[2] Low participation, with 400 out of a desired 1000 partipants, and an inability to cover the costs of the competition, led to the third iteration in 2016 being the last running of the tournament.
[1][3] The first Millionaire Chess Open took place from October 9–13, 2014 and was held at Planet Hollywood Resort & Casino in Las Vegas, Nevada.
The tournament used players highest rating ever achieved starting from December 1, 2013, the date in which Millionaire #1 was announced, in order to prevent sandbagging.
[5] The third-place winner was Yu Yangyi who defeated compatriot Zhou Jianchao in the third place playoff.
On February 1, 2016, it was announced that the third edition of the tournament would take place from October 6–11 at Harrah's Resort in Atlantic City.