Drum Roll… MC3 Announcement Coming!

On March 1st, the announcement will be made on MC3 format and registration process. The prize structure has been changed dramatically and the lower price point will perhaps attract larger numbers. The location will be Atlantic City and is in closer proximity to the mass of chess players in the Midwest, Southeast and along the East coast. The relocation hopes to bring in a segment of players who felt priced out of the first two editions. There is still the hope that the MC organization can find investors in the future to make it a perennial event. The chess world will wait in great anticipation to see what type of innovations are in store for MC3! Below is a press release from MC:

New Prize Fund & Entry Fee

Registration for Millionaire Chess 3 is coming up fast. On March 1, the website will be open to take registrations for the new tournament, which will see some important changes from the first two editions. While our company continues to forge ahead with an effort to promote chess into the mainstream, we have had to make some important decisions on how to press ahead in a financially viable way.

First, the prize fund is now $510,000, 60% of which is guaranteed. This change came after much in-house deliberation about whether or not to wait until next year to do another event. Though no outside sponsorship could be secured, the team decided that it was best to maintain momentum and to take the opportunity to test a new formula. The data we garner from this year’s event will help to indicate what the strategy in future years will be.

With the drop in prize fund, there will naturally be a drop in entry fee. The new price of participation will be $549, with an Early Bird special of $499. With the discounted rate and the return to prizes down to 50 places(!), MC is confident of bringing in many more new players, a development that would bode well for raising the stakes once again in future events. While it’s hard to tell the perfect prize to entry fee ratio that will both attract the largest group of players as well as be enticing to future sponsors, MC is committed to maintaining a high quality event for all our clients, both past and future.

The 3rd Millionaire Chess Open will also see an interesting innovation that many players will find exciting. Anyone who has a 50% score or worse after 4 rounds can pay to participate in a new ‘Redemption Jackpot’ and have their final three rounds count for something. While a low score near the end of the tournament usually means frustration and regret, players will now have the chance to fight to the very end with the real possibility for winning a prize if they finish strong. The rules will be more thoroughly explained when the website opens March 1st.


The 2016 Millionaire Chess Open

Thursday, October 6th through Monday, October 11th 2015

CONTACT: MILLIONAIRE CHESS

email address: contact@millionairechess.com
website: https://millionairechess.com/

Twitter: https://twitter.com/HighStakesChess
Facebook: https://www.facebook.com/millionairechess
YouTube: https://www.youtube.com/MillionaireChess

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Daaim Shabazz

Dr. Daaim Shabazz is the creator and webmaster of The Chess Drum. He serves as a tenured faculty member of Global Business & Marketing at Florida A&M University in Tallahassee, Florida, USA. He holds an MBA in Marketing and a doctorate in International Affairs & Development. He has served the journalist community for more than 30 years and still competes in tournaments occasionally.

One Comment

  1. Hi Daaim,
    I really like your website, thechessdrum.net, and your contributions to the chess world. I am a chess enthusiastic who has played in the first two MCOs. I had one little request for you. Maurice Ashley told me recently that MC3 is planning to keep the shorter 40/90, SD/30 as the time control for the Under sections. I personally think this is a terrible decision and might discourage many from entering this year. I know that you and others were negatively affected by and complained about this time control in MC2, and I agree with your sentiments. I really think that 40/120 is better for most players and will attract more entries for MC3! However, to my knowledge, the MC team is pretty set on using 40/90 again this year. Can you please send Maurice a quick email to voice your opinions on this topic and relate your own experiences from MC2? I know you lost at least one game because of time trouble, and you often got into time trouble at the tournament overall. Maurice and his team need to know this. Right now, he thinks that virtually every participant at MC2 was happy with the quicker time control, which I don’t think is true at all.
    Thank you!
    Regards,
    Darren

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