Same Time In 2010: Another Megabucks Jackpot Hits in Las Vegas

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 in the air within the desert at the moment of the year. Last year in mid-December, a female playing A overseas Game Technologies’ Megabucks slot machine game 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 at the MGM Grand through the exact same week this year. an executive producer of ‘All American Christmas Carol’ a sort of trailer trash form of the Dickens classic, it would appear winner 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 have been naturally cynical and if this person claims ‘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 because well, also during the MGM Grand, which may be the casino that is biggest regarding the Las Vegas Strip. The Megabucks slot machines are all on the same IGT Nevada pipeline, making for large payouts, with minimums of $10 million and more added because it doesn’t get hit.
With no official state lottery per se, Megabucks is the equivalent, and during its 19-year history in Nevada, has brought numerous millionaires into presence. real-money-casino.club It is also the basis for most urban legends, including one that always seems to stay within 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 simply get an initial check of about $1.4 million. The winner that is big has as much as 90 days to ascertain if they want to obtain the balance in annual installments, which will be paid out over 25 years, or take a lump amount which is only 60 percent of the actual win total; based on that $35 million, that could come 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 simply yet though; since the tax that is minimum on that annual income will remain 40 %; at the very least Nevada doesn’t have a state income tax, which someone whom won the California Megabucks would need to pay as 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 year for the following 25 years. Suddenly it’s not as life-changing as it seemed, could 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 out significantly more than $728 million in total jackpots since 1986 in Nevada, and significantly more than a billion dollars nationwide.
How Do You Play Megabucks Anyhow?
If reading about these victories (despite their downfalls) has gotten Megabucks fever going in you, some tips about what you will need to know: the modern jackpot is a dollar slot machine that needs a minimum of $3.00 to be 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 an item of the action, centered on 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 among these states have as many casino venues as Nevada, however or since much hype the jackpots tend to be on small part.
With a Random Number Generator (RNG) managing who wins, once the jackpot is hit on one machine, all the machines in the system are instantaneously notified and reset towards the base jackpot again.
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 winners, according to lore.
A number of these rumors may be based on 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 months later, a drunk driver hit her car, leaving her sister dead and Jay-Brennan a quadriplegic. Needless to say, a good amount of people who haven’t won Megabucks have had the fate that is same no money to help them, but logic never stopped a good urban legend from throwing up dust.
Others who supposedly kicked it due to winning Megabucks included a winner that is 25-year-old 2003, although IGT- who can protect winners’ identities, unlike real state lotteries claims the now 35-year-old is nevertheless one of the living and doing just fine.
Sheldon Adelson’s EuroVegas in Spain Goes Up in Smoke
Vegas Sands CEO Sheldon Adelson who doesn’t do much calmly is walking away from their EuroVegas casino project in Madrid, Spain (Image: keepcalmomatic)
Adios, señores y señoras. There are going to be no EuroVegas in Madrid after all. After prolonged battles with Spanish nationals and the government over problems 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 the decision later last week to pull the plug on the near $30 billion resort and gaming complex, telling investors he felt the casino project ended up being no further in his shareholders’ most useful passions.
Asian Love Affair
Adelson wants to refocus and zero in on his uber-successful Asian jobs instead. 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, a staggering 36,000 hotel 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. 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 other people been employed by diligently on this work, we usually do not see a path where the criteria needed to move ahead with this particular large-scale development can be reached,’ noted Adelson.
Smoking Mad
One of the key problems facing Adelson was 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 mostly supportive government which saw the possible for aiding Spain’s ailing economy by creating a possible 260,000 jobs throughout the next 10-12 years it all began to not make sense anymore.
Even gaming analysts agreed it was time to go on.
‘It was becoming more apparent that the government that is spanish perhaps not meet all the conditions that Las Vegas Sands had requested, so we might have viewed a determination to go forward without these conditions as a poor,’ stated RBC Capital Markets gaming analyst John Kempf, explaining to investors why the decision to leave was made.
In the conclusion whether to help keep their game face on or not, we’ll never know for sure Spain’s federal government acted like they pushed EuroVegas from the picture themselves; the united states’s Deputy Prime Minister Soraya Saenz de Santamaria told the press that Adelson had been 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 express that these demands encompassed critical line products such as for instance 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 permitted to set base in EuroVegas’ arena.
For Adelson, sufficient is enough, and 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 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 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 fascination with keeping powder dry so that you can enhance its stature through what will likely be a fiercely competitive bidding process,’ Wieczynski said of the end of EuroVegas and renewed Asian region concentration.
Japan happens to be focusing on getting gambling legalized and casinos built and ready to move in time for what they project to be always a heavy tourist influx aided by 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 the other day, shares closed at $76.57 regarding the NYSE, which represented a $0.39 jump per share.