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Home / Business / MGM says it can pay up to $ 800 million for possible settlements associated with Vegas massacre

MGM says it can pay up to $ 800 million for possible settlements associated with Vegas massacre



There have been no offers between MGM and thousands of people who sued the company for a number of reasons after a man killed 58 people and injured over 500 others by firing from the window of MGM's Mandalay Bay hotel. The attack on the participants of a music festival was the deadliest shooting in modern American history.

"MGM's stated goal of mediation is as it has always been to resolve these issues so that everyone affected can move forward in their healing process, the company said in a statement released Friday." After several months of mediation meetings, it has become made progress, and while mediation is taking place, the company believes it is reasonably possible that a settlement will be reached.

But Robert Eglet, a lawyer who says he represents more than half of the estimated 4,200 claims, told CNN Business that they are still "far from a settlement if it does."
  Families of Las Vegas Shooters ]

"It is just as possible at this point that it does not," said Eglet. He added that if a solution was not reached, lawyers involved in the case would again pursue litigation. 19659007] MGM said in a filing regulation last week, it was "reasonably possible" that it would pay out between $ 735 million and $ 800 million.

The document notes that the company has about $ 751 million in insurance coverage that can be used to cover such costs.

MGM "continues to believe that it is not legally responsible for the perpetrator's criminal acts," the application says. But it is interested in "avoiding long-term litigation and related impact on society."

MGM Resorts International is the parent company of the companies that own Mandalay Bay and Las Vegas Village Festival.


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