Biggest Casino Losses
Sin City lost hundreds of millions of dollars!
It’s worth remembering that for every Elmer Sherwin (who has won the Megabucks jackpot twice) there are several high-profile, formerly wealthy individuals who have traveled to Las Vegas to gamble on a small fraction of their vast fortune, only to find that in a relatively short amount of time, Vegas has taken a large chunk of their personal assets.
This article will explore the stories of three such individuals who created some degree of fame and a huge personal fortune from their business and then managed to lose most, if not all, of their vast wealth at the Las Vegas gaming tables.
1. Allen Iversen – NBA superstar
For years, Allen Iversen has been one of the NBA’s top basketball superstars. As a player, he regularly became one of the best in every season and one of the highest goalscorers to ever grace the game.
Iversen’s talents weren’t cheap for his employers either, as he earned around €200m in his career from his clubs alone, which could easily be doubled with a host of other sporting accolades.
However, off the pitch, Iversen’s life was in disarray, spending beyond his means, which isn’t bad considering how much he was making. Iversen was well known in US casinos, especially in Las Vegas, Detroit and Atlantic City.
By 2011, Iversen’s vast fortune had dwindled to bankruptcy, much of it squandered at the 3-card poker tables he usually played at, not helped by the fact that when he played, Iversen usually turned out to be very, very drunk.
2. Archie Karas – winner and loser
It may be difficult to name a loser who made €40 million out of €50 in a year, but for Archie Karas, keeping his winnings was never a priority. The Greek native claims to have wagered more money in history than any other person and while he is still relatively wealthy compared to the average person, his losses in Vegas alone over the years have totaled well over £50m.
Caras’ biggest loss came during the period known as the “run” when he turned €50 into €40m. Within three weeks Karas lost every last dollar earned by this incredible success. He lost €20 million playing craps, then won €2 million from Chip Reese, but lost it to the same player a few minutes later. After a short break in Greece, he lost another €19m playing craps and baccarat.
With his last million dollars, Karas played Johnny Chan and Lyle Berman in a €1 million freezeout poker tournament. Karas won by doubling his money, but then lost the €2 million he earned a few days later playing craps and baccarat.
3. Terrence Watanabe – €190 million personal fortune destroyed in 12 months
Perhaps the biggest loser and one of the most famous people to leave Las Vegas penniless was businessman and philanthropist Terrence Watanabe.
In 2007, Watanabe decided to visit Las Vegas to play at two casinos – Caesars Palace and Rio. Within 12 months, Watanabe went through what can only be described as one of the worst losing streaks in history, losing nearly all of his massive €190 million personal fortune.
When several checks he wrote to pay off casino debts were returned unpaid, he was arrested and sentenced to 28 years in prison.
In his defense, Mr. Watanabe alleged that the casino treated him to booze and prescription drugs and held him as a “virtual hostage” in the casino for a year, encouraging the staff to let Mr. Watanabe continue to bet even though he was clearly suffering from consequences of alcohol.
The issue was settled out of court in 2010, but Mr Watanabe’s fortune was already estimated to be €190 million less.
What can be learned from this? Never mix gambling with too much alcohol! This is the worst combination and a sure way to disaster.
