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MGM Resorts Will Pay $800 MIllion To Mass Shooting Victims

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MGM Resorts International and the victims of the 2017 Las Vegas mass shooting reached a landmark settlement worth up to $800 million, depending on the number of claimants, MGM said in a statement on Thursday.

MGM said the settlement is not an admission of liability in the October 1, 2017 mass shooting that left 58 dead and wounded 422. It was the deadliest mass shooting in modern American history.

Mandalay Bay SHooting

"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."

Jim Murren, Chairman and CEO of MGM Resorts
The gunman was a reclusive 64-year-old gambler, who peppered bullets on a crowd of 22,000 concertgoers from the 32nd floor of the Mandalay Bay Resort and Casino, which is owned and operated by MGM Resorts. He fired for up to 15 minutes at the country music festival, killing 58 people before he was found dead in his hotel room with an apparently self-inflicted gunshot wound.
 
Investigators have not been able to determine his motive in carrying out the massacre.
Mass Shooting

"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"

Robert Eglet, a lead attorney for the plaintiffs
Concert Mandalay Bay

According to regulatory filing released in May, CNN reported that MGM Resorts has about $751 million in insurance coverage that will be used to cover the lawsuits. 

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