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Anyone else a Chairman with CET besides Terry Watanabe

Discussion in 'Comps' started by pphold, Jan 1, 2015.

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  1. pleepleus

    pleepleus 2016 - The monkey is back

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    [​IMG]

    Clearly, this guy was not a Total Rewards Chairman.
     
  2. parallax

    parallax High-Roller

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    Double secret probation is also a real thing.
     
  3. Travel Fanatic

    Travel Fanatic The Arbiter of Taste Caviar Kid

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  4. pleepleus

    pleepleus 2016 - The monkey is back

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    It's highly probably that this happened after a green mushroom binge.
     
  5. TIMSPEED

    TIMSPEED Money’s on the way, with CashNetUSA

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    that's the ultimate way to go out...$300M in debt to a casino!
    Especially good, because of HIPPA laws, no one would know that you're dying...
    So you could spend your last months doing something you love, with virtually unlimited funds...

    EDIT: I'm actually surprised casinos DONT somehow have a safety measure in place, to not let people do that (elderly or infirm people run up a huge marker tab.) Obviously not everyone would be able to run up $300M, but still. $10k unpaid marker would hurt a small place like Sams Town...
     
  6. pleepleus

    pleepleus 2016 - The monkey is back

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    He owed them about $15 million. I'm pretty damn sure no casino would extend you a line of credit for $300 million.

    Central Credit does do periodic checks to make sure you have money in your account to cover your markers. This is especially true if you're getting TTOs and running all over town pulling markers from various properties.
     
  7. mrem3200

    mrem3200 VIP Whale

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    The article mentions that they let him play 3 hands of BJ for $50,000 each and made it seem like it was a big deal they let him bet that much. No doubt that is A LOT of money to be betting at once. But there would be other whales in Vegas that play that much or more, no?
     
  8. pleepleus

    pleepleus 2016 - The monkey is back

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    My sources tell me that the biggest action is at the Venetian where there is a player betting $750K-1 million a hand.
     
  9. Tellafriend

    Tellafriend MIA

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    Central Credit does not do periodic checks on your personal bank account balances. They don't have that information and certainly are not authorized to obtain your balances. The casinos you have credit privileges with can and occasionally will, but not Central. Central is generally a repository for casinos that extend credit to share information about a player's credit, current casino obligations, payment history, and high and low balances, among a few other things. You can actually obtain a copy of your account history with Central just like you would with a credit reporting company.
     
  10. jdvegas

    jdvegas VIP Whale

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    yes. In October I was playing with a guy who was mostly playing 2 hands @ $30K. When he was doing well, he would bump it to $60K a hand. I watched him go from down over a million to winning within a single shoe. We were playing in the Mansion, but not at a private table (he actually had one reserved, but was hopping between 3 tables - one of which I was playing on).
     
  11. Travel Fanatic

    Travel Fanatic The Arbiter of Taste Caviar Kid

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    Just to put a little perspective on this discussion, an unpaid $10k marker at a place like Sam's Town would not hurt them in the least. That's a corporation with a billion dollar market cap. I'm sure they would want their $10k, but its just a drop in the bucket to them.

    There's the famous story of MGM sending an exec to turn away Kerry Packer because his level of action could (and at one point did) have a real impact on the company's quarterly result (from what I recall reading, that was when packer was playing all the spots at a BJ table wagering 50k to 75k a hand for each spot). These places are only hurt by a true whale going on a hot run and then having the discipline to stand up when they many millions of dollars up. Fortunately for CET, in the case of Watanabe, it does not appear he ever stopped when he was up
     
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  12. BeeeJay

    BeeeJay President of The Red Lobster Hostess Satisfaction

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    Watsnabee did not play even basic strategy blackjack, so it was like taking candy from a baby for them.

    The entire reason he got the settlement was the pills. Vicodin and Vodka make disciplined gambling pretty difficult. Mix in some Xanax, and a couple Ambien and you'll probably wake up with no memory and a wallet full of markers.
     
  13. Naturaleight

    Naturaleight MIA

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    This just shows the evil corporate mentality of Caesars entertainment. Wynn even turned him away because of his alcohol and gambling addiction, and Caesars welcomed him with open arms knowing this occurred. I love when fatso Gary Loveman gets on TV and pretends to be this nice guy that really gives a shit about whether or not you gamble too much. He makes me wanna puke.

    And by the way the reason Watanabe didn't wanna pay the 14 million in markers was because CET promised him a loss rebate program, not because he didn't want to pay. Watanabe accepted his loss and owned up to it, but got mad (as he should have) when CET reneged. CET is scum to accept a known problem gambler, and then he losses 250million and criminally pursue him for 14 mill. Give me a break...
     
  14. Kickin

    Kickin Flea

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    I think the Watanbe case is really fascinating as well. The WSJ article was the most comprehensive I've read about it but would love to know if there is anything more detailed out there. On the surface all these types of cases look like a gambler trying to avoid his debts, my gut reaction is like that as well. But sometimes when you start getting more detail it isn't so clear cut.

    If you can spare half an hour you should really listen to the second half of this old This American Life podcast called "Blackjack". The first half deals with card counting but is not that great IMO, the second half details this fascinating story of a lady who was counter-suing Caesars over her gambling losses. Again I think most peoples gut reaction would be she's just trying to avoid responsibility, and even by the end I was still of the opinion that she should pay up. But I also felt that Caesars was by no means innocent either. The podcast includes voicemails from her host as well as former CET employees detailing what their real marching orders were. Its not that they were just a business offering a legal product that people were free to choose or avoid, it was more like they played the role of a drug pusher who not only targeted addicts but also helped them stick the needle in, especially when they knew the addict was trying to quit.

    Their website seems to be down right now but you can google "This American Life blackjack" to get to the episode, has transcripts as well if you don't want to listen.
     
  15. dmr

    dmr Registered Abuser

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    I'm well acquainted with a number of folks at his old company, and this is the first I've heard this one. I'll ask about it the next time I get a chance.
     
  16. Royal Flusher

    Royal Flusher Savvy Gambler

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    And hopefully, a rash.
     
  17. mrem3200

    mrem3200 VIP Whale

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    Xanax? Ah that's kids stuff...only schedule IV. It's not like they were giving him Oxy. Crush up an 80 mg Oxy (the old formulation of course, if you can still find one) and mix it with his Grey Goose and they could have had his way with him much faster.

    Disclaimer: I only know this because I work in the industry, never have taken Oxy myself, crushed or otherwise.
     
  18. Tellafriend

    Tellafriend MIA

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    +1!
     
  19. Travel Fanatic

    Travel Fanatic The Arbiter of Taste Caviar Kid

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    Depends on where its at :eek2
     
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  20. RiddickBull

    RiddickBull VIP Whale

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    Oxycotton - Xanax Bars - Percocet and Loritab
    Valiums - Morphine - Patches - Exctacy - and it's all up for grab

    The ones without the time release coatings...... Up with the OC, down with the OP.

    By the way, Xanax fucks you up way more than OC.
     
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