In October of 2017, the deadliest shooting in US history took place in Las Vegas. Since that time, victims of the shooting have asked for compensation from MGM Resorts, which owns Mandalay Bay, where this shooting took place. This week, MGM has officially agreed to a major settlement with the victims of the horrific shooting.
This money won’t undo what happened in 2017. Hopefully, it will help those that were affected. Let’s look at how this settlement was officially agreed upon.
Victims of the Las Vegas Shooting Asked for Compensation
As we just mentioned the Las Vegas shooting in October of 2017 was the deadliest by a single shooter in US history. 58 individuals were killed and more than 850 were injured. Not long after this catastrophe took place, victims began asking Mandalay Bay and MGM Resorts for compensation.
In case you’re unaware, Stephen Paddock, the Las Vegas shooter, was inside the Mandalay Bay Hotel & Casino during the time of the attack. He used his hotel room as a base to target individuals attending the Route 91 Harvest music festival, across the street from the hotel. Due to Paddock’s location inside the hotel, it became extremely difficult for police officers to locate his exact position. From the time of the attack, it took more than an hour for police officers to breach Paddock’s hotel room.
Many blamed Mandalay Bay for not taking the necessary security steps to prevent this attack. Others disagreed, claiming it was a random act of violence that could have happened anywhere. Thousands of lawsuits were ultimately placed against MGM Resorts.
The major Las Vegas hotel-casino operator claimed that it wanted to resolve this issue as quickly as possible. Company officials wanted to ensure that the victims were taken care of. This week, MGM Resorts and lawyers representing the victims tentatively agreed to a settlement.
MGM Resorts Agrees to Pay Millions to Shooting Victims
Today, MGM Resorts has announced that it’s reached a settlement with the 2017 shooting victims and their families. Hundreds of lawsuits had been filed prior to this settlement. Attorney Rob Eglet commented on the news to the media this week.
“We and MGM truly believe that this settlement will provide fair compensation for thousands of victims and their families,” he said. “This has been a long process, but we and MGM believe that this conclusion is best for our community, the company and the victims.”
It’s certainly good news to hear that the victims are being taken care of. An independent administrator will now be appointed by the courts to grant this money to the victims. Reports indicate that the entire process will wrap up by the end of 2020.
Jim Murren, CEO of MGM Resorts, is also happy to see this settlement finalized. His hope is that it provides victims with what they need to move forward in life.
“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. This agreement with the plaintiffs’ counsel is a major step, and one that we hoped for a long time would be possible,” he said. “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.”
Exact Payment Details Remain Unknown
The specific amount of money that MGM Resorts has agreed to pay is still unknown. The BBC believed it to be above $735 million. Other reports claim that it’s closer to $800 million. It’s also unclear exactly how much will be paid to the victims, and how much will go to lawyers.
It’s likely that MGM Resorts will categorize the victims into those most severely affected by the shooting to those who were impacted less. As you might expect, money will be more heavily dispersed to the former group.
The Security and Exchange Commission claims that $751 million in insurance money could go towards the victims. This figure is not guaranteed.
Robert Eglet released an official statement to the media on this matter.
“Under the Settlement Agreement, the parties will dismiss and release all pending litigation, including the declaratory-relief actions filed by MGM Resorts against participating claimants.”
MGM Resorts is hoping to move past this issue in the fairest way possible. We’ll need to wait for more details of the settlement over the next few months.