MGM Resorts could pay up to $800 million to settle liability lawsuits from mass shooting

NYSE: MGM | MGM Resorts International Common Stock News, Ratings, and Charts

MGM – Plaintiffs’ lawyer calls settlement talks ‘premature.’.

LAS VEGAS — Casino giant MGM Resorts has told federal regulators it thinks it might pay up to $800 million to settle liability lawsuits stemming from the October 2017 mass shooting that became the deadliest in modern U.S. history.

The company also told the Securities and Exchange Commission it is insured for $751 million of that amount.

However, a Las Vegas plaintiffs’ lawyer heading out-of-court talks with the company called it premature for MGM Resorts MGM, +1.65%   to report that it’s “reasonably possible” a settlement will be reached by May 2020.

Attorney Robert Eglet said nothing is signed and called the company figure “not probable.”

Eglet represents about 4,200 claimants who say they were harmed when a shooter rained gunfire from a Mandalay Bay resort suite into an open-air concert, killing 58 people and injuring more than 800.

 


MGM Resorts International shares were unchanged in after-hours trading Thursday. Year-to-date, MGM has gained 9.89%, versus a 15.62% rise in the benchmark S&P 500 index during the same period.

MGM currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #7 of 20 stocks in the Entertainment – Casinos/Gambling category.


This article is brought to you courtesy of MarketWatch.

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