MGM Resorts indicates it could settle Vegas shooting suits for up to $800M

MGM Resorts International indicated in financial disclosures lawsuits brought by victims and family members of the 2017 Mandalay Bay shooting in Las Vegas could settle for up to $800 million.

"I can confirm that we are in settlement discussions. We have so far spent 27 days in mediation. There are still a lot of things that have to happen before we have a final deal," Kevin R. Boyle of Panish Shea & Boyle, one of the lawyers negotiating on behalf of the plaintiffs, said Thursday.

Boyle declined to comment on the specific estimate the filing gives, which is a range of $735 million to $800 million with 100% participation. The disclosure, filed May 7, also notes insurance would cover up to $751 million.

"MGM's stated goal regarding mediation is, as it always has been, to resolve these matters so that all impacted can move forward in their healing process," MGM Resorts International said in an emailed statement Thursday. "After multiple mediation sessions over several months, progress has been made, and while mediation is ongoing, the company believes it is reasonably possible that a settlement will be reached,"

Brad D. Brian of Munger, Tolles & Olson LLP represents MGM and did not respond to a request for comment.

The various cases are stayed while the sides attempt to work out a deal. The coalition of plaintiffs is also represented by Mark P. Robinson Jr. of Robinson Calcagnie Inc. of Newport Beach and Robert T. Eglet of Eglet Prince in Las Vegas.

After Stephen Paddock opened fire on a country music concert in October 2017, killing 58 and wounding hundreds, a bevy of victims and victims' families filed personal injury lawsuits alleging the resort's negligence allowed the shooter to carry out the massacre. Paddock was discovered dead in his room with 24 firearms.

Last year, MGM filed complaints for declaratory relief in Nevada and California federal courts against the nearly 2,000 plaintiffs, aiming to consolidate the suits into multidistrict federal litigation. It also sought liability relief under the Support Anti-Terrorism by Fostering Effective Technologies Act of 2002, or the SAFETY Act, which protects companies certified by the Department of Homeland Security from liability in acts of terrorism. A company contracted by MGM responsible for some of the conduct alleged in the lawsuits to have been negligent carries such certification, which the resort claimed provided it with some protection.

At the time of the filings, plaintiffs' attorneys decried the move as unprecedented. A federal judge rejected the attempt in what Boyle called "one of the quickest multidistrict denials of all time."

The Securites and Exchange Commission disclosure also notes if a settlement is not reached, the stay will be lifted and MGM is "unable to reliably predict the future developments" of the case.