MGM Resorts International has signed a $735 m–$800 m settlement agreement with all complainants involved in the shooting in Las Vegas on October 1, 2017.
That day, 58 people were tragically killed and hundreds more injured when a gunman opened fire on a crowd of 22,000 at the Mandalay Bay Route 91 Harvest music festival, the venue being closed from the following day onward.
The settlement represents the termination of the previously disclosed arbitration activities of the organisation and the defendant lawyers, with the whole procedure expected to be completed by the end of 2020.
Robert Eglet, a lead plaintiffs’ counsel explained: “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.
“MGM Resorts is a valued member of the Las Vegas community and this settlement represents good corporate citizenship on their part. We believe that the terms of this settlement represents the best outcome for our clients and will provide the greatest good for those impacted by these events.”
Under the settlement agreement, all ongoing lawsuits, including the claims of the plaintiff against MGM Resorts and other entities named in those cases, and the declaratory relief proceedings brought by MGM Resorts will be dismissed and withdrawn by the parties.
MGM Resorts insists that the proposed settlement is not an organisation’s acceptance of liability.
“Our goal has always been to resolve these matters so our community and the victims and their families can move forward in the healing process,” stated Jim Murren, chairman and CEO of MGM Resorts.
“This agreement with the plaintiffs’ counsel is a major step, and one that we hoped for a long time would be possible. 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.”
MGM announced plans last month to turn the Las Vegas Village into a cultural and fitness centre as well as an Allegiant Stadium parking area.