Same Time This Year: Another Megabucks Jackpot Hits in Vegas


Same Time This Year: Another Megabucks Jackpot Hits in Vegas

Our company is told this is movie producer Mark Hodos from Florida, the latest Nevada Megabucks champion of $10.3 million (Image: IGT)

There should be one thing in the air within the desert at this time of the year. Last 12 months in mid-December, a woman playing A international Game Technologies’ Megabucks slot machine game used gaming credits earned to hit a $17.3 million jackpot at the M Casino; now a Florida man has hit a $10.3 million one at the MGM Grand during the same week this year. a producer that is executive ofAll American Christmas Carol’ a kind of trailer trash form of the Dickens classic, it would appear champion Mark Hodos says the moolah goes back to his Hollywood manufacturing company. Although we see no mention of him regarding the film’s IMDb, but our company is naturally cynical and if this guy says ‘Hollywood,’ then we say ‘Bollywood.’

If he’s legitimately a producer, then way to save your self numerous grovelling L.A. investor pitch conferences, sir.

Two in a Row

Hodos’ win followed a player who hit the Megabucks this November because well, also at the MGM Grand, which could be the casino that is biggest on the Las Vegas Strip. The Megabucks slot machines are all on the IGT that is same Nevada, making for huge payouts, with minimums of $10 million and more added as it does not get hit.

With no state that is official by itself, Megabucks is the equivalent, and during its 19-year history in Nevada, has brought numerous millionaires into presence. It is also the basis for all urban legends, including the one which always seems to stay in the shadows with any lottery win: the onset of very misfortune.

One piece of bad luck that can not be avoided is Uncle Sam’s greedy paws within the pot. Based on a $35-million win, it’s estimated that champions is only going to get an initial check of approximately $1.4 million. The winner that is big has as much as 90 days to ascertain if they need to have the balance in annual installments, that will be paid away over 25 years, or take a lump sum which is only 60 per cent of the actual win total; based on that $35 million, that will emerge to ‘just’ $21 million, so obviously most Megabucks winners go for choice #1.

A Pound of Flesh to the Feds, Of Course

Don’t go shopping for a Beverly Hills estate just yet though; because the minimum income tax price on that annual income will nevertheless be 40 percent; at the least Nevada does not have a state income tax, which someone who won the California Megabucks will have to spend since well, for instance. Therefore on your $35 million, that is $13,400,000 going towards some very IRS that is nice Xmas over the next 25 years.

And you’re left with $20,100,000, or a measly $804,000 net (more or less) per year for the following 25 years. Unexpectedly it isn’t as life-changing as it seemed, could it be?

Regardless, people keep on playing Megabucks and dreaming big; that November MGM Grand winner hit for $12.46 million, explaining why Hodos’ subsequent win was so ‘small’.

IGT says it has paid away a lot more than $728 million in total jackpots since 1986 in Nevada, and more than a billion dollars nationwide.

How Can You Enjoy Megabucks Anyway?

If reading about these wins (despite their downfalls) has gotten Megabucks fever going in you, some tips about what you will need to know: the modern jackpot is a buck slot machine that requires a the least $3.00 become qualified to hit the jackpot. After each win, the jackpot auto-resets to $10 million; reports are that that may soon be bumped up to $11 million.

IGT the going company on whose machines Megabucks runs has some 750 slot machines in about 136 casinos throughout the Silver State. IGT owns these machines, offering each casino a piece of the action, considering profits per device. This one is single state and for Nevada only, although IGT does have other Megabucks jackpots in California, New Jersey and Mississippi, as well as on several Indian reservations unlike many lotteries. The jackpots tend to be on the smaller side because none of these states have as many casino venues as Nevada, however or as much hype.

With a Random Number Generator (RNG) controlling who wins, once the jackpot is hit on one machine, all the devices within the system will be instantaneously notified and reset to your base jackpot again.

Odds of winning Megabucks vary, according to who you ask; ranging from 1 in 17 million up to at least one in 50 million. And one bit of hype that Megabucks can’t appear to shake are those tales of woe that befall all champions, in accordance with lore.

