MGM Resorts International has reached a settlement with victims of the 1 October 2017 Las Vegas shooting to pay victims $735 million to $800 million by late 2020.
LAS VEGAS, Oct. 3, 2019 -- MGM Resorts International (NYSE:MGM) ("MGM Resorts" or the "Company") and counsel representing substantially all plaintiffs in litigation involving the October 1, 2017 shooting (the "Plaintiffs' Counsel") announced today that they have reached a settlement agreement (the "Settlement Agreement") to resolve pending lawsuits involving MGM Resorts regarding these matters. The Settlement Agreement represents the resolution of the Company's and the Plaintiffs' Counsel's previously disclosed mediation efforts. The total settlement amount is expected to be between $735 million and $800 million, subject to and depending on the number of claimants who choose to participate in the settlement (the "Participating Claimants"). The entire 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 CEO 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."
"Today's agreement marks a milestone in the recovery process for the victims of the horrifying events of 1 October," said Robert Eglet, a lead Plaintiffs' Counsel. "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."
Under the Settlement Agreement, the parties will dismiss and release all pending litigation, including the Participating Claimants' claims against MGM Resorts and additional parties named in those claims, and the declaratory-relief actions filed by MGM Resorts. The proposed settlement is not an admission of liability by MGM Resorts.
An independent Claims Administrator will be appointed by the court to allocate the settlement fund among the Participating Claimants. The settlement fund will be funded by MGM Resorts' insurers with a minimum of $735 million. As previously reported, MGM Resorts has insurance coverage of $751 million.
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