Page 7 - May 2005 • Southern California Gaming Guide

SOUTHERN CALIFORNIA GAMING GUIDE
When You Win “The Big One” Will You Know How to Handle Your Money?
by Maya Winkler
The rst thing Jackie S. did after she won a $760,000 jackpot at her favorite casino was to pay o her mortgage. She also bought a brand new RV, took a month-long trip across the country with her best friend, bought her two daughters new cars, and helped her husband start a new business. Within a year, almost 80% of her winnings
were gone. But she was philosophical.“I enjoyed spending every cent of this money, and know how lucky I am. But I would sure do a few things di erently.”
before you put the money in the bank, convert the annuity, or buy a thing! And, they advise to take a day or two to relax into the idea that you’ve had a remarkable fortunate experience. Don’t let anyone cajole, convince, coach or coax you into spending a dime! In other words, don’t quit your job, invest in your husband’s (or friend’s) business, or pay o your mortgage until you take the time to plan.
While we talk about planning your time in a casino to make the most of the experience, dealing with the winnings of a substantial jackpot demands even more planning.
“Put the winnings in a money market account,” says Mario Baldano, a New Jersey nancial planner and accountant,“Or in a short-term bond fund, and start seeking advice from experts.” Depending on how much you won, you may need an attorney, tax expert, and certainly an accountant to advise you.
Many casino jackpots are paid out in annuities, which winners can sell for immediate lump sums. So the choice initially becomes whether to sell the annuity or keep it and receive annual payments for a stipulated number of years. Many winners opt to sell their annuities to receive a lump sum that they can then invest or spend as they please. Get advice from experts before you decide.
But remember if you do win that jackpot even a lot of money can’t buy everything. And whether you save it or spend it is up to you.
Maya Winkler is a non- ction writer who says she is the luckiest casino player she knows. She plays in casinos all over the United States.
Soboba Casino Celebrates Grand Opening of New Poker Room
Not everyone who has the good fortune to receive an unexpected large sum, and spends most of it, remains positiveabouttheexperience.(And,ofcourse,itdepends what you spent it on!) We’ve all heard the tales about lottery winners who go
through millions and wind up unhappy and owing money. If we listen to all the stories we’ve read or heard, sudden wealth does not necessarily lead to lasting prosperity.
casinos, and occur often, if you read the pages of this newspaper.
So what if you are one of the of lucky ones? Will you know how to handle your hundreds of thousands—or even millions? Financial experts agree that winning money can change a person — in many
di erent ways.
Sudden wealth brings a
myriad of emotions: guilt over not having earned it, and often anxiety about what to do with it. And worry about how to deal with it all. While most of us reading this would say,“Bring these problems on!” they are still very real for real winners.
“Sudden wealth brings a myriad of emotions: guilt over not having earned it, and often anxiety about what to do with it. And worry about how to deal with it all. While
most of us reading this would say, ‘Bring these problems on!’ they are
While many of us
won’t have the luck
to win life-changing
jackpots in the casino
(the odds are in the
millions to one), it’s possible we may win a “princely mental health experts) say the very rst thing to do when amount,”insteadofa“king’sransom.”Windfallsofafew youwinabigjackpotistotakeyourwinningsandthendo hundred thousand or more are increasingly possible in nothing! ey say keep the winnings for a day or two even
still very real for real winners.”
Financial planners (and
On May 2nd at high noon Soboba Casino will open the doors to its elegant, new Soboba Poker Room! Players and guests will enjoy a complimentary lunch catered by Manhattan’s At Soboba, the casino’s
recently renamed and renovated restaurant
(previously the Soboba Steakhouse). e
gorgeous 2,000 sq. ft. non-smoking poker
room has six plasma televisions and will
o er rst-rate guest services. Open 24/7
with 15 poker tables and 12 variations of
poker games, Soboba Poker will bring the
thrill of high-stakes poker to Soboba Casino! Tables feature $1 and $2 minimum bets and no-limit betting.
Tournaments are scheduled Monday through Friday at 10 a.m., and Mondays and Wednesdays at 7 p.m. And the casino will host a women’s poker tournament on May 8, Mother’s Day.
Beginning May 23 through May 29, the Soboba Classic will o er 250 available daily seats to the best poker players in the region. An estimated pot of $200,000 is up for grabs to the most talented player entering the tournament. e casino plans to make the Soboba Classic an annual
event. Joining in the excitement, the World Poker TourTM has been con rmed as an a liate of Soboba Casino. See page 10 for more Soboba Poker information.
Indian Gaming Trade Show at San Diego Convention Center
NDraws Record Crowd ational Indian Gaming Association (NIGA)
o cials reported approximately 5,400
registrants at Indian Gaming ‘05, the Association’s 14th Annual Membership Meeting and Trade Show, which ran from April 10th – 13th at the San Diego Convention Center. e trade show included more than 80 training workshops and 19 roundtables focusing on a variety of topics related to
Indian gaming.
Among the trade show’s highlights, Ernie Stevens,
Jr., NIGA chairman for the past four years, was re- elected by acclamation in an election for Chairman.
Stevens will immediately begin serving his third two- year term.
“In 2004, Indian gaming generated 553,000 jobs, bolstered the U.S. economy by $18.5 billion in revenue, generated $5.5 billion in federal taxes and $1.8 billion in state government revenue, and has generated more than $100 million for local governments as a result of local taxes and government service agreements,” said Stevens.“All of this, including more than $100 million in charitable contributions nationwide, proves that Indian gaming is not only helping rebuild Native
American communities, but also helping to vastly
improve the economy of the entire United States and make lives better for all citizens.”
e National Indian Gaming Association is a non-pro t trade association comprised of 184 American Indian Nations and other non-voting associate members. e common commitment and purpose of NIGA is to advance the lives of Indian
people — economically, socially and politically. NIGA operates as a clearinghouse and educational, legislative and public policy resource for tribes, policymakers and the public on Indian gaming issues and tribal community development.
May 2005 Page 7
Gaming News (Continued)