American global hospitality and entertainment company MGM Resorts has reached a settlement agreement between $735 million and $800 million to settle liabilities from the 2017 mass shooting in Las Vegas.
Additionally, MGM has confirmed that insurers could pay between $735 million and $751 million towards the settlement.
Since the attack at an open-air concert claimed the lives of 58 people and injured more than 800, plaintiffs have been looking for compensation for a broad range of physical and psychological harm.
MGM had previously said that it intends for substantially all claimants to be covered by this settlement amount.
Now, MGM says an agreement has been made to resolve pending lawsuits, with the total amount depending on the number of claimants who choose to participate in the settlement. The process is expected to be completed by late 2020.
“Our goal has always been to resolve these matters so our community and the victims and their families can move forward in the healing process. This agreement with the Plaintiffs’ Counsel is a major step, and one that we hoped for a long time would be possible,” said Jim Murren, Chairman and Chief Executive Officer of MGM Resorts.
“We have always believed that prolonged litigation around these matters is in no one’s best interest. It is our sincere hope that this agreement means that scenario will be avoided.”
Robert Eglet, a lead Plaintiffs’ Counsel, added, “Today’s agreement marks a milestone in the recovery process for the victims of the horrifying events of 1 October.
“While nothing will be able to bring back the lives lost or undo the horrors so many suffered on that day, this settlement will provide fair compensation for thousands of victims and their families.
“MGM Resorts is a valued member of the Las Vegas community and this settlement represents good corporate citizenship on their part. We believe that the terms of this settlement represent the best outcome for our clients and will provide the greatest good for those impacted by these events.”
It is yet unclear what, if any, impact these claims will have upon MGM’s insurers’ reinsurance programs and the wider reinsurance industry.
