploited his addiction by serving him alcohol and prescription drugs while he was visibly impaired. Harrah's responded by filing a criminal complaint in 2009, accusing him of fraud and writing bad checks. The case was dismissed in 2010, and both sides reached a confidential settlement during arbitration.

In a related matter, Caesars Entertainment was fined $225,000 by the New Jersey Gaming Commission for allowing him to gamble while heavily intoxicated, despite the incidents occurring in Nevada.

Life After Gambling

Following an intervention by his family in late 2007, Watanabe entered residential rehab and reportedly has not gambled since. He sold his Omaha mansion in 2008 for $2.66 million and moved to San Francisco. In 2017, he launched a GoFundMe campaign to raise money for cancer surgery, indicating that his once-enormous fortune had all but disappeared.

In 2022, media company Foundation Media Partners acquired the rights to his life story with plans for a film, book, and documentary exploring the psychological toll of gambling addiction and the culture of excess in Las Vegas casinos.

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