Vegas' Biggest Loser's Losses Now Over $200 Million

Richard C. Paddock, San Francisco Correspondent
AOL News

SAN FRANCISCO (May 20) – Anyone who wants to claim the title of biggest loser will have to deal first with the legacy of businessman Terrance Watanabe.

In a lawsuit filed last year against Harrah's Entertainment, Watanabe's lawyers acknowledged that the Omaha, Neb., philanthropist had lost the astounding sum of $127 million. But now that his attorneys have examined casino records handed over in discovery, they say he lost far more: a staggering $204 million in a single year at two Harrah's casinos, the Rio and Caesars Palace.

"Nobody's ever lost that much in a commercial casino before," University of Nevada, Las Vegas, professor William Thompson told AOL News. "Nobody ever gambles that much and loses."

For Watanabe, the ordeal continues. His losses include $14.75 million that Harrah's contends he still owes the company. He is scheduled to go on trial July 12 on four felony charges that he passed bad checks when markers he had signed were returned by his bank because of insufficient funds.

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