Uncategorized__ Same Time This Season: Another Megabucks Jackpot Hits in Las Vegas, Nevada
We are told this is movie producer Mark Hodos from Florida, the most recent Nevada Megabucks winner of $10.3 million (Image: IGT)
There has to be one thing floating around in the desert at this time of the year. Last 12 months in mid-December, a female 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 week that is same year. an executive producer of 'All 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 into his Hollywood production company. Although we see no mention of him on the film's IMDb, but we're naturally cynical and then we say 'Bollywood. if this guy says 'Hollywood,''
If he's legitimately a producer, then way to save many grovelling L.A. investor pitch conferences, sir.
Two in a Row
Hodos' win followed a player who hit the Megabucks this November as well, also during the MGM Grand, which could be the biggest casino on the Las Vegas Strip. The Megabucks slot machines are on the same IGT Nevada pipeline, making for huge payouts, with minimums of $10 million and more added because 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's also the basis for most metropolitan legends, including one that always seems to sit in the shadows with any lottery win: the start of very misfortune.
One piece of bad luck that cannot be avoided is the government's greedy paws into the pot. Based on a $35-million win, it's estimated that winners will only get an initial check of approximately $1.4 million. The big winner then has up to ninety days to ascertain if they desire to have the balance in annual installments, that will be paid away over 25 years, or take a lump amount which will be only 60 % of this actual win total; according to that $35 million, that would come 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; since the minimum income tax rate on that annual income will nevertheless be 40 per cent; at least Nevada does not have a state income tax, which someone who won the California Megabucks would need to pay as well, for example. So on your $35 million, that's $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. 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 significantly more than $728 million in total jackpots since 1986 in Nevada, and 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, some tips about what you need to know: the modern jackpot is just 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 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. Because none of those states have actually as many casino venues as Nevada, however or because much hype the jackpots are generally on the smaller part.
With a Random Number Generator (RNG) managing who wins, once the jackpot is hit on one machine, all other devices into the system is instantaneously notified and reset to your base jackpot again.
Odds of winning Megabucks vary, according to 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, according to lore.
A number 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 driver that is drunk her car, leaving her sister dead and Jay-Brennan a quadriplegic. Needless to say, a lot of people who haven't won Megabucks have had the exact same fate and no money to help them, but logic never stopped an excellent urban legend from kicking up dust.
Other people who supposedly kicked it due to 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 still 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 task in Madrid, Spain (Image: keepcalmomatic)
Adios, señores y señoras. There will be no EuroVegas in Madrid all things considered. After prolonged battles with Spanish nationals and the federal government over dilemmas such as public smoking laws and even bringing a casino towards the ancient country at all, Las Vegas Sands Corp.'s CEO Sheldon Adelson made the decision late last week to pull the plug in the near $30 billion resort and gaming complex, telling investors which he felt the casino project ended up being no longer in his shareholders' most readily useful passions.
Asian Love Affair
Adelson wants to refocus and zero in on his uber-successful projects that are asian. Along 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 was in fact set to encompass 12 various properties, an astounding 36,000 hotel rooms and six casinos, as well as department stores, restaurants, golf courses, performance venues and a major convention center is now one for the history 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 extremely thorough, and while the government and many others been employed by diligently on this work, we do not see a course when the criteria had a need to move forward using this development that is large-scale be reached,' noted Adelson.
One of many 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 possible for aiding Spain's ailing economy by creating a potential 260,000 jobs on the next 10-12 years it all began to not make sense anymore.
Even video gaming analysts agreed it was time to move on.
'It had been becoming more apparent that the Spanish government could maybe not meet all the conditions that Las Vegas Sands had requested, so we would have viewed a choice to proceed without these conditions as a poor,' said 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 are going to never know for sure Spain's federal 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 in fact throwing out too many requests for guarantees both legal and financial that, according to de Santamaria, 'did not comply with Spanish law or compared to the European Union.'
De Santamaria went on to say that these demands encompassed line that is critical such as for example 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, enough is enough, in which he's simply willing to move on.
'Right now our focus is on encouraging Asian countries, like Japan and Korea, to dramatically enhance their tourism offering through the development 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 choices and focus.
'Given the recent early-stage efforts to introduce formalized video 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 so that you can enhance its stature through real-money-casino.club what will likely be a fiercely competitive bidding process,' Wieczynski stated regarding the end of EuroVegas and renewed Asian region concentration.
Japan has been concentrating on getting gambling legalized and casinos built and able to move over time for just what they project to become 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 don't, much. As of late last week, stocks closed at $76.57 in the NYSE, which represented a $0.39 jump per share.