Jim McKinville net worth
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What is Jim McIngvale’s net worth and salary?
Jim McIngvale, also known as Mattress Mack, is an American businessman with a net worth of US$300 million. He is best known as the owner and operator of the Gallery Furniture chain in Houston.
Mattress Mack is also known for making big bets on sports, especially with the Houston Astros. His bet is usually a promotion in his store, where if the Astros wins, customers can get a refund for their most recently purchased mattress. He then made a big bet on the Astros to hedge promotion costs.
For example, before the 2021 World Series, his Astros will face the Braves, and Mattress Mack bet $3.45 million in six sports books. Winning the bet will bring in a record profit of $35.6 million, of which approximately $22 million will come from Caesars SportsBook in Las Vegas. He estimated that his mattress promotion cost was 22 million U.S. dollars.
Become a Mattress Mike
Jim McIngvale was born in Starkville, Mississippi in February 1951.
In 1981, Jim launched Gallery Furniture with his pickup truck, and he saved $5,000 in his lifetime. In the first few months and years, business growth was slow but steady, but after the oil industry was in trouble, almost all retail businesses in Texas did the same.
In 1983, Jim used his last $10,000 to invest in a series of local TV commercials. During the filming of one of the scenes, he felt frustrated when the camera turned, and continued to take money out of his pocket, at the same time announcing that “Gallery furniture saves you money!”. This sentence was very popular with the audience and eventually became his iconic slogan.
In the early days, the company focused on low-end, cheap furniture, but over time, it expanded to high-end product lines.
success
Today, Gallery Furniture is one of the most successful independent furniture retailers in the country. The sales per square foot of its stores in different periods have reached the highest level of any store in the United States. According to a report released in 2005, the company generates 200 million U.S. dollars in revenue each year. The 2015 updated report stated that the annual revenue was approximately US$150 million.
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Charity
In August 2017, Jim allowed his store to be used as a refuge for people during Hurricane Harvey.
When most of Houston was flooded during Tropical Storm Imelda in 2019, he again allowed the Gallery Furniture location to be used as a shelter and free meal service location.
In 2021, during the Texas Power Crisis and Hurricane Ida, Jim once again opened his store as a shelter, food source and other emergency facilities, not only in Texas, but also in his Louisiana The same is true for the location.
Sports refunds and betting
In 2014, the company launched a promotion for Super Bowl XLVIII. If the Seattle Seahawks win, any purchase of more than $6,000 will be refunded. When the Seahawks finally won, Mattress Mack eventually refunded approximately $7 million in furniture purchases.
Jim is a big fan of the Houston Astros and is known for placing big bets on the team. When the Astros won the World Series in 2017, he refunded customer purchases worth $10 million.
At the beginning of the 2019 season, Jim launched a promotion that will refund any mattress sets purchased during the season, up to a maximum of $3,000. When the Astros finally entered the World Series, this eventually became a debt of $20 million. In order to hedge his potential loss, Jim began to bet that the Astros will win the series. By October 29, 2019, the night of the sixth game, Jim had bet $13 million in a series of bets. The Astros eventually lost the series, costing Jim $13 million.
As we mentioned earlier in the article, before the Astros faced the Braves in the 2021 World Series, Mike bet $3.45 million on the Astros’ six sports books to win. If the Astros succeed, this expenditure will create a profit of 35.6 million U.S. dollars. At the same time, Mike estimates that his store refund promotion will cost him more than $20 million, so if the Astros win, it will be a real win-win. Before the start of the World Series, several sports books actually offered to cash out his bet at a lower valuation. Mike rejected all offers.
