Terrance Watanabe

Terrance Watanabe inherited Oriental Trading Company, a direct merchant of value-priced party supplies, arts and crafts, toys and novelties and school supplies founded by his father Harry Watanabe. . In 2000, Watanabe sold his entire stake in the company to Los Angeles-based firm Brentwood Associates, and resigned as CEO and President. Watannable was thought to have a net worth of $800 million after the sale. In 2007 Watanable was reported to have lost more than $200 million in a single year sue his gambling and alcohol addictions. In 2010 Terrance Watanabe hired a battery of expensive lawyers and the well-known Los Angeles-based crisis management firm of Sitrick and Co. to help him wage the high-profile fight with the bad check unit and Harrah’s Entertainment. Watanabe eventually struck a deal to dismiss his criminal case and end a bitter court fight with Harrah’s Entertainment over a $14.7 million gambling debt. Watanabe agreed to drop his civil lawsuit against Harrah’s, and Harrah’s agreed to delay going ahead with its countersuit while both sides go to binding arbitration to resolve Harrah’s $14.7 million claim against Watanabe.