MGM earmarks USD 800m to settle Vegas mass shooting lawsuits
MGM Resorts International believes it will cost up to $800 million to settle all claims from the October 2017 mass shooting in Las Vegas.
A regular customer opened fire from a suite in the MGM Mandalay Bay, killing 58 fans attending a music festival.
Another 800 were injured.
In a SEC filing MGM Resorts said it has $751 million of agreed insurance coverage to fund settlements.
The company still denies any liability over shooter Stephen Paddock’s actions, who later turned a gun on himself.
However it acknowledged a settlement within a year is probable to avoid lengthy litigation.
"The company believes it is reasonably possible that a settlement will be reached," it said in the filing.
MGM spokeswoman Deborah DeShong says mediation with plaintiffs has been ongoing for many months and progress has been made.
Attorney Robert Eglet says talk of a settlement is still premature.
"We have a long way to go before we have an agreement," Eglet said, who represents hundreds of plaintiffs.
He also said MGM’s ballpark figure of $800 million is ‘not even close’.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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