Morro said he anticipated IGT would return to the commission early in the new year to gain approval for its full, final Megabucks proposal. The commission had objected to IGT investing the money, and the company altered its proposal so that the remaining 19 payments will be invested by a 'bona-fide' banking firm, commission spokesman Thomas Flynn said. IGT also had initially proposed paying a winner 1-20th of the jackpot and then investing in an annuity to finance the winner's remaining 19 annual payments. Under the previous proposal, IGT would have received a percentage of the money wagered in the Megabucks system. Under the revised proposal, IGT will be paid a flat sum of $25,000 annually per slot machine, in addition to a $200,000-a-year service contract. They sent the company back to the drawing board to make changes in its proposal and approved the modifications Wednesday. The New Jersey casino commission gave conceptual approval to Megabucks last year, but a detailed proposal of the progressive jackpot system presented by IGT to the commission in August drew dissatisfaction from the commissioners.
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