There are a lot of people who play slots online. In fact, there are so many that it’s hard to keep track of them all. So let’s take a look at just one such individual — this is the story of someone who won $100 million playing slot machines online. Now we’ll see if that person really did win $100 million playing slots on line.
The Story of John “Red” McCombs
John “Red” McCombs is an American billionaire businessman and philanthropist. He has been called the “King of Cable,” because he owns several cable companies in Texas and elsewhere. He also owns a number of newspapers (including the Fort Worth Star-Telegram), a radio station, and a few other businesses. It’s not surprising then that his wealth comes from his ownership of media outlets.
In the 1960s, McCombs started investing his money into the stock market. His first big investment was in the oil industry. When the price of oil went up, so did his profits. Soon after that, he began to invest in real estate. By the 1970s, McCombs had become a millionaire and even more successful as a business owner.
He became interested in the casino business around this time, and in 1977 he opened the Red River Casino in Dallas, Texas. This casino was designed with the express purpose of being a place where gamblers could spend their money without having to worry about getting ripped off by unscrupulous dealers or crooked cops.
McCombs’ plan worked and soon, the casino was turning over millions of dollars every year. But McCombs wasn’t content to simply own a single casino. Instead, he bought out the casinos on both sides of the state line between Texas and Oklahoma. That way, he could offer games to gamblers in both states, which meant more profit for him.
Soon, McCombs’ gambling empire grew even larger. In 1981, he purchased the Houston Astros baseball team and renamed it the Texas Rangers. The same year, he bought the NBA franchise in San Antonio and renamed it the Spurs. He also decided to open a new casino in Las Vegas, Nevada, which would be the largest casino ever built in North America.
But McComb’s luck didn’t last forever. In 1985, McCombs suffered a stroke and almost died. He spent two years recovering and his fortune suffered accordingly. Then, in 1992, he suffered another stroke, but recovered and lived for another five years. Just before his death in 1997, McCombs sold his entire portfolio of casinos and stocks to Harrah’s Entertainment for just $1 billion.
A Lucky Break
After his death, the value of his estate skyrocketed. His daughter, Andrea McCombs, inherited her father’s assets and continued to manage them. She was also able to sell some of those assets to raise cash for herself and her sister, who was suffering from cancer.
Andrea hired a financial advisor named Jeffry Gensler. He told her that she should hold onto her money until the stock market crashed. After that happened, they would have plenty of money to invest in property and make a killing.
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Around that time, Andrea learned that her sister was dying. Not wanting to lose a chance to get rich quick, she asked Jeffry to help her find the right properties to buy. They found a property near Lake Tahoe, Nevada, that had a lake, a golf course and a casino that was under construction. It was perfect for what they wanted!
They bought the property and were ready to start building when they got a call from the bank. Apparently, the bank had no idea how much money they would need to finish the project. It turned out to be a lot more than they thought. As a result, they couldn’t afford to build the casino.
Fortunately, the bank agreed to loan them enough money to complete the project. Once they finished construction, business seemed to pick up. Soon, they realized they had made a huge mistake, though. Their casino wasn’t very profitable. And since they couldn’t afford to pay back the bank, they lost that money too.
Things didn’t improve much from there. In 2001, they tried another casino in New Mexico. Unfortunately, it wasn’t nearly as lucrative as the previous venture. So they closed it within three months.
In 2002, Andrea decided it was time to move on. She didn’t want to risk losing her entire inheritance again. She sold the casinos in Nevada and California and used the proceeds to buy out her sister’s shares of the family business.
Jeffry recommended that she do something else with that money. He said that she should buy some slot machine equipment and rent out all of the machines in the casinos she owned. He explained that there was a trend toward video lottery terminals (VLTs) at the time, but most casinos weren’t using them yet. VLTs are computerized versions of regular slot machines.
That strategy would allow them to earn interest while they waited for the market to change. It wouldn’t be long before other casinos started installing VLTs, either.
It took awhile for things to work out. Even so, they still made a good profit. In 2004, McCombs sold his share of the company to Harrah’s Entertainment for $2 billion. That gave Andrea control of the business and the freedom to do whatever she wanted with it.
She decided to expand her gambling empire. First, she acquired the rights to operate slot machines in Atlantic City, New Jersey. Then, she bought out a group of casinos in Reno, Nevada. Finally, she bought the land for a new casino in Biloxi, Mississippi — where she already owned a hotel. All of these acquisitions put her in a position to compete with the biggest names in the gambling world.
By now, McCombs had amassed a fortune worth somewhere upwards of $500 million. But he wasn’t done spending his money. He donated $30 million to the University of Texas Health Science Center at San Antonio. He also left $50 million to his alma mater, the University of Houston. He funded cancer research centers in four cities and set up foundations to benefit children’s hospitals.
Even while he was alive, McCombs was considered a generous man. So it came as quite a surprise when the Texas Lottery announced that they had awarded him a $100 million prize — the largest jackpot in the history of the Texas Lottery!
So Did He Really Win $100 Million Playing Slot Machines?
As far as anyone knows, Andrea McCombs did indeed win that incredible jackpot. While she may have made some bad decisions along the way, there’s no reason to think that her gambling habits were responsible for her success. There are a lot of ways to get lucky at casinos. You don’t need to gamble to win.
If you’re looking for a fun way to pass the time, consider trying your hand at slot machines. Or better yet, try a little blackjack. These games can give you a thrill and a whole lot of excitement, too!