Some of these rumors may be based for a true story; that of 37-year-old cocktail waitress Cynthia Jay-Brennan, who hit Megabucks back 2000 for $34. 9 million. A mere six days later, a driver that is drunk her car, leaving her sister dead and Jay-Brennan a quadriplegic. Needless to say, plenty of those who haven’t won Megabucks have had the fate that is same no money to aid them, but logic never ever stopped a great urban legend from throwing up dust.

Other people who supposedly kicked it as a result of winning Megabucks included a winner that is 25-year-old 2003, although IGT- who can protect winners’ identities, unlike real state lotteries claims the now 35-year-old is nevertheless among the living and doing just fine.

Sheldon Adelson’s EuroVegas in Spain Goes Up in Smoke

Vegas Sands CEO Sheldon Adelson would youn’t do much calmly is walking away from their EuroVegas casino project in Madrid, Spain (Image: keepcalmomatic)

Adios, señores y señoras. There is no EuroVegas in Madrid all things considered. After prolonged battles with Spanish nationals and the government over dilemmas such as public smoking laws and even bringing a casino to your ancient country at all, Las Vegas Sands Corp.’s CEO Sheldon Adelson determined late final week to pull the plug in the near $30 billion resort and gaming complex, telling investors which he felt the casino project ended up being not any longer in his shareholders’ most useful passions.

Asian Love Affair

Adelson desires to refocus and zero in on his uber-successful Asian jobs instead. Sufficient reason for Sands now swooping up some 80 percent of its annual video gaming profits from the Macau and Singapore sectors, who could blame him?

The EuroVegas development which was set to encompass 12 different properties, a staggering 36,000 resort rooms and six casinos, as well as shopping malls, restaurants, golf courses, performance venues and a convention that is major is now one for the real history publications. The cumbersome nature of bypassing existing and creating new regulations simply became too much bother for not enough potential reward in the end.

‘That process has been incredibly thorough, and even though the government and many other people have worked diligently on this work, we do not see a path in which the criteria needed to move ahead with this large-scale development can be reached,’ noted Adelson.

Smoking Mad

Among the key problems facing Adelson was in fact strong and opposition that is vocal anti-casino groups, mostly focused around making an exception for smoking in public, which is strictly banned in Spain. Despite a largely supportive government which saw the potential for aiding Spain’s ailing economy by creating a potential 260,000 jobs throughout the next 10-12 years it all began to not make sense anymore.

Even gaming analysts consented it was time to move on.

‘It had been becoming more apparent that the Spanish government could perhaps not meet all the conditions that Las Vegas Sands had requested, and we could have seen a choice to go forward without these conditions as an adverse,’ stated RBC Capital Markets gaming analyst John Kempf, explaining to investors why the decision to disappear was made.

In the finish whether to help keep their game face on or not, we are going to never ever know for certain Spain’s federal government acted themselves; the country’s Deputy Prime Minister Soraya Saenz de Santamaria told the press that Adelson had been throwing out too numerous demands for guarantees both legal and financial that, according to de Santamaria, ‘did not comply with Spanish law or that of the European Union. like they pushed EuroVegas out from the picture’

De Santamaria went on to say that these demands encompassed critical line items such as for instance tax concessions, guarantees of settlement should future laws be introduced that might negatively impact the casino resort complex and finally, a caveat that essentially no competition would be allowed to set foot in EuroVegas’ arena.

For Adelson, enough is enough, in which he’s simply prepared to move on.

‘Right now our focus is on encouraging Asian countries, like Japan and Korea, to dramatically enhance their tourism providing through the development of integrated resorts there,’ Adelson said.

Gaming analyst Steven Wieczynski of Stifel Nicolaus Capital Markets believes Adelson is on the right course with his decisions and focus.

‘Given the present early-stage efforts to introduce formalized video gaming legislation in Japan, we sense [this] announcement could have been driven by the greater feeling of certainty around a potential Japanese opportunity and management’s interest in keeping powder dry so that you can enhance its stature through what will likely be a fiercely competitive bidding process,’ Wieczynski stated associated with end of EuroVegas and renewed Asian region concentration.

Japan was concentrating on getting gambling legalized and casinos built and ready to move with time for just what they project to be always a tourist that is heavy with the Summer Olympic Games slated for Tokyo in 2020.

As for how it all affected Sands Corp.’s stock profile, it don’t, much. As of late a week ago, shares closed at $76.57 regarding the NYSE, which represented a $0.39 jump per share.



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