Same Time This Season: Another Megabucks Jackpot Hits in Las Vegas, Nevada

Same Time This Season: Another Megabucks Jackpot Hits in Las Vegas, Nevada

Our company is told this is movie producer Mark Hodos from Florida, the newest Nevada Megabucks champion 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 woman playing A overseas Game Technologies’ Megabucks video slot 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 through 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 person says ‘Hollywood,”

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 is 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 doesn’t get hit.

With no state that is official per se, 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 a lot of metropolitan legends, including the one which always seems to sit into the shadows with any lottery win: the start of very bad luck.

One piece of bad luck that can’t be avoided is Uncle Sam’s greedy paws into the pot. Based on a $35-million win, it’s estimated that champions will only get a check that is initial of $1.4 million. The winner that is big has as much as 3 months to ascertain if they need to obtain the balance in yearly installments, which will be paid out over 25 years, or take a lump amount which will be only 60 percent associated with the actual win total; based on that $35 million, that would turn 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 tax that is minimum on that annual income will remain 40 %; at the very least Nevada does not have a state income tax, which someone who won the California Megabucks would need to pay since well, for example. 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. Suddenly it’s not as life-changing as it seemed, is it?

Regardless, people keep on playing Megabucks and dreaming big; that MGM Grand winner hit for $12.46 million, explaining why Hodos’ subsequent win was so ‘small’ november.

IGT says it has paid out 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 is what you will need to know: the progressive jackpot is really a buck slot machine that needs a the least $3.00 become eligible 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, offering each casino a bit of the action, considering 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. Because none of those states have as many casino venues as Nevada, however or as much hype the jackpots are on small part.

With a Random Number Generator (RNG) managing who wins, once the jackpot is hit on one machine, all other machines in the system will be instantaneously notified and reset towards the base jackpot again.

Odds of winning Megabucks vary, dependent on who you ask; including 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, 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 months later, a drunk driver hit her car, leaving her sister dead and Jay-Brennan a quadriplegic. Of course, a lot of people who haven’t won Megabucks have had the fate that is same no money to greatly help them, but logic never stopped a good 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 nevertheless among the living and doing just 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 is going to be no EuroVegas in Madrid in the end. After prolonged battles with Spanish nationals and the us government over dilemmas such as for instance 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 last week to pull the plug on the near $30 billion resort and gaming complex, telling investors which he felt the casino project ended up being no more 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. Sufficient reason for 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 have been set to encompass 12 different properties, an astounding 36,000 resort rooms and six casinos, as well as departmental stores, restaurants, golf courses, performance venues and a convention that is major is now one for the history books. In the end, the cumbersome nature of bypassing existing and creating new regulations simply became way too much bother for not enough potential reward.

‘That process has been exceedingly thorough, and while the government and many other people been employed by diligently on this effort, we don’t see a course when the criteria had a need to move ahead using this development that is large-scale be reached,’ noted Adelson.

Smoking Mad

Among the key dilemmas facing Adelson had been strong and vocal opposition from 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 prospective for aiding Spain’s ailing economy by creating a possible 260,000 jobs throughout the next 10-12 years all of it started initially to not make sense anymore.

Even gaming analysts agreed it was time to go on.

‘It ended up being becoming more apparent that the Spanish government could perhaps not meet all the conditions that Las Vegas Sands had requested, and we might have seen a decision to go forward without these conditions as an adverse,’ said RBC Capital Markets gaming analyst John Kempf, explaining to investors why the decision to leave was made.

In the end whether to help keep their game face on or not, we are going to never know for certain Spain’s federal government acted like they forced EuroVegas out of the picture by themselves; the country’s Deputy Prime Minister Soraya Saenz de Santamaria told the press that Adelson was indeed throwing out too many requests for guarantees both legal and financial that, according to de Santamaria, ‘did not comply with Spanish legislation or that of the European Union.’

De Santamaria went on to say that these demands encompassed line that is critical such as tax concessions, guarantees of settlement should future laws be introduced that might negatively impact the casino resort complex and lastly, a caveat that really no competition would be permitted to set foot in EuroVegas’ arena.

For Adelson, enough is enough, in which 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 providing 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 may have been driven by the greater sense of certainty around a potential Japanese opportunity and management’s desire for keeping powder dry in an effort to enhance its stature through what is going to be a fiercely competitive bidding process,’ Wieczynski said 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 be 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 a week ago, shares closed at $76.57 on the NYSE, which represented a $0.39 jump per share.

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