Posts Tagged ‘Las Vegas’

Perhaps it’s time to leave the stock exchange and head for the casino

Monday, February 8th, 2010

Looking to gamble? Go east young man

The most impressive building on earth is a casino! It’s the Venetian Macau and is owned by the Las Vegas Sands Corporation belonging to one of the world’s richest men, Sheldon Adelson. Built on the Cotai strip in Macau, the casino is currently the biggest in the world and a triumph of human architecture. It is also the third largest building in the world. Officially opened on 28 August 2008 The Venetian is part of an 8 part development that isn’t matched anywhere else on this planet.

The new Las Vegas?

In the future gamblers can spend their money not only in the massive Venetian, but also bed themselves in some other top class hotels, all within walking distance.

  • The Venetian Macao
  • Four Seasons Macau
  • Far East Consortium
  • City of Dreams
  • Shangri-La and Traders
  • Sheraton and St. Regis
  • Hilton and Conrad
  • Fairmont and Raffles

Construction is going on at a rapid pace and once this is all built it will be the largest strip of casinos anywhere, making the mighty Las Vegas blush with envy.

 

The Venetian Macau

The Venetian Macau is so huge that you could fit 90 Boeing 747 jumbo jets into it. Visitors will find 3,000 suites, 1,200,000 square feet of convention space, 1,600,000 square feet of retail shopping, 550,000 square feet of casino space – the largest in the world, housing 3,400 slot machines and 800 gambling tables. It includes a 15,000 seat arena for entertainment and sports events.

 

The gamblers

The hotel offers so much entertainment that you could while away there for weeks without being bored for a minute. Just make sure you take enough money with you. The hotel’s very own Paiza Club caters to the high rollers of society and a suite costs along the lines of HK$2,000 a night. But, and here’s the good news, if you are going to be gambling in the casino, you stay there for free for the time of your visit. Everyone’s wish is fulfilled free of charge. Paiza Club guests are supplied with their own butler, direct access to their suite, private gambling tables and its own reception and lobby. Staying at the Venetian Macau will put a new spin on travel and hotel accommodation for anybody that ever sets foot into this amazing building.

 

Adelson the Dropout

Sheldon Adelson grew up in the Dorchester neighborhood of Boston, Massachusetts, a rough-and-tumble section of Boston, where his father drove a taxicab. He worked at a young age selling newspapers on local street corners and owned his first business by the time he was twelve. In the years that followed, he worked as a mortgage broker, investment adviser and financial consultant. He started a business selling toiletry kits, and in the 1960s he started a charter tours business with two friends. Today he is on the Forbes list of the world’s richest.

 

 

 

 

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The $120 million gambling losing streak

Tuesday, December 8th, 2009

How long can a losing streak go on for?
This guy is a loser in every sense of the word. Now the 52-year-old Nebraskan who made his money by selling his father’s toy import firm, faces criminal charges over non-payment of his debts. In turn, he is suing the Caesars Palace and Rio casinos alleging they let him play while drunk, in violation of gambling rules. The philanthropist, from Omaha, claims the casinos plied him with alcohol and painkillers while he gambled.

A stand-alone tourist attraction
Watanabe’s colossal losses soon became the stuff of legend, not to mention a tourist attraction. “It got to the point where people would go just to watch him losing,” said one Vegas regular. “There are a lot of things that make you cringe in Vegas – but I’ve never seen anything like that.”

At the gambling tables
If there was a prize for the biggest gambling debts, Terrance Watanabe would be a clear winner. At the casino tables of Las Vegas, however, he was quite the opposite, racking up $126-million in losses in a one year losing streak. In the year 2007 his play was so bad that he lost $4.8 million in one 24-hour binge. During that year, the 52 year old Watanabe practically lived at the two casinos, betting a grand total of $825 million. He would sometimes play for 24 hours at a stretch, placing bets on games with some of the worst odds in the house, roulette and $25 multi-line slot machines. When he played blackjack, he would often play three hands at the same time, each with a $50,000 limit.

His losses
At his rock bottom in 2007, Watanabe lost $5 million in just one 24-hour gambling binge.

The Watanabe defense
Watanabe’s suit against Harrah’s, the parent company of the two casinos named in the suit, Caesar’s and the Rio, alleges fraud, breach of contract, conspiracy and negligence. The action came after he was slapped with criminal theft and bad-check charges in Vegas over $14.5 million in losses that he has allegedly failed to pay the casino. Harrah’s dismissed Watanabe’s claim, saying he is the one who is at fault. Watanabe claims he was allowed to play while drunk and out of control, in violation of gaming rules. At Caesars and the Rio, he claims, he was assigned his own bartender and gave stacks of $100 bills, sometimes as much as $20,000 in tips.

Harrah’s case
“Mr. Watanabe is a criminal defendant who faces imprisonment,” said Harrah’s spokeswoman Jan Jones. “All of his statements need to be seen in that light. We will not get into a public debate with a criminal defendant who is trying to avoid imprisonment.” His former lawyer, David Chesnoff, submitted a letter to a jury earlier this year, stating casino witnesses would testify that he was regularly drunk. He is free on $1,5-million bail and awaiting a trial in July, at which he will face up to 16 years in prison.

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