Terry Watanabe (full name Terrance Watanabe) is an American businessman best known for inheriting and expanding his family’s company, Oriental Trading Company, and for a dramatic downfall linked to extreme gambling losses in Las Vegas.
His story became infamous not only because of great wealth, but because of how precipitously he lost much of it through high-stakes betting.
Rise: From Family Business to Big Success
Oriental Trading Company was founded by Terry’s father, Harry Watanabe, originally dealing in novelty goods, party supplies, toys and crafts. In 1977, Terry became president and part owner, shifting the company’s focus toward supplying schools, churches, retailers, and individuals.
By the late 1990s/2000, the business had grown significantly—reportedly generating $300 million in annual revenue. In 2000, Terry sold his stake to a private equity firm (Brentwood Associates) and resigned as CEO.
The Gambling Spiral
After stepping away from the business world, Terry turned to gambling. In particular, his 2007 losses became legendary in Las Vegas.
Reports indicate he gambled more than $825 million over that year, losing $127 million at Caesars Palace and the Rio alone. Some later records and analyses estimated his total losses could be as high as $204 million.
Because of the scale, his gambling losses accounted for roughly 5.6 % of Harrah’s total Las Vegas gaming revenue in that period.
Terry was also banned from Wynn Las Vegas for compulsive gambling. He later sued Caesars/Harrrah’s, claiming that casino staff had supplied him with alcohol and drugs while he was visibly intoxicated to keep him gambling.
Eventually, a settlement was reached (in 2010) where all criminal and civil charges were dropped.
Net Worth and Current Status
At his peak before the gambling spree, some sources suggest Terry Watanabe had a net worth as high as $500 million. But after his dramatic losses, his net worth collapsed. Many sources now estimate it at $150 million or less, though much of that may be illiquid, symbolic, or largely depleted.
Following the gambling crisis, he underwent treatment, reportedly left Las Vegas, and publicly stepped away from high-stakes wagering. In 2017, he launched a GoFundMe campaign to fund surgery for prostate cancer, indicating that his fortunes had fallen dramatically.
In 2022, media rights to his life story—book, film, and documentary—were acquired by Foundation Media Partners.
Lessons & Legacy
Terry Watanabe’s story is often told as a cautionary tale: even vast wealth can vanish when risk, addiction, and lack of control converge. His life shows how gambling extremes and enabling environments can dismantle financial success.
While he once commanded prestige and financial power, most of his later life has been defined by loss, legal battles, and efforts to rebuild or move on quietly.
