Well, all the talk about cancellation appears to be academic now.
This announcement comes from Amy Lee, one of the partners of Millionaire Chess.
In short, the tournament is a go.
Unless they have a sugar daddy backing them up to hedge the risk, this has the potential of an epic fail. Only 76 entries as of 3/31? Even at 5 times that many paying $1000, they are still short over $600,000 just for the prize fund and not counting other expenses. The next deadline is July 31 to still only pay $1000. With these guarantees, if the 76 players are the only ones to show, they will all do very well.
It may not be as risky as that, it is possible that many people held back because they were concerned that the event would be cancelled and they might not get their advance entry fee back, or it might not get refunded for a long time (and without interest.)
This event occurs over the weekend that includes National Chess Day, I wonder what it will do to NCD event organizers?
What other areas would it affect? Don’t see the problem for other organizers. Doubt that anyone is going to shift their event to avoid this one. I look on National Chess Day as something for smaller, local organizers to use to promote the game.
They need a thousand players to make a real splash with this event. There are not many like that in the US; only the World Open draws like that. A 400 player event would be great, and lose lots of money.
I think that this is a tournament that people would fly to. I know that there was a lot of reluctance in scheduling the New Hampshire Open this year close to the World Open.
Alex Relyea
The HB Global drew 1600 (more than any recent World Open), if this one draws that many, it should make a profit.
I think October is a better time frame than May and I think Las Vegas is a more desirable site than Minneapolis.
I’ve entered it and I encourage all of you to do so too.
Maurice Ashley has gone way out on a limb and made a bid for our support. Let’s give it to him. Unlike seemingly almost all other leaders in the USCF Ashley not only has Vision, but also has the Guts to take Action. Instead of just dreaming or complaining he is actually doing something that has the potential to change the sport of chess in a positive way, and could even be revolutionary. Or it may fall flat. Who knows? Let’s support it and see what happens.
Is there any additional information about USCF partnership with Millionaire Chess?
Other than it being run by a USCF affiliate and getting some advance publicity from USCF, is there any partnership needed?
See uschess.org/content/view/12614/760/
The HB Global got a cover story in Chess Life.
I don’t know about “needed”, but since it’s highlighted in the same sentence by EB member as balanced budgets and other things, maybe there is something more? It would be great if Millionaire Chess could leverage USCF resources for promoting the event among USCF members, not limited to publications in Chess Life. I haven’t seen that yet, and I believe, that is what contributed to the low number of registered players so far.
Mike,
Why should the USCF help promote this event over any other event? I’d love to have them help promote my events too.
Mike Regan
I agree. I think also the event was a long shot to begin with. I would be surprised if The World Open had 2/3 of it’s *minimum number needed players sign up six months in advance. Plus the entry fee was really prohibitive.
*I would think the minimum number would be the fewest players that could cover the cost + guaranteed prized amounts.
About the only way to make the event a money maker is to price it for an estimated 2000 players at a 75% guaranteed prize with that minimum player pool. That would be $750k in prize money with $250k for setting up the event and maybe making a bit of money. But only charge say $650 entry fee, $500 extra early registration fee, and maybe $575 slight early (under 3 months) early registration fee.
The trick is how to get at least 1500 extra early registrants (and not 6 months early, but more like 3 months). Certainly would have to be a mix of a few large things like side tournaments, usually a blitz tournament or chess 960, etc, and other things they can think of: like grandmasters doing free lectures.
At the size they wanted, they definitely chanced it too much that they could get enough super early registrants so they didn’t have to commit anything like reserving space to play the tournament in Las Vegas. That’s probably why they wanted a 6 month lead: so they didn’t have to chance losing money outside of the cost of processing the early registrants and some advertising.
Here is to Randy mentioning your event on the list of EB accomplishments in his next update. cheers
Mike,
I assume this is some kind of sarcastic remark but I’m kind of slow and don’t really get the point.
Mike
Rather than have this thread derailed by speculation concerning one part of one remark by an EB member, which was made not only in a different thread but also in an entirely different forum, perhaps it would be prudent to get clarification on said remark.
Is it really visionary to be offered a chance to spin the thousand dollar slot machine over the hundred dollar one? Guts would be defined as guaranteeing the prize fund no matter how many turn out. Will the World Champion appear to legitimize this historic event? Will GM Nakamura drop by to pick up some “loose change?” Why not simply promote the event rather than complain about leadership?
Interestingly enough, you showed everyone how to be an innovator in the Tidewater area with your fantastic Millennium Chess series of tournaments. These great events cost a fraction of the price to compete in and were world class. Good luck and best of skill in Vegas.
Unless I’m misreading the recent advance publicity, isn’t the $1 million prize fund now unconditionally guaranteed?
Directly at the top of the Millionaire Chess website, it tells you that the prize fund is guaranteed. 
I take it that means that the money is now in escrow.
Are there ANY chess tournaments that place their prize funds in escrow? There is certainly no requirement for it for USCF rated events.
Maurice’s last major event, the HB Global, paid out all the prizes without incident, it sounds like he’s got deep pockets on this venture, too. I’d be inclined to cut the guy some slack.