Our company is told this is movie producer Mark Hodos from Florida, the latest Nevada Megabucks winner 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 woman 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 throughout the week that is same year. an executive producer of ‘All American Christmas Carol’ a kind of trailer trash version of the Dickens classic, it would appear champion Mark Hodos says the moolah goes back into his Hollywood manufacturing company. Although we see no mention of him on the film’s IMDb, but our company is naturally cynical and then we say ‘Bollywood. if this guy says ‘Hollywood,”
If he’s legitimately a producer, then way to save numerous grovelling L.A. investor pitch meetings, sir.
Two in a Row
Hodos’ win followed a player who hit the Megabucks this November as well, also at the MGM Grand, which is the casino that is biggest in the Las Vegas Strip. The Megabucks slot machines are on the same IGT Nevada pipeline, making for large payouts, with minimums of $10 million and more added since it does not 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’s also the basis for several metropolitan legends, including the one which always seems to stay within the shadows with any lottery win: the start of very luck that is bad.
One piece of bad luck that can not be avoided is the government’s greedy paws in the pot. Based on a $35-million win, it’s estimated that winners will only get an initial check of about $1.4 million. The winner that is big has up to ninety days to determine if they want to obtain the balance in yearly installments, that will be paid out over 25 years, or have a lump sum which is only 60 per cent associated with actual win total; based on that $35 million, that could turn out 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 simply yet though; because the tax that is minimum on that annual income will be 40 per cent; at the least Nevada doesn’t have a state income tax, which someone who won the California Megabucks would have to pay because 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 next 25 years. 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 more than $728 million in total jackpots since 1986 in Nevada, and significantly more than a billion dollars nationwide.
How Would You Play Megabucks Anyhow?
If reading about these victories (despite their downfalls) has gotten Megabucks fever going in you, here’s what you’ll need to know: the progressive jackpot is really a buck slot machine that takes a the least $3.00 to be qualified to hit the jackpot. The jackpot auto-resets to $10 million; reports are that that may soon be bumped up to $11 million after each win.
IGT the 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, centered on profits per device. Unlike numerous lotteries, this one is single state as well as for Nevada only, although IGT has other Megabucks jackpots in California, New Jersey and Mississippi, as well as on several Indian reservations. Because none of these states have actually as many casino venues as Nevada, however or since much hype the jackpots tend to be 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, dependent on who you ask; including 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 champions, based on 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 months later, a driver that is drunk her car, leaving her sister dead and Jay-Brennan a quadriplegic. Needless to say, lots of those that haven’t won Megabucks have had the exact same fate and no money to aid them, but logic never stopped a good urban legend from throwing up dust.
Others who supposedly kicked it as a result 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 nevertheless one of 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 his EuroVegas casino project in Madrid, Spain (Image: keepcalmomatic)
Adios, señores y señoras. There are going to be no EuroVegas in Madrid all things considered. After prolonged battles with Spanish nationals and the federal government over issues such as for example public smoking laws and even bringing a casino to your country that is ancient all, Las Vegas Sands Corp.’s CEO Sheldon Adelson made a decision later last week to pull the plug on the near $30 billion resort and gaming complex, telling investors he felt the casino project was not in his shareholders’ best interests.
Asian Love Affair
Adelson really wants to refocus and zero in on his uber-successful Asian tasks rather. And with Sands now swooping up some 80 percent of its annual gaming profits from the Macau and Singapore sectors, who could blame him?
The EuroVegas development which had been set to encompass 12 different properties, a staggering 36,000 resort rooms and six casinos, as well as department stores, restaurants, golf courses, performance venues and a major convention center 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 extremely 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 needed to move forward with this particular large-scale development can be reached,’ noted Adelson.
Among the key problems facing Adelson was indeed 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 prospective for aiding Spain’s ailing economy by creating a possible 260,000 jobs within the next 10-12 years all of it began to not sound right anymore.
Even gaming analysts consented it was time for you to move on.
‘It had been becoming more apparent that the government that is spanish not meet all the conditions that Las Vegas Sands had requested, and now we could have viewed a choice to move forward without these conditions as a bad,’ said RBC Capital Markets gaming analyst John Kempf, explaining to investors why the decision to walk away was made.
In the conclusion whether to help keep their game face on or otherwise not, we’ll never ever know without a doubt Spain’s federal government acted like they forced EuroVegas out of the picture themselves; the united states’s Deputy Prime Minister Soraya Saenz de Santamaria told the press that Adelson was throwing out too many requests for guarantees both appropriate and financial that, according to de Santamaria, ‘did not comply with winner casino desktop site Spanish legislation or that of the European Union.’
De Santamaria went on to state that these demands 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 finally, a caveat that really no competition would be allowed to set base in EuroVegas’ arena.
For Adelson, enough is enough, in which he’s simply ready 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 believes Adelson is on the right course with his choices and focus.
‘Given the recent early-stage efforts to introduce formalized gaming legislation in Japan, we sense [this] announcement might have been driven by the greater feeling of certainty around a potential Japanese opportunity and management’s desire for keeping powder dry in order to enhance its stature through what will likely be a fiercely competitive bidding process,’ Wieczynski stated of the end of EuroVegas and renewed region concentration that is asian.
Japan happens to be concentrating on getting gambling legalized and casinos built and ready to move with time for just what they project to become a heavy tourist influx utilizing the Summer Olympic Games slated for Tokyo in 2020.
As for how it all affected Sands Corp.’s stock profile, it didn’t, much. As of late the other day, shares closed at $76.57 on the NYSE, which represented a $0.39 jump per share.