Gambler Who Lost $127 Million Reach Settlement

From the Wall Street Journal: A gambler who accused Harrah's Entertainment Inc. of plying him with drugs and alcohol during a yearlong gambling binge in which he lost more than $127 million appeared to be nearing a legal resolution with the casino company Thursday.

The deal could end a legal dispute that has been simmering in Nevada for more than a year. Harrah's claims that the gambler, Terrence Watanabe, still owes the casino $14.7 million in gambling debt. Mr. Watanabe, in a civil suit, has said that he shouldn't be liable for all of his losses because, among other claims, casino employees goaded him to continue gambling when he was clearly intoxicated.

As part of an agreement announced Thursday, the two sides have agreed to put their competing civil claims on hold pending binding arbitration. The arbitration process will remain confidential, Harrah's said in a statement.

The Clark County, Nev., district attorney on Thursday also agreed to drop the felony charges it brought last year against Mr. Watanabe relating to his gambling debt. The criminal trial was scheduled to begin next week.  Read More Here