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Legal suit between biggest loser in History and Harrah’s close to resolution

The July 11, 2023, By Zane Plate

A gambler who accused Harrah’s Casino of plying him with drugs and alcohol, thus contributing to his staggering $127 million debt is nearing close to a legal settlement with the casino.

When the deal is signed, it will end a legal dispute that has been simmering in Nevada for the past year. Harrah’s claim that the gambler, Terrence Watanabe, still owes the casinos sums well over $14 million in gambling debt. In return, Mr. Watanabe claims that he should not be held liable for the losses, as he was goaded into played by the casinos’ employees, who plied him with both drugs and alcohol, making him play more, and lose more.

As part of the agreement announced on Thursday, both sides agree to withdraw their competing civil suits pending binding arbitrations. The arbitration process will remain confidential, Harrah's said in a statement.

The Clark County district attorney also agreed to drop the felony charges it had brought up against Mr. Watanabe related to his gambling debt. In Nevada, failure to pay off gambling debts is considered a punishable criminal felony.

Mr. Watanabe suffered what is believed to be the biggest losing streak in Las Vegas history. The Omaha, Neb., businessman, who grew rich from the sale of his family's party trinket empire, Oriental Trading Co., spent most of 2007 gambling in Las Vegas while living in a three-bedroom suite in Caesars Palace, a casino owned by Harrah's.

Separately, the Nevada Gaming Control Board has said it is investigating whether or not Harrah's violated state gambling regulations that say casino employees must remove a gambler who is clearly intoxicated. The issue was brought to the attention of the board by Mr. Watanabe's attorney.

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