MGM Resorts International (MGM) has resolved lawsuits filed over a mass shooting of people attending a concert two years ago in Las Vegas, with a settlement that could reach up to $800 million, the casino and hotel operator said on Thursday.
The agreement is the resolution of mediation efforts between the company and counsels of the plaintiffs in the litigation that involved the Oct. 1, 2017 shooting. The total amount of settlement is expected between $735 million and $800 million and the process is seen wrapping up by late 2020.
“This agreement with the plaintiffs’ counsel is a major step, and one that we hoped for a long time would be possible,” said MGM Resorts’ Chief Executive Jim Murren. “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.”
A shooter used a room at the MGM-owned Mandalay Bay Hotel and Casino to open fire on the Route 91 Harvest music festival taking place outside the site. At the concert, 58 people were killed and more than 800 people were injured, while the shooter died from an apparent self-inflicted gunshot wound, according to the Las Vegas police.
The agreement will see all pending litigation dismissed and released, although the settlement isn’t an “admission of liability” by MGM Resorts, according to the statement.
The settlement funds will come from MGM’s insurers, and the company has coverage of $751 million, it said. A claims administrator will be appointed by the court to allocate the funds.
“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 plaintiffs’ counsel, said in the statement.