Terrance Watanabe Net Worth
Terrance Watanabe net worth: Terrance "Terry" Watanabe is an American businessman who has a net worth of $150 million dollars. Terrance Watanabe was born in Omaha, Nebraska, the son of Harry Watanabe, founder of the Oriental Trading Company, Inc. When he was 20 years old, Watanabe became CEO of the plastic party favor and trinket company and expanded the Nebraska based business into a thriving $300 million dollar a year mail-order party supply, favors, and decoration business. In 2000, Watanabe sold his entire stake in the company to Los Angeles-based firm Brentwood Associates, and resigned as CEO and President. During a very public and epic gambling run in 2007, Watanabe ran through much of his personal wealth, losing up to $5 million dollars 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 Watanabe. In July 2010 a settlement was reached between Harrah's Entertainment and Watanabe resulting in a dismissal of both the civil and criminal cases.