The families of the 58 people killed in the mass shooting Oct. 1, 2017 in Las Vegas reached a settlement