Not Knowing When to Fold ‘Em

Terrance Watanabe, who made his fortune with the plastic crap distributorship Oriental Trading Company, blew $127 million of it in a year-long Las Vegas gambling binge:

The run is believed to be one of the biggest losing streaks by an individual in Las Vegas history. It devoured much of Mr. Watanabe’s personal fortune, he says, which he built up over more than two decades running his family’s party-favor import business in Omaha, Neb. It also benefitted the two casinos’ parent company, Harrah’s Entertainment Inc., which derived about 5.6% of its Las Vegas gambling revenue from Mr. Watanabe that year.

That’s 5.6 of a casino’s revenue coming from one guy. A shocking level of stupidity from a guy who was smart enough to make millions by selling snap bracelets and Groucho glasses.  And once again we learn the lesson that only way to make money from gambling is to own a casino.

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