Same Time this: Another Megabucks Jackpot Hits in Las Vegas year

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

Year there must be something in the air in the desert at this time of. Last 12 months in mid-December, a female playing A overseas Game Technologies’ Megabucks slot machine used gaming credits earned to hit a $17.3 million jackpot at the M Casino; now a Florida guy has hit a $10.3 million one during the MGM Grand during the same week this year. an executive producer of ‘All American Christmas Carol’ a sort of trailer trash version of the Dickens classic, it would appear winner Mark Hodos says the moolah will go back in 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 person says ‘Hollywood,’ then we say ‘Bollywood.’

Then way to save yourself numerous grovelling L.A. investor pitch meetings, sir if he’s legitimately a producer.

Two in a Row

Hodos’ win followed a player who hit the Megabucks this November since well, also during the MGM Grand, which could be the casino that is biggest regarding the Las Vegas Strip. The Megabucks slot machines are typical 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 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 for most metropolitan legends, including the one which always seems to stay into the shadows with any lottery win: the onset of very luck that is bad.

One piece of bad luck that can not be avoided is Uncle Sam’s greedy paws into the pot. Based on a $35-million win, it’s estimated that champions will simply get an initial check of approximately $1.4 million. The winner that is big has up to 90 days to ascertain if they need to have the balance in annual installments, that will be paid out over 25 years, or take a lump sum which is only 60 % regarding the actual win total; based on that $35 million, that will turn out to ‘just’ $21 million, so obviously most Megabucks winners get 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 tax that is minimum on that annual income will nevertheless be 40 %; at the least Nevada doesn’t always have a state income tax, which someone who won the California Megabucks would have to pay since 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. Suddenly it is not as life-changing as it seemed, can it be?

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

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

Exactly How Do 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. 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, 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. 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.

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, dependent on 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 seem to shake are those tales of woe that befall all winners, according to lore.

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

Others who supposedly kicked it because of winning Megabucks included a 25-year-old champion in 2003, although IGT- who can protect winners’ identities, unlike actual 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

Las 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 are going to be no EuroVegas in Madrid in the end. After prolonged battles with Spanish nationals and the government over issues such as public smoking laws and even bringing a casino to the ancient country at all, Las Vegas Sands Corp.’s CEO Sheldon Adelson made a decision later last week to pull the plug regarding the near $30 billion resort and gaming complex, telling investors he felt the casino project ended up being not any longer in his shareholders’ best passions.

Asian Love Affair

Adelson wants to refocus and zero in on his uber-successful Asian tasks rather. 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 had been set to encompass 12 various properties, a staggering 36,000 hotel rooms and six casinos, as well as shopping centers, restaurants, golf courses, performance venues and a major convention center is now one for the annals books. In the long run, the cumbersome nature of bypassing existing and creating brand new laws simply became too much bother for perhaps not enough potential reward.

‘That process has been exceedingly thorough, and even though the government and many other people been employed by diligently on this effort, we usually do not see a course when the criteria had a need to move forward with this particular large-scale development can be reached,’ noted Adelson.

Smoking Mad

One of the key dilemmas 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 government that is largely supportive saw the possible for aiding Spain’s ailing economy by creating a potential 260,000 jobs on the next 10-12 years it all started initially to not seem sensible anymore.

Even gaming analysts consented it was time to go 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 decision to go forward without these conditions as a negative,’ stated RBC Capital Markets gaming analyst John Kempf, explaining to investors why the decision to disappear was made.

In the conclusion whether to keep their game face on or perhaps not, we’ll never ever know for sure 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 needs 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 from the picture’

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

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

‘Right now our focus is on encouraging countries that are asian 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 interest in keeping powder dry so that you can enhance its stature through what is going to be a fiercely competitive bidding process,’ Wieczynski said associated with end of EuroVegas and renewed Asian region concentration.

Japan was focusing on getting gambling legalized and casinos built and able to move over time for what they project to be always a heavy tourist influx aided by 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 the other day, shares closed at $76.57 in the NYSE, which represented a $0.39 jump per share.