According to several reports out of Las Vegas, MGM Resorts might be asked to pay out $800 million in damages related to the tragic shooting spree that took place on its grounds a year and a half ago.
More specifically, Stephen Paddock cocked his arsenal of automatic weaponry at the crowd amassed below him for the Route 91 Harvest music festival taking place at the Mandalay Bay resort. Over a thousand rounds of ammunition were let off during the manic shooting spree, accounting for 58 deaths, and several hundred injuries.
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Shortly after the tragic events took place, a number of the victims’ families joined together in filing a class action suit against the MGM company that was playing host to the event. According to their original claims, “the festival did not have adequate exits or properly trained employees for when the crowd began trying to evacuate, resulting in additional injuries and exposure to the gunman’s fire.”
And thus, the Securities And Exchange Commission informed the press that MGM is resigned to paying the victims’ families somewhere between $735-800 million in a settlement package. Apparently, MGM has $751 million in insurance, they’ll likely be asked to submit. By all accounts, the Vegas hospitality giant is likely doing whatever they can to drive the cost down, as pessimistic as it may sound.