Remember mega-mega-megawhale Terrance Watanabe?
He was heir to the fortune generated by his dad, founder of mail order giant Oriental Trading Company.
Unlike his business-savvy dad, Terrance was a pill-addicted, drunken moron, who was not only a megastakes compulsive gambler, but also made some of the dumbest decisions at table games in casino history. He was literally free money for the casinos.
After being kicked out by Steve Wynn from the Wynn for being a problem gambler, Caesars scooped him up and won $127 million off of him in 2007. He also lost an additional $60m on credit. He and Caesars sued each other. Watanabe claimed Caesars violated gaming violations by getting him super drunk and acquiring drugs for him, so he'd continue to shoot off his cash (probably true). Caesars claimed that he falsified having $60m more behind than he actually did, and obtained that credit under false pretenses (also probably true). At the end, both sides dropped it, and Watanabe slinked away in shame, broke as a joke, but not owing anything further.
Caesars also created a ranking above Seven Stars called "Chairman" for Watanabe, as he complained that Seven Stars wasn't exclusive enough. He was the only one to ever hold the rank of "Chairman", which has since been retired.
Well, it's not the 2000s anymore, and we have a new Terrance Watanabe!!
Except this guy is a lot more talented, and a lot more famous!
https://x.com/VitalVegas/status/1896327385622139306
Quote:
Sounds like we haven’t heard the last of Bruno Mars’ gambling saga at MGM Resorts.
Mars has reportedly stopped gambling at MGM casinos due to a potential lawsuit against the company for “taking advantage of him” by repeatedly extending his credit leading to losses exceeding $100 million.
MGM previously denied he had gambling debt with the company (the technical term is “ass covering”).
Pinky Ring is presumably part of his arrangement to pay back losses, Mars is obligated to perform there, which we’re told he isn’t thrilled about. Rumors gonna rumor, but this is one to watch.
"Pinky Ring" referred to above is a nightclub at Bellagio, themed around Bruno Mars.
Was Bruno Mars really stupid enough to lose $100m+ at -EV games at MGM properties?
This story isn't new, but it's getting traction again given the recent rumors. In March 2024, this Variety article detailed the situation with Mars, with both MGM and Mars denying the problem gambling rumors.
Back then, it was said that Mars made $90m from his residencies at MGM properties, but lost $50m back to MGM from his gambling. At the time, MGM made this statement to Variety:
Note that MGM only stated that he has "no debt with MGM". At the time, perhaps he didn't have debt -- but had just lost back most of his earnings. Now it's said that he has debt from additional gambling, totaling $100m+ in losses.Quote:
We’re proud of our relationship with Bruno Mars, one of the world’s most thrilling and dynamic performers.
From his shows at Dolby Live at Park MGM to the new Pinky Ring lounge at Bellagio, Bruno’s brand of entertainment attracts visitors from around the globe. MGM and Bruno’s partnership is longstanding and rooted in mutual respect. Any speculation otherwise is completely false; he has no debt with MGM.
Together, we are excited to continue creating unforgettable experiences for our guests.
