Stories of the Biggest Casino Wins and Losses in History

Casino gambling has seen its fair share of incredible wins and jaw-dropping losses over the years. From massive jackpots to devastating bankruptcies, the world of high-stakes gambling is full of stories of fortune and misfortune. Here are some of the biggest and most famous casino wins and losses in history:

Biggest Casino Wins in History

1. **The $39.7 Million Slot Win  "The Megabucks Jackpot" (2003)

• Winner:Elmer Sherwin

• Casino:The Mirage (Las Vegas)

• Game:Megabucks Slot Machine

Elmer Sherwin, a retired man from Las Vegas, had a remarkable two wins on the Megabucks slot machine. His first win came in 1989, when he hit a $4.6 million jackpot at the same casino. He later returned to the Megabucks slot in 2003 and hit the jackpot again, this time for a staggering $39.7 million.

• Story:Elmer was known for his lucky streak, but he wasn’t just lucky. He was an experienced gambler who had played for decades and had a strategy of hitting the machine at certain times. His second win became the largest slot machine payout in Las Vegas at the time, cementing his place in casino history.

2. The $27 Million Roulette Win Ashley Revell (2004)

• Winner:Ashley Revell

• Casino: The Plaza Hotel & Casino (Las Vegas)

• Game:Roulette

Ashley Revell’s gamble is legendary in casino lore. In 2004, he decided to sell everything he owned, including his house, car, and all possessions, to raise a total of $135,000. With this amount, he placed a bet on a single spin of roulette at the Plaza Hotel’s casino, betting everything on red.

• Story:The ball landed on red 7, and Ashley Revell won $270,000 a  huge return on his original bet. His story became famous because of the high-risk nature of his gamble. Revell famously said, "I’ve never been this nervous in my life," but his bold bet turned him into an instant millionaire.

3. The $17.2 Million Megabucks Slot Win (2000)

• Winner:A Las Vegas Resident (Name Not Released)

• Casino: Excalibur Hotel and Casino (Las Vegas)

• Game:Megabucks Slot Machine

A Las Vegas local, who wished to remain anonymous, hit the Megabucks slot machine for a jaw-dropping $17.2 million jackpot in 2000. This was one of the largest slot machine wins in Las Vegas at the time.

• Story:The local gambler was just doing his regular rounds at the casino when he hit the life-changing win. The Megabucks slot is known for its progressive jackpot, which can accumulate over time, and this win was particularly exciting due to its sheer size.

4. The $22 Million Jackpot "The Big One" (1998)

• Winner:An Anonymous Las Vegas Gambler

• Casino:The Mirage (Las Vegas)

• Game:Megabucks Slot Machine

Another Megabucks win, this time a $22 million jackpot in 1998, became one of the most talked-about slot wins in history. The winner, a regular at the Mirage, hit the jackpot while playing the Megabucks machine, which is known for its progressive jackpot.

• Story:The winner, again, chose to remain anonymous, but the win became iconic as it demonstrated the potential rewards of playing the Megabucks slots,which had already paid out record amounts by that time.

Biggest Casino Losses in History

1. Terrence Watanabe – $127 Million Loss

• Loser:Terrence Watanabe

• Casino:Caesars Palace & The Rio (Las Vegas)

• Game:Various Games (Roulette, Blackjack, etc.)

Terrence Watanabe, a businessman from Omaha, Nebraska, became infamous for his colossal losses at Las Vegas casinos. Between 2000 and 2009, Watanabe lost a staggering $127 million at Caesars Palace and The Rio. His losses included playing high-stakes blackjack, roulette, and other casino games.

• Story: Watanabe’s gambling habits were so extreme that he reportedly lost millions in a single night. The casinos reportedly allowed him to keep playing even as his losses mounted, hoping that he would eventually win back some of his bets. He was eventually banned from many casinos after his financial troubles became public. This story is often cited as a cautionary tale about gambling addiction and the dangers of high-stakes casino games.

2. The Story of Kerry Packer’s $25 Million Loss

• Loser:Kerry Packer

• Casino:The MGM Grand (Las Vegas)

• Game:Blackjack and Baccarat

Kerry Packer, the Australian media mogul, was known for his high-stakes gambling and frequently played at exclusive VIP tables. On one trip to Las Vegas in the early 1990s, Packer lost $25 million over the course of several days playing blackjack and baccarat.

• Story:Packer was well-known for his lavish lifestyle and massive wagers.However, despite his enormous wealth, the loss took a toll on him, and he reportedly joked, “I’ve lost more money gambling than I could ever make in a lifetime.” Despite his losses, Packer remained a high-roller, and his losses were just part of his larger-than-life persona.

3. Phil Ivey’s $20 Million Baccarat Loss

• Loser:Phil Ivey

• Casino:The Borgata (Atlantic City)

• Game:Baccarat

Phil Ivey, a professional poker player known for his incredible skills, suffered a massive loss of $20 million playing baccarat at the Borgata in 2012. However, this loss is part of a much larger controversy.

• Story:Ivey was involved in a legal battle with the casino, claiming that he had used a technique known as “edge sorting” to gain an advantage and win large sums. The Borgata sued Ivey for the money, but Ivey’s team maintained that his methods were not illegal. While Ivey may have won big in the past, this incident remains one of the most famous gambling losses in modern casino history.

4. Steve Wynn  $35 Million Loss

• Loser: Steve Wynn

• Casino:Wynn Casino (Las Vegas)

• Game:Baccarat

Steve Wynn, the billionaire casino magnate, is no stranger to high-stakes gambling. Over the years, he has made some enormous wagers and experienced significant losses. One of the largest reported losses occurred in the early 2000s when he lost $35 million at baccarat in just a few days at his own casino.

• Story:Wynn was known for his extravagant lifestyle, and while his loss was huge, he reportedly took it in stride. He is a well-known gambler who has made enormous wins and losses throughout his life, but his loss at Wynn LasVegas was particularly significant because it happened at his own establishment.

Conclusion

The world of high-stakes gambling has witnessed some incredible wins and devastating losses, and the stories of these gamblers have become legendary. From a retired man hitting multiple life-changing jackpots to a business tycoon facing massive losses, these events highlight the thrilling and unpredictable nature of casino games. Whether it's the hope of hitting a big jackpot or the risk of losing it all, these stories serve as a reminder of the high stakes and the larger-than-life personalities that populate the world of casino gambling.