We have been 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 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 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 to his Hollywood production 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 guy says ‘Hollywood,»
If he’s legitimately a producer, then way to save your self numerous grovelling L.A. investor pitch meetings, sir.
Two in a Row
Hodos’ win followed a player who hit the Megabucks this November because well, also during the MGM Grand, which could be the biggest casino in the Las Vegas Strip. The Megabucks slot machines are all on the IGT that is same Nevada, making for very large payouts, with minimums of $10 million and more added since it does not get hit.
With no official state lottery by itself, Megabucks is considered the equivalent, and during its 19-year history in Nevada, has brought numerous millionaires into existence. It is also the basis for many metropolitan legends, including one that always seems to stay in the shadows with any lottery win: the onset of very misfortune.
One piece of bad luck that can’t be avoided is the government’s greedy paws into the pot. Based on a $35-million win, it’s estimated that champions is only going to get an initial check of approximately $1.4 million. The big winner then has as much as ninety days to determine if they want to have the balance in annual installments, which will be paid away over 25 years, or have a lump amount which is only 60 percent regarding the actual win total; according to that $35 million, that will 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 just yet though; since the minimum taxation rate on that annual income will nevertheless be 40 %; at the least Nevada doesn’t always have a state tax, which someone who won the California Megabucks would have to pay since 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. Abruptly it is not as life-changing as it seemed, could it be?
Regardless, people keep on playing real-money-casino.club 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 out more than $728 million in total jackpots since 1986 in Nevada, and more than a billion dollars nationwide.
Exactly How Can You Play Megabucks Anyway?
If reading about these victories (despite their downfalls) has gotten Megabucks fever going in you, here is what you need to know: the modern jackpot is just a buck slot machine that takes a minimum of $3.00 to be qualified to hit the jackpot. After each 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, offering each casino a bit of the action, considering profits per machine. Unlike numerous lotteries, this one is solitary state and for Nevada only, although IGT does have other Megabucks jackpots in California, New Jersey and Mississippi, as well as on a few Indian reservations. 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 other machines in the system is instantaneously notified and reset to the base jackpot again.
Odds of winning Megabucks vary, based on 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 winners, according to lore.
Some of these rumors may be based on 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 months later, a driver that is drunk her car, leaving her sister dead and Jay-Brennan a quadriplegic. Of course, a lot of those that haven’t won Megabucks have had the same fate and no money to simply help them, but logic never stopped a 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
Las Vegas Sands CEO Sheldon Adelson who doesn’t do much calmly is walking away from his EuroVegas casino project in Madrid, Spain (Image: keepcalmomatic)
Adios, señores y señoras. There are no EuroVegas in Madrid most likely. After prolonged battles with Spanish nationals and the federal government over dilemmas such as for example 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 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 further in his shareholders’ best interests.
Asian Love Affair
Adelson would like to refocus and zero in on his uber-successful projects that are asian. 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 was in fact set to encompass 12 different properties, a staggering 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 real history books. In the end, the cumbersome nature of bypassing existing and creating brand new laws merely became a lot of bother for not enough potential reward.
‘That process has been incredibly thorough, even though the government and many other people been employed by diligently on this effort, we do not see a path where the criteria needed to move ahead using this development that is large-scale be reached,’ noted Adelson.
One of many 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 potential for aiding Spain’s ailing economy by creating a potential 260,000 jobs on the next 10-12 years it all started to not make sense anymore.
Even video gaming analysts consented it was time to move on.
‘It was becoming more apparent that the Spanish government could perhaps not meet all the conditions that Las Vegas Sands had requested, and now we might have seen a choice to go forward without these conditions as an adverse,’ said 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 not, we’ll never ever know for certain Spain’s government acted like they pressed EuroVegas from the picture on their own; 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 needs encompassed line that is critical such as for instance tax concessions, guarantees of compensation should future laws be introduced that might negatively impact the casino resort complex and lastly, a caveat that essentially no competition would be allowed to set base in EuroVegas’ arena.
For Adelson, enough is enough, in which he’s just 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 thinks Adelson is on the path that is right his choices and focus.
‘Given the present early-stage efforts to introduce formalized video gaming legislation in Japan, we sense [this] announcement may have been driven by the greater sense of certainty around a potential Japanese opportunity and management’s fascination with keeping powder dry in an attempt to enhance its stature through what will probably be a fiercely competitive bidding process,’ Wieczynski stated associated with end of EuroVegas and renewed Asian region concentration.
Japan is concentrating on getting gambling legalized and casinos built and ready to move over time for what they project to be always a tourist that is heavy with 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 week that is last stocks closed at $76.57 regarding the NYSE, which represented a $0.39 jump per share.