Same Time this: Another Megabucks Jackpot Hits in Las Vegas year
We are told this is movie producer Mark Hodos from Florida, the most recent Nevada Megabucks champion of $10.3 million (Image: IGT)
There should be one thing floating around into the desert at this time of year. Last year in mid-December, a female 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 during the MGM Grand through the same week this year. an executive producer of ‘All American Christmas Carol’ a type of trailer trash form of the Dickens classic, it would appear champion Mark Hodos says the moolah will go back to his Hollywood production company. Although we see no mention of him in the film’s IMDb, but we are naturally cynical and then we say ‘Bollywood. if this guy says ‘Hollywood,”
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 since well, also at the MGM Grand, which is the biggest casino in the Las Vegas Strip. The Megabucks slot machines are all on the same IGT Nevada pipeline, making for huge payouts, with minimums of $10 million and more added since it does not get hit.
With no state that is official per se, Megabucks is considered the equivalent, and during its 19-year history in Nevada, has brought numerous millionaires into existence. It’s also the basis real-money-casino.club for several metropolitan legends, including the one which always seems to stay within the shadows with any lottery win: the onset of very bad luck.
One piece of bad luck that can’t be avoided is Uncle Sam’s greedy paws within the pot. Based on a $35-million win, it’s estimated that winners will simply get a check that is initial of $1.4 million. The big champion then has as much as ninety days to determine if they desire to obtain the balance in annual installments, that will be paid out over 25 years, or take a lump amount which is only 60 % associated with the actual win total; based on that $35 million, that will turn out to ‘just’ $21 million, so obviously most Megabucks winners go for Option #1.
A Pound of Flesh to the Feds, Of Course
Don’t go shopping for a Beverly Hills estate simply yet though; because the minimum income tax rate on that annual income will nevertheless be 40 percent; at the very least Nevada doesn’t always have a state tax, which someone whom won the California Megabucks would need to spend because well, for example. Therefore on your $35 million, that’s $13,400,000 going towards some very nice IRS Xmas parties over the next 25 years.
And you’re left with $20,100,000, or a measly $804,000 net (more or less) per for the next 25 years year. Instantly it is not as life-changing as it seemed, can 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 significantly more than a billion dollars nationwide.
Exactly How Would You Play Megabucks Anyhow?
If reading about these victories (despite their downfalls) has gotten Megabucks fever going you need to know: the progressive jackpot is a dollar slot machine that requires a minimum of $3.00 to be eligible to hit the jackpot in you, here’s what. The jackpot auto-resets to $10 million; reports are that that may soon be bumped up to $11 million after each win.
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, providing each casino an item of the action, according to 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. Because none of those states have actually as many casino venues as Nevada, however or since much hype the jackpots are on small side.
All other machines in the system will be instantaneously notified and reset to the base jackpot again with a Random Number Generator (RNG) controlling who wins, once the jackpot is hit on one machine.
Odds of winning Megabucks vary, according to who you ask; which range from 1 in 17 million up to 1 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.
A number of these rumors may be based for a real 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 drunk driver hit her car, leaving her sister dead and Jay-Brennan a quadriplegic. Needless to say, a great amount of those who haven’t won Megabucks have had the exact same fate and no money to aid them, but logic never stopped good urban legend from throwing up dust.
Others who supposedly kicked it because of winning Megabucks included a 25-year-old winner in 2003, although IGT- who can protect winners’ identities, unlike real state lotteries claims the now 35-year-old is still 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 his EuroVegas casino project in Madrid, Spain (Image: keepcalmomatic)
Adios, señores y señoras. There is going to be no EuroVegas in Madrid most likely. After prolonged battles with Spanish nationals and the us government over problems such as for instance public smoking laws and even bringing a casino to your country that is ancient all, Las Vegas Sands Corp.’s CEO Sheldon Adelson determined later last week to pull the plug on the near $30 billion resort and gaming complex, telling investors that he felt the casino project ended up being not in his shareholders’ most useful interests.
Asian Love Affair
Adelson really wants to refocus and zero in on his uber-successful Asian projects rather. Along with 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 had been set to encompass 12 various properties, an astounding 36,000 hotel rooms and six casinos, as well as stores, restaurants, golf courses, performance venues and a convention that is major is now one for the real history books. In the long run, the cumbersome nature of bypassing existing and creating brand new laws merely became way too much bother for not enough potential reward.
‘That process has been excessively thorough, and while the government and many other people have worked diligently on this work, we do not see a path in which the criteria needed seriously to move forward with this specific development that is large-scale be reached,’ noted Adelson.
One of many key problems facing Adelson had been strong and vocal opposition from anti-casino groups, mostly focused around making an exception for smoking in public, which is strictly banned in Spain. Despite a government that is largely supportive saw the possible for aiding Spain’s ailing economy by creating a potential 260,000 jobs within the next 10-12 years all of it started initially to not make sense anymore.
Even video gaming analysts agreed it was time and energy to go on.
‘It ended up being becoming more apparent that the government that is spanish not meet all the conditions that Las Vegas Sands had requested, and now we would have viewed a choice to move forward without these conditions as a poor,’ 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 otherwise not, we’ll never know for certain Spain’s government acted themselves; the nation’s Deputy Prime Minister Soraya Saenz de Santamaria told the press that Adelson had been throwing out too many needs for guarantees both legal and financial that, according to de Santamaria, ‘did not comply with Spanish law or compared to the European Union. like they pushed EuroVegas from the picture’
De Santamaria went on to express that these needs encompassed critical line things such as for instance tax concessions, guarantees of settlement should future laws be introduced that might negatively impact the casino resort complex last but not least, a caveat that essentially no competition would be allowed to set foot in EuroVegas’ arena.
For Adelson, sufficient is enough, and he’s simply ready 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 thinks Adelson is on the path that is right his choices and focus.
‘Given the present early-stage efforts to introduce formalized gaming legislation in Japan, we sense [this] announcement may have been driven by the greater feeling of certainty around a potential Japanese opportunity and management’s curiosity about keeping powder dry in order to enhance its stature through what will probably be a fiercely competitive bidding process,’ Wieczynski stated for the end of EuroVegas and renewed region concentration that is asian.
Japan has been focusing on getting gambling legalized and casinos built and ready to roll over time for what they project to be a heavy tourist influx utilizing the Summer Olympic Games slated for Tokyo in 2020.
As for exactly how it all affected Sands Corp.’s stock profile, it did not, much. As of late last week, shares closed at $76.57 in the NYSE, which represented a $0.39 jump per share.