Same Time This Season: Another Megabucks Jackpot Hits in Nevada

Same Time This Season: Another Megabucks Jackpot Hits in Nevada

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

There needs to be something floating around within the desert at the moment of the year. Last 12 months in mid-December, a female playing A international Game Technologies’ Megabucks slot machine game 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 during the MGM Grand during the week that is same year. an executive producer of ‘All American Christmas Carol’ a type of trailer trash form of the Dickens classic, it would appear champion Mark Hodos says the moolah goes back in his Hollywood manufacturing company. Although we see no mention of him regarding the film’s IMDb, but we are naturally cynical and if this person states ‘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 as well, also at 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 official state lottery by itself, Megabucks is 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 in the shadows with any lottery win: the onset of very bad luck.

One piece of bad luck that can not be avoided is the government’s greedy paws within the pot. Based on a $35-million win, it’s estimated that champions will only get an initial check of approximately $1.4 million. The big winner then has as much as ninety days to find out if they need to obtain the balance in yearly installments, which will be paid away over 25 years, or take a lump sum which is only 60 % associated with the actual win total; based on 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 taxation rate on that annual income will still be 40 percent; at least Nevada doesn’t have a state income tax, which someone who won the California Megabucks would have to pay since 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’s not 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.

How Do You Enjoy 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 every win, the jackpot auto-resets to $10 million; reports are that that may soon be bumped up to $11 million.

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, giving each casino a piece of the action, centered on profits per machine. Unlike many lotteries, this one is single state and for Nevada just, although IGT comes with other Megabucks jackpots in California, New Jersey and Mississippi, as well as on a few Indian reservations. Because none among these states have as many casino venues as Nevada, however or since much hype the jackpots tend to be on the smaller 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, depending on who you ask; ranging 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.

Some 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 days later, a driver that is drunk 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 exact same fate and no money to aid them, but logic never ever stopped good urban legend from throwing up dust.

Other people who supposedly kicked it as a result of 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

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

Adios, señores y señoras. There will likely be no EuroVegas in Madrid after all. After prolonged battles with Spanish nationals and the federal government over problems 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 the decision late last week to pull the plug regarding the near $30 billion resort and gaming complex, telling investors that he felt the casino project had been not in his shareholders’ most readily useful passions.

Asian Love Affair

Adelson would like to refocus and zero in on his uber-successful Asian tasks 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 set to encompass 12 different properties, an astounding 36,000 resort rooms and six casinos, as well as stores, restaurants, golf courses, performance venues and a major convention center is now one for the history books. In the end, the cumbersome nature of bypassing existing and creating brand new laws just became an excessive amount of bother for perhaps not enough potential reward.

‘That process has been incredibly thorough, even though the government and many others been employed by diligently on this work, we do not see a path when the criteria needed seriously to move forward using this large-scale development can be reached,’ noted Adelson.

Smoking Mad

One of the key issues facing Adelson had 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 government that is largely supportive saw the possible for aiding Spain’s ailing economy by creating a potential 260,000 jobs over the next 10-12 years it all started to not make sense anymore.

Even video gaming analysts consented it was time to go on.

‘It was becoming more apparent that the government that is spanish maybe not meet all the conditions that Las Vegas Sands had requested, and now we could have seen a determination 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 finish whether to keep their game face on or otherwise not, we’ll never know for certain Spain’s federal government acted like they forced EuroVegas out from the picture on their own; the country’s Deputy Prime Minister Soraya Saenz de Santamaria told the press that Adelson had been throwing out too many requests for guarantees both appropriate and financial that, according to de Santamaria, ‘did not comply with Spanish legislation or compared to the European Union.’

De Santamaria went on to state that these needs encompassed critical line things such as for instance tax concessions, guarantees of payment should future laws be introduced that might negatively impact the casino resort complex and finally, a caveat that essentially no competition would be permitted to set base in EuroVegas’ arena.

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

‘Right now our focus is on encouraging Asian countries, 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 present early-stage efforts to introduce formalized video 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 desire for keeping powder dry in an attempt to enhance its stature through what will probably 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 what they project to become a heavy tourist influx 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 a week ago, stocks closed at $76.57 on the NYSE, which represented a $0.39 jump per share.