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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.
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.
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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