Raising Cane’s CEO spends $200,000 on Mega Millions lottery tickets

Comment

Despite the very low odds of winning, Raising Cane’s CEOs are hedging their bets after buying lottery tickets for all 50,000 fast-food employees — for the second time in a week.

The company’s much-publicized first win attempt, which cost about $100,000, was unsuccessful; no winner was announced on Tuesday. But now that the prize has reached $1.1 billion — the second-largest in megamillionaire history — the leader of the restaurant chain known for its chicken fingers has set up a new round ahead of Friday night’s raffle. ‘s lottery added an additional $100,000.

“Our staff was outraged last time,” co-CEO AJ Kumaran told The Washington Post. “So we decided to try our luck again. Now we are all excited, waiting for the victory, praying for the victory.”

As Mega Millions Hits $1 Billion, Winning Doesn’t Mean Happy Ending

The jackpot has a $648.2 million cash payout option. If the lottery purchased by Raising Cane’s wins, the CEO will be split evenly among employees, meaning each employee will receive nearly $13,000 — a sum of money amid uncertainty over labor market changes, inflation and fears of a recession Welcome extra cash. economic recession.

“Listen, I keep hearing from our crew that things are really tough out there,” Kumaran said. “Whether they’re gas or groceries, they feel it, and it’s hard. So it’s an opportunity to have fun, but also hopefully make some extra money for our employees.”

However, some people have Question executives’ decision to invest more in a game where the odds of winning are slim.

“You spend $100,000 on a ticket and you lose, will you do it again? Why not give the money, give your employees $200,000?” CNN’s John Berman said in an interview Wednesday. Ask Kumaran.

A quiz about your chances of winning the Mega Millions

Kumaran responded by buying The lottery is “really more than money”.The decision to allocate potential bonuses reflects “taking care of each other” [and] Stand with each other as a family,” he said.

He told The Washington Post that the idea of ​​buying a lottery ticket really came down to “doing the right thing” for employees — and having some fun with it.

“I don’t think it’s $100,000. It’s really $2 per crew member,” he said. “It’s just a few bucks if you think about it that way. They work really hard every day and we do it to let them have fun and test their luck. So I think it’s good to do that.”

Kumaran It also noted that the company has paid employees $200 million in raises over the past two years. Raising Cane announced last year that it would Wages for most employees increased by about 15%.

The idea for the lottery started last Thursday, when Mega Millions announced that its jackpot had ballooned to one of the largest in the game’s history. That’s when Kumaran offered to let Raising Cane buy the tickets. However, the company’s general counsel wasn’t all that excited about the idea, he said.

Undaunted, Kumaran hired his co-CEO and founder Todd Graves Buy tickets out of your own pocket. “We thought, ‘Okay, let’s do it ASAP, because how hard is it to print 50,000 tickets?'”

It turned out to be quite difficult. From four different banks to get the cash you need, to print tickets at two 7-Eleven in Dallas, the program turned into a 10-hour operation on Monday.

“Let me tell you, it’s nerve-racking to be at the gas station with $100,000 in cash,” Kumaran said.

As he chewed on a hot dog, he slowly printed the orange and white tickets. The station manager said the machine had to be refilled twice – which usually happens “every two months or so”.Meanwhile, other customers are complaining About hijacked machines.

That hustle didn’t help, though – though it did help Kumaran find a way to ease the process for his next attempt on Wednesday. Instead of walking around town with piles of money that day, he was able to wire $100,000 to 7-Eleven. Still, the eight-hour wait for the ticket to be printed is the same.

On Friday night, a small group of Raising Cane staff will scan all 50,000 tickets to see if any can break the Mega Millions record of 29 consecutive draws without a winner – the long-awaited tumble inspired the “jackpot chase” gamblers” and serious gamblers throw their money away.

Only four jackpots have been won this year, the last one — worth about $20 million — on April 15 in Tennessee.

The odds of winning Big Friday are about 1 in 303 million – much higher odds of a toilet-related injury or being named a saint.

Leave a Comment

%d bloggers like this: