Las Vegas, the entertainment capital of the world, is known for its glitz and glamour. However, it is also known for the amount of money people lose while gambling. It is estimated that over $6 billion is lost each year in Las Vegas alone. Here are some of the most significant losses in the city's history:
Harry Kakavas - $1.4 billion
Harry Kakavas is an Australian businessman who lost $1.4 billion in just over a year, playing baccarat at the Crown Casino in Melbourne and the Star Gold Coast casino in Queensland. He then moved to Las Vegas, where he lost an additional $20.5 million in less than five hours at the Caesars Palace casino.
Terrance Watanabe - $204 million
Terrance Watanabe is the former owner of Oriental Trading Company, a mail-order company that sells party supplies. He lost $204 million while gambling at Caesars Palace and the Rio All-Suite Hotel & Casino in 2007. He claimed that the casinos gave him free drinks and prescription drugs to keep him gambling.
Mark Johnston - $500,000
Mark Johnston is a businessman from Southern California who lost $500,000 while gambling at the Downtown Grand in Las Vegas. He claims that the casino served him too much alcohol and allowed him to keep playing even though he was visibly intoxicated.
Elmer Sherwin - $21 million
Elmer Sherwin is a World War II veteran who won $4.6 million while playing the Megabucks slot machine at the Mirage in 1989. He used the money to travel the world and gave some of it to his family. However, he continued to gamble and won another $21 million at the same casino in 2005.
Conclusion
These are just a few examples of the most significant losses in Las Vegas history. It is important to remember that gambling can be addictive and should be done responsibly. Always set a budget and stick to it. Don't let the glitz and glamour of Las Vegas cloud your judgment.