Same Time In 2010: Another Megabucks Jackpot Hits in Nevada

Same Time In 2010: Another Megabucks Jackpot Hits in Nevada

Our company is told this is movie producer Mark Hodos from Florida, the latest 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 lady playing A international Game Technologies’ Megabucks video slot 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 sort of trailer trash form of the Dickens classic, it would appear champion Mark Hodos says the moolah will go back in his Hollywood manufacturing 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 person says ‘Hollywood,”

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 may be the biggest casino regarding the Las Vegas Strip. The Megabucks slot machines are all on the same IGT Nevada pipeline, making for very large payouts, with minimums of $10 million and more added as it doesn’t get hit.

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

One piece of bad luck that cannot be avoided is Uncle Sam’s greedy paws into the pot. Based on a $35-million win, it’s estimated that champions is only going to get a check that is initial of $1.4 million. The big champion then has up to ninety days to find out if they want to obtain the balance in annual installments, which will be paid away over 25 years, or take a lump sum that will be only 60 percent for the actual win total; according to that $35 million, that will come out to ‘just’ $21 million, so obviously most Megabucks winners get for choice #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 be 40 percent; at the very least Nevada doesn’t always have a state tax, which someone who won the California Megabucks would need to spend as well, for instance. So 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 for the next 25 years year. Unexpectedly it isn’t as life-changing as it seemed, is it?

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 more than $728 million in total jackpots since 1986 in Nevada, and more than a billion dollars nationwide.

Exactly How Do You Enjoy Megabucks Anyhow?

If reading about these wins (despite their downfalls) has gotten Megabucks fever going in you, here’s what you need to know: the modern jackpot is really a buck slot machine that requires a the least $3.00 to be eligible to hit the jackpot. After every win, the jackpot auto-resets to $10 million; reports are that that may soon be bumped as much as $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, providing each casino an item of the action, based on profits per machine. 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 these states have as many casino venues as Nevada, however or as much hype the jackpots are usually on small part.

With a Random Number Generator (RNG) controlling who wins, once the jackpot is hit on one machine, all the devices in the system are instantaneously notified and reset towards the base jackpot again.

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, according to 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 in 2000 for $34. 9 million. A mere six weeks later, a drunk driver hit her car, leaving her sister dead and Jay-Brennan a quadriplegic. Of course, a lot of individuals who haven’t won Megabucks have had the fate that is same no money to simply help them, but logic never stopped a great urban legend from throwing up dust.

Other people who supposedly kicked it due to 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 one of the living and doing fine.

Sheldon Adelson’s EuroVegas in Spain Goes Up in Smoke

Las Vegas Sands CEO Sheldon Adelson who doesn’t do much calmly is walking away from his EuroVegas casino task in Madrid, Spain (Image: keepcalmomatic)

Adios, señores y señoras. There is no EuroVegas in Madrid in the end. After prolonged battles with Spanish nationals and the government over dilemmas such as for instance public smoking laws and even bringing a casino towards the ancient country at all, Las Vegas Sands Corp.’s CEO Sheldon Adelson determined late final 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 in his shareholders’ best interests.

Asian Love Affair

Adelson wants to refocus and zero in on his uber-successful Asian tasks alternatively. And with Sands now swooping up some 80 percent of its annual video gaming revenues from the Macau and Singapore sectors, who could blame him?

The EuroVegas development which have been set to encompass 12 various properties, an astounding 36,000 hotel rooms and six casinos, as well as departmental stores, restaurants, golf courses, performance venues and a major convention center is now one for the annals books. 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 been employed by diligently on this effort, we usually do not see a path in which the criteria needed to move forward with this specific large-scale development can be reached,’ noted Adelson.

Smoking Mad

One of many key dilemmas facing Adelson have been 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 over the next 10-12 years all of it started initially to not make sense anymore.

Even video gaming analysts consented it was time for you 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, so we could have seen a determination to move forward without these conditions as a poor,’ stated RBC Capital Markets gaming analyst John Kempf, explaining to investors why the decision to walk away was made.

In the end whether to keep their game face on or not, we will never ever know without a doubt 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 numerous 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 out of the picture’

De Santamaria went on to state that these demands encompassed line that is critical such as tax concessions, guarantees of compensation should future laws be introduced that might negatively impact the casino resort complex last but not least, a caveat that really no competition would be allowed to set base in EuroVegas’ arena.

For Adelson, enough is enough, in which he’s just ready to move on.

‘Right now our focus is on encouraging countries that are asian like Japan and Korea, to dramatically enhance their tourism offering through the growth of integrated resorts there,’ Adelson said.

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

‘Given the current early-stage efforts to introduce formalized 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 in order to enhance its stature through what is going to be a fiercely competitive bidding process,’ Wieczynski said regarding the end of EuroVegas and renewed region concentration that is asian.

Japan is focusing on getting gambling legalized and casinos built and able to roll in time for just what they project to become a heavy tourist influx using the Summer Olympic Games slated for Tokyo in 2020.

As for exactly how it all affected Sands Corp.’s stock profile, it didn’t, much. As of late week that is last shares closed at $76.57 on the NYSE, which represented a $0.39 jump per share.