Our company is told this is movie producer Mark Hodos from Florida, the latest Nevada Megabucks champion of $10.3 million (Image: IGT)
There has to be something floating around into the desert at this time of year. Last year in mid-December, a lady playing A international 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 throughout the exact same week this year. a producer that is executive ofAll American Christmas Carol’ a sort of trailer trash version 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 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 since well, also during the MGM Grand, which is the casino that is biggest on the Las Vegas Strip. The Megabucks slot machines are typical on the same IGT Nevada pipeline, making for large payouts, with minimums of $10 million and more added since it doesn’t get hit.
With no official state lottery 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 many metropolitan legends, including the one that always seems to stay within the shadows with any lottery win: the start of very bad luck.
One piece of bad luck that cannot be avoided is Uncle Sam’s greedy paws in the pot. Based on a $35-million win, it’s estimated that champions will simply get an initial check of about $1.4 million. The big champion then has as much as 3 months to ascertain if they want to have the balance in annual installments, that will be paid out over 25 years, or take a lump sum which is only 60 % of this actual win total; according to that $35 million, that will turn 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 per cent; at the least Nevada does not have a state tax, which someone whom won the California Megabucks would need to pay because 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, can it be?
Regardless, people keep on playing Megabucks and dreaming large; 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 Do You Enjoy Megabucks Anyhow?
If reading about these wins (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, giving each casino a bit of the action, according to 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. 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) managing who wins, once the jackpot is hit on one machine, all the machines within the system are 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, based on 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 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. Of course, plenty of individuals who haven’t won Megabucks have had the exact same fate and no money to greatly help them, but logic never ever stopped good urban legend from kicking up dust.
Others who supposedly kicked it due to winning Megabucks included a 25-year-old champion in 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 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 their EuroVegas casino task in Madrid, Spain (Image: keepcalmomatic)
Adios, señores y señoras. There will likely be no EuroVegas in Madrid all things considered. After prolonged battles with Spanish nationals and the us government over dilemmas such as for example public smoking laws and even bringing a casino towards the country that is ancient all, Las Vegas Sands Corp.’s CEO Sheldon Adelson made a decision late final week to pull the plug in the near $30 billion resort and gaming complex, telling investors that he felt the casino project was no more in his shareholders’ most readily useful interests.
Asian Love Affair
Adelson really wants to refocus and zero in on his uber-successful Asian projects alternatively. Along 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 was indeed set to encompass 12 various properties, an astounding 36,000 resort rooms and six casinos, as well as shopping centers, restaurants, golf courses, performance venues and a major convention center is now one for the real history publications. In the long run, the cumbersome nature of bypassing existing and creating brand new regulations simply became an excessive amount winner casino coupon code of bother for perhaps not enough potential reward.
‘That process has been exceedingly thorough, and even though the government and many other people have worked diligently on this work, we do not see a course when the criteria needed to move ahead with this development that is large-scale be reached,’ noted Adelson.
One of the key issues 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 prospective for aiding Spain’s ailing economy by creating a potential 260,000 jobs throughout the next 10-12 years it all started to not make sense anymore.
Even video gaming analysts consented it was time and energy to go on.
‘It was 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 determination to proceed without these conditions as an adverse,’ said RBC Capital Markets gaming analyst John Kempf, explaining to investors why the decision to walk away was made.
In the finish whether to keep their game face on or not, we will never ever know without a doubt Spain’s government acted like they pushed EuroVegas out from the picture by themselves; the nation’s Deputy Prime Minister Soraya Saenz de Santamaria told the press that Adelson was indeed throwing out too many requests for guarantees both appropriate and financial that, according to de Santamaria, ‘did not comply with Spanish legislation or that of the European Union.’
De Santamaria went on to express that these demands encompassed line that is critical 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 really no competition would be allowed to set base in EuroVegas’ arena.
For Adelson, enough is enough, and he’s simply prepared 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 path that is right his decisions 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 desire for keeping powder dry in order to enhance its stature through what is going to be a fiercely competitive bidding process,’ Wieczynski stated of this end of EuroVegas and renewed region concentration that is asian.
Japan has been concentrating on getting gambling legalized and casinos built and able to roll over time for what they project to be always a tourist that is heavy because of 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, stocks closed at $76.57 on the NYSE, which represented a $0.39 jump per share.