$1 Billion of Jacks (or Better) in the Box

Ex-mayor's $1 billion gambling woes stun San Diego

SAN DIEGO (AP) — Maureen O'Connor was a physical education teacher who won a seat on the San Diego City Council when she was only 25 years old, later winning two terms as the city's first female mayor as she charmed voters with a populist flair.

But her rapid rise was matched by her fall, culminating Thursday when she acknowledged in federal court that she took $2.1 million from her late husband's charitable foundation during a decade-long gambling spree in which she won — and lost — more than $1 billion.

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*O'Connor's game of choice was video poker at casinos in San Diego, Las Vegas and Atlantic City, N.J.

*O'Connor, 66, once had a personal fortune that her attorney estimated between $40 million and $50 million, inherited from her husband of 17 years, Robert O. Peterson, founder of the Jack in the Box Inc. fast-food chain.

This would have never happened if she would have used Singer's special plays.

Well. I hope she received some incredible comps. What is going through someone's mind when they lose like that?

I saw this and pretty much had the exact same thought as RM. A billion dollars! WTF!

J

She didn't lose a billion dollars. She wagered a billion dollars, apparently losing only (!) about $13+ million.

That's a lower loss rate than the pass line affords. Factor in the fabulous comps she surely received, and she really didn't do that badly, relative to what she put at risk.

She didn't lose that much money. It was like that's how much she put through the machines.

I'm probably over $1M coin-in per year now--which would take about a thousand years to equal what she did in ten. She must have either been logging long hours or hitting high denominations and/or multiplays. Or a combination of all three.

Losing $13M out of $1B is a very good performance if it doesn't include bounce back cash, cashback, or other comps. She must have been a proficient player.

Yeah, but you are making assumption that she has been playing max coin and lowering the house advantage.

I am not making that assumption.

I'm saying that she lost just 1.3% of what she wagered. That's pretty damn good, we should all be so lucky.

Actually .13%. Edit...No you are right. My previous post might need to be reevaluated by moi.