MGM Expects Major Loss After Cyberattack

Hotel-casino giant MGM said it expects to take a $100 million loss in the third quarter in the wake of September’s cyberattacks. The MGM Resorts and Caesars Palace were affected. 

Both hotels allegedly paid an undisclosed ransom after the private information of some of its guests was stolen. At least five lawsuits have been filed so far. 

“We also believe a more limited number of Social Security numbers and passport numbers were obtained,” it said in a statement. “We have no evidence that the criminal actors have used this data to commit identity theft or account fraud.” 

MGM Resorts International said it is working to restore its systems. Those systems were shut down immediately after learning of the attacks, MGM said.

“The full scope of the costs and related impacts of this issue has not been determined,” MGM said in a regulatory filing.

The FBI is continuing to investigate the incident.

MGM said it expects little to no impact in October on occupancy, and even expects the fourth quarter to be stronger than last year because of this year’s Formula One race in Las Vegas. 

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