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The tragic case of Terry Watanabe
Below is an incredible story about a smart, savvy businessman who refuses to live up to his shortcomings and thereby mistakes. I would like it be known, prior to commencement, that this is a very unfortunate and touchy issue as Mr. Terry Watanabe obviously has a problem with addiction for which counseling should be necessary. However, one can’t help but chuckle at the obscurity of this lawsuit.
“Terry Watanabe has filed a law suit against Harrah’s Entertainment Inc.
Millionaire Terrance Terry Watanabe has filed a law suit against Harrah’s Entertainment Inc. on Thursday November, 19. The complaint filed against Harrah’s state that the company and its employees had a secret intentions to ’siphon off his fortunes’. And why did he file such a complaint? The story is long and has a complex history.
Terry Watanabe believes that Harrah’s and its employees exploited his gambling addiction to drain off his wealth from him. The series of incidents, based upon which Watanabe filed the law suit, dates back to 2007. Before that he owned Oriental Trading Co. from his father. Terry sold the company at $300 million in 2000. Terry, who was gambling addict, used to gamble at Wynn Casinos in Las Vegas. He lost $21 million in gambling at Wynn casino tables. The Wynn owners, Steve Wynn, called him and asked him to leave the Wynn Casinos. The news of Terry Watanabe spread in the Sin City like fire. That’s when Terry’s connection with Harrah’s developed.
Harrah’s marketing executive met with Terry Watanabe and made an agreement with him. According to the agreement, Harrah’s would give him three bedroom palazzo, $3 million of credit line, tickets to Rolling Stones concerts, and 15% cash back on monthly gambling losses of $500,000 or above. Watanabe agreed with the terms and started gambling at the gambling tables of Rio and Caesar Palace, properties of Harrah’s Entertainment.
Terry Watanabe was addicted to gambling and his alcohol consumption was also increasing every day. He was mentally and physically becoming incapable of playing the games but the executives at the Casinos tailored the table rules for him to make him continue playing. Watanabe accuses Harrah’s that it had a ’secret intention’ to draw my fortune and made me played the game even when he was physically and mentally incapable. Watanabe says that some of the employees were responsible only for making me play the game even when he was falling asleep at the table. Terry Watanabe lost $112 million at the Harrah’s casinos.” (source)
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[...] George S. May Business Blog » The tragic case of Terry Watanabe [...]
To say that Terry Watanabe was born with a “silver spoon in his mouth” and “refused to take responsibility for anything” is untrue and completely without basis.
I have known Terry for some years and have had many long conversations with him. At the age of 19 his father died, leavig him the small family gift business. Far from inheriting his wealth, Terry built that business up through 30 years of hard work into one of America’s largest mail order companies.
Terry was also a very generous individual. He helped many charitable organizations. Each year on Halloween, less well off families from the Omaha area were all invited to his home for a special party. He donated generously to a range of charities including medical causes such as HIV/AIDS.
It is a very sad predicament in which Terry finds himself. It is easy to judge people, but rather than “chuckle” at his misfortune, you should have some sympathy for a man who did so much for so many.
Oliver,
First and foremost, thank you for your post. All posts negative, positive, encouraging or discouraging are welcomed, and moreover appreciated, on this site.
Now let me try to address everything you mentioned above.
The term “silver spoon in his mouth” is, obviously, ambiguous and as a result can have many different interpretations. Never did I intend to debase the business savvy and early accomplishments of Mr. Terry Watanabe.
In order to eliminate any misinterpretation of my article about Mr. Watanabe I have removed both of those above statements.
I completely agree that Mr. Watanabe is a charitable man and respect him for work and generous donations. I’m pretty sure that Harrah’s and the Wynn agree.
I agree that it is a very sad predicament for Mr. Watanabe. That is why the sentence “In truth, this is very unfortunate as Mr. Terry Watanabe obviously has a problem with addiction for which major counseling is necessary” was included in the second line of the post.
What I will not have, however, is sympathy for a man who drinks and gambles away his money and then expects it back. The entire case is ludicrous, to the point that as unfortunate as it must be for a man who seemingly has lost it all, it is a bit laughable. Nobody is having a “chuckle” at Mr. Wantanabe’s misfortunes. The “chuckle” stems from the fact that he actually thinks he can get his money back. Or maybe he doesn’t, but the mere fact that he has even attempted to put a lawsuit on a casino for taking his money is a joke.
Thank you again for visiting the blog and if you would like any information on the charities that George S. May has created and/or supports please visit http://www.gsmfoundation.org
I cannot vouch for what Terry Watanabe did or did not do in Las Vegas, nor for whether Harrahs and other industries that thrive on addictions did or did not do to encourage his alleged behavior. I can only vouch to what I believe is his true character, that which I witnessed in moments of absolute sobriety as he spoke with colleagues and me about the importance of his charitable work, especially as it related to HIV/AIDS. I wish him luck in his recovery, both personally and financially.
Oliver your facts are not totally correct. Terry was not 19 yrs old when his father passed away. I worked for Terry for many years. He was a very fun, generous man, but i think he was at least 26 when his dad died. However he did take over the family business at probably 19 as his father was ill. Terry made the company what it was. I wish him all the very best, and I hope he wins this case with Harrah’s. I think they took advantage of him with alcohol and drugs.