Gambler Who Lost $127m Settles Out of Court

By: Chris Woodgate Date: 9th July 2010

Harrah's seetles case out of court

A gambler who lost an estimated $127 million (£83.7m) at two Harrah’s Casinos has managed to settle out of court over his unpaid debt.

Terrence Watanabe, 53 wagered an astounding $825m (£544m) in two Vegas hotels: Caesars Palace and Rio. He ended up losing $127m (£83.7m) in the Harrah's Entertainment Inc. owned casinos, with a UK national newspaper claiming he lost $5m (£3.3m) in one day alone!

According to The Wall Street Journal, Watanabe's was solely responsible for around 5.6% of Harrah's Group total 2007 gambling revenue.

Once wealthy, Mr Watanabe refused to pay the $14.75m (£9.7m) that was still outstanding, claiming that casino staff plied him with booze and drugs to make him lose the amounts he did. It is of course illegal for casinos to allow anyone who is clearly “under the influence” to continue gambling.

After over a year of “I'm suing you, I'm counter-suing you”, yesterday saw the end of the criminal charges and civil lawsuits, with Watanabe's attorneys and the prosecution having reached a “confidential settlement”.

According to prosecutor Bernie Zadrowski: "Given the settlement that had been worked out, the state is satisfied that justice is served

A statement from Harrah's Entertainment said: "Harrah's Entertainment and Mr. Watanabe have agreed to a framework for resolving all outstanding issues between themselves."