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  #1  
Old 11-05-2013, 11:47 AM
seneca7 seneca7 is offline
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Default MEGABUCKS! An MGM Winner!


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From the MGM Grand Twitter feed:

MGM Grand Hotel ‏@MGMGrand The MEGABUCKS slot machine paid one lucky winner $12,463,144 this morning! #WINatMGM RT if you could use 12 million dollars.

Can you imagine....Now THAT is a hand pay!
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  #2  
Old 11-05-2013, 11:49 AM
scottydoog scottydoog is offline
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I believe they get it paid over 10 years or something, is that correct??
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  #3  
Old 11-05-2013, 11:52 AM
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ex507 ex507 is offline
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Wow! Congrats to the winner... I could really use some of this money ^^
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  #4  
Old 11-05-2013, 12:07 PM
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WrongWayWade WrongWayWade is online now
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It's paid out over 25 years, and of course, subject to income taxes.
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  #5  
Old 11-05-2013, 12:13 PM
Sin City Sinner Sin City Sinner is offline
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Even still, that's about 6 grand a week for 25 years. I'd be fine with that!
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  #6  
Old 11-05-2013, 12:20 PM
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thecarve thecarve is online now
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Does that mean you have to come back every year and tip the attendant?
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  #7  
Old 11-05-2013, 12:22 PM
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smartone smartone is online now
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That means the "industry standard" tip @ $100/$1,000 the W-2 attendant should get $1.24 million!!! Paid in cash or you could work out a deal with her over 30 years!!!
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  #8  
Old 11-05-2013, 01:29 PM
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Aftermath Aftermath is offline
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Quote:
Originally Posted by smartone View Post
That means the "industry standard" tip @ $100/$1,000 the W-2 attendant should get $1.24 million!!! Paid in cash or you could work out a deal with her over 30 years!!!
I see what you did there....
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  #9  
Old 11-05-2013, 01:36 PM
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sco5123 sco5123 is online now
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Hmm...no lump sum? That's not interesting.

I like the idea of getting paid over 25 years because then that is guaranteed income but it's certainly not as exciting.

In fact, I found myself getting envious until you said it's not a lump sum. Then I thought well it could have been anything paying them over 25 years. And 25 years is way too long to be getting paid. That's not fair.

The elusive jackpot has lost some of it's allure. haha
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  #10  
Old 11-05-2013, 01:42 PM
dankyone dankyone is online now
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Quote:
Originally Posted by sco5123 View Post
Hmm...no lump sum? That's not interesting.

I like the idea of getting paid over 25 years because then that is guaranteed income but it's certainly not as exciting.

In fact, I found myself getting envious until you said it's not a lump sum. Then I thought well it could have been anything paying them over 25 years. And 25 years is way too long to be getting paid. That's not fair.

The elusive jackpot has lost some of it's allure. haha
It is my understanding you can usually take a lump sum but it is based on the net present value of the jackpot (and probably calculated with an unfavorably/unrealistically high discount rate.) This would knock the value down by more than half, almost half again for the taxes, so you would be left with less than $3 million on your $12mm jackpot.

I would take the money upfront anyway.
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