MGM Resorts has said that it could payout up to $800 million to settle liabilities from the 2017 mass shooting in Las Vegas.
The attack on the crowd at an open-air concert claimed the lives of 58 people and injured more than 800, and plaintiffs are looking for compensation for a broad range of physical and psychological harm.
In a quarterly SEC filing, MGM Resorts has said that while it “continues to believe it is not legally responsible for the perpetrator’s criminal acts,” it feels that it’s “reasonably possible” that ongoing discussions will lead in a settlement of roughly $735 million, dependent on obtaining a minimal level of participation.
In the event of 100% participation, the expected settlement amount increases to $800 million, explains MGM Resorts.
The firm has $751 million of insurance protection in place to fund this settlement, which its insurance partners have agreed to fund. MGM Resorts says that it intends for substantially all claimants to be covered by this settlement amount, but warns that it remains possible that certain claimants might not join the settlement and that additional claims might also come to light.
“If such a settlement is not consummated, the Mediation Stay will be lifted and the Company is currently unable to reliably predict the future developments in, outcome of, and economic costs and other consequences of any such litigation related to this matter,” explains MGM Resorts.
MGM Resorts’ insurers, which includes large, global firms, look set to payout more than $750 million from the October 2017 shooting, the deadliest in modern U.S. history.
Despite the announcement from MGM Resorts, a lawyer representing plaintiffs said that it was premature of the company to report a potential settlement of up to $800 million, noting that there is still some way to go in resolving all the terms and issues, let alone a settlement.
Those seeking compensation are accusing MGM Resorts, which owns the hotel and previously owned the concert venue across Las Vegas Boulevard, of failing to adequately protect over 22,000 people that attended the concert.
