To resolve this substantial financial burden, Mars struck an exclusive deal with MGM, tethering himself to performances at their resort until he clears the debt.
Let's be clear, Mars isn't exactly s craping by; his net worth far surpasses the debt he's amassed. Yet, the sheer scale of his gambling debts raises some red flags, hinting at a potential gambling addiction lurking beneath the surface.
From Breitbart:
“He owes millions to the MGM [from gambling],” a source told NewsNation of Mars. “His debts have gotten as high as $50 million. [The MGM] basically own him.”
“He makes $90 million a year off of the deal he did with the casino, but then he has to pay back his debt,” the source added. “After taxes [Mars makes $1.5 million per night].”
Ninety million after taxes is closer to $60 million, NewsNation noted. But Mars may do better than that this year, given that gambling losses are deductible.
Moreover, the 38-year-old “Just the Way You Are” singer has an estimated net worth of $175 million.
Mars had reportedly once supported himself as a professional poker player, but has been racking up a massive amount of debt at the Casino tables.
The “Locked Out of Heaven” singer has been living in Las Vegas with free room and board ever since signing a long term contract in 2016, but he is apparently not taking home any money while residing there.
Meanwhile, the MGM is reportedly doubling down on Mars, as the singer’s Pinky Ring lounge at the Bellagio — which is also an MGM property — debuted over the Super Bowl, and Mars also reportedly landed another project with the high end casino as well, NewsNation reported.
