Net Worth Ranker
What Is Terrance Watanabe’s Net Worth?
Terrance “Terry” Watanabe is an American businessman who once had a peak net worth estimated at $500 million. However, due to significant gambling losses, his net worth has substantially decreased. While sources vary, several reports from 2023 and 2024 estimate Terrance Watanabe’s net worth to be around $150 million.
Oriental Trading Company and Early Business Ventures
At the age of 20, Watanabe took over as CEO of Oriental Trading Company, a plastic party favor and trinket business founded by his father, Harry Watanabe, in 1932. Initially a gift shop in Omaha, Nebraska, the company expanded across the Midwest, offering value-priced party supplies, toys, arts and crafts, novelties, and school supplies. By 1977, when Terrance became president, he shifted the company’s focus to supplying party goods for churches, schools, retailers, and individuals, moving away from its carnival roots. Under his leadership, Oriental Trading Company became a $300 million per year mail-order enterprise. In 2000, Watanabe sold his stake in the company to Brentwood Associates, a Los Angeles-based private equity firm, and resigned as CEO and President.
Gambling Losses and Legal Aftermath
After selling Oriental Trading Company in 2000, Watanabe became known for his gambling habits. In 2007, he reportedly lost $127 million at Caesars Palace and the Rio in Las Vegas, gambling a total of $825 million. Watanabe was known to gamble for as long as 24 hours a day, playing three $50,000 hands of blackjack simultaneously, losing up to $5 million daily. His estimated overall gambling losses totaled around $204 million, marking one of the biggest losing streaks in Las Vegas history. Consequently, he was banned from Wynn Las Vegas.
His gambling losses led to legal and financial troubles. Caesars Entertainment Corporation was fined $225,000 by the New Jersey Gaming Commission for allowing Watanabe to gamble while severely intoxicated. Allegations arose that Watanabe used marijuana and cocaine and made sexual advances toward employees. Caesars sued him, and felony charges were filed for theft and writing bad checks. However, it was revealed that casinos provided Watanabe with alcohol, including special vodka imported from Russia, food, drugs, and other services to encourage him to continue gambling, as his activity significantly contributed to their revenue. In July 2010, a settlement was reached out of court, and all charges were dropped. Watanabe reportedly paid $100,000 of his outstanding gambling debt of $14.7 million.
Net Worth Fluctuations and Estimates
Terrance Watanabe’s peak net worth was approximately $500 million before his significant gambling losses in Las Vegas. His losses in 2007 alone amounted to $127 million at Caesars Palace and the Rio. In 2007, Watanabe’s gambling losses accounted for 5.6% of Harrah’s Casino gambling revenue. Recent estimates in 2023 and 2024 suggest a net worth of around $150 million, reflecting the impact of his gambling activities on his overall wealth. Despite early plans to become a philanthropist after selling Oriental Trading Company, Watanabe’s gambling addiction consumed a considerable part of his fortune.
