MGM Resorts International agreed to pay as much as $800 million to settle most claims arising from the October 2017 mass shooting at one of its properties on the Las Vegas Strip.
The company expects the settlement to range from $735 million to $800 million, depending on the number of plaintiffs who participate. The entire process is expected to be completed by late 2020, MGM said Thursday.
“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,” Chairman and Chief Executive Officer Jim Murren said in a statement.
The shooter, Stephen Paddock, killed 58 people and wounded hundreds more on Oct. 1, 2017, when he opened fire on Harvest Festival concert fans from a hotel room at the Mandalay Bay.
The 64-year-old retired accountant, who took his own life, was a frequent gambler who spent days assembling weapons and other gear for the attack from his suite at the hotel. It remains the worst mass shooting in modern U.S. history.
MGM, the largest operator of casinos on the Strip, said last month it will convert the site into an indoor community center and sports facility, with a permanent public memorial at the location. The company said in May that its insurers had agreed to provide $751 million for a settlement.