Two Biggest Casino Losers

Just imagine losing million on hand playing blackjack. The following two gamblers are probably the biggest casino losers, who did it many times before losing most of their fortune.

It doesn’t matter how much is on stake, losing is always disappointing. Throughout the history of gambling, there were many huge losses around those inviting tables. However, some of them were so outrageously large, that they made it even to the news. We present you the three biggest casino losers, so if you happen to lose just read these stories to chase away your anger.

Terrance Watanabe; loss: USD 127 million

Our biggest casino loser, Mr. Terrance Watanabe, left USD 127 million at Caesars Palace and Rio casinos over the curse of year. Terrance Watanabe is the heir of a Harry Watanabe, the founder of the Oriental Trading Company, one of the biggest carnival suppliers on earth. Terrance Watanabe took the chair of the company in 1977. Under his leadership, the company prospered, making USD 300 million yearly. In 2000, Watanabe decided to sell his company and retire.

After his retirement, Watanabe “didn’t know what to do with his time.” He turned to gambling, first in his hometown, Omaha, later in Las Vegas. By 2005, he made frequent visits to the Sin City, always staying at Wynn Casino. In 2007, the casino’s chief executive has banned him from the casino for compulsive drinking and gambling. At this point, Harrah’s Las Vegas has offered luxurious packages to get Mr. Watanabe to play and stay at their casinos. He stayed for free in one of Caesar Palace’s three-bedroom suites, and was provided personal attendants. Mr. Watanabe even received a special rank in the loyalty program of Harrah’s.

Unfortunately, Watanabe wasn’t a professional player. Usually, he played only house games, such as roulette and slots, which are known for having huge house edge. Even at blackjack, which is one of the most favorable casino games, Mr. Watanabe was always losing as he made really bad decisions. There were days when he lost USD 5 million. Harrah’s made 5,6% of its revenue from Watanabe’s losses that year. After a year of gambling, Watanabe lost most of his money and accumulated a USD 14,75 million debt at Caesars, and was sued by Harrah’s.

Omar Siddiqui; loss:65 million dollars

Ausaf Omar Siddiqui, was the vice president of merchandising and operations at Fry’s, making USD 225,000 a year. However, he received millions of dollars in credit at Vegas Strip casinos. Some casinos even flew him to Vegas on private jets, put him in luxurious hotel suites, and offered him thousands of dollars in free chips. He was a famous high-roller, known for betting USD 200,000 per hand at the blackjack table, or losing USD 8 million in a night.

“He was playing about as high as you can get,” said a former casino employee, Marica Hartman, who saw him playing in many instances. That is exactly what big Las Vegas casinos are looking for. “They are going to give a big player, a whale, anything in the world he wants,” added Hartman. Hartman owned a Ferrari, a Mercedes and a house in Palo Alto, California. Little did the casinos know about Mr. Siddiqui’s source of money.

Mr. Siddiqui has financed his gambling by creating a straw company to take approximately USD 65 million in kickbacks from companies seeking to do business with Fry’s. “They gave him so much credit, his alternative was to go to jail or to steal,” said Hartman. “If a person has a million or 2 million in his account, how are we supposed to know where it came from,” asked Yvette Monet, MGM Grand’s spokesperson. Mr. Siddiqui ended up in court, facing 40 years of jail time.