Golden Nugget owner Tilman Fertitta personally approved a $12,500 bet on Michigan at 80-to-1 odds from Derek Stevens, who owns The D casino.
"It's a little scary, because they're only putting up twelve-five, and you're putting up a million," said Fertitta at the time. "But that's the nature of the business we're in. It's OK, 'cause he's a good customer."
Oregon beat Michigan 69-68 to move on to the Elite Eight.
The payout if Michigan had won the NCAA mens' basketball tournament would have been 10 times larger than any the Nugget's sports book has ever made.
Stevens, a Michigan native and University of Michigan alumnus, bet $11,000 each on all 32 first-round games, but got off to a rocky start. He was down $109,000 after the opening round.
Fertitta also owns Atlantic City's Golden Nugget casino, which he bought from President Donald Trump's former company, and Landry's Inc., one of the nation's largest restaurant companies.
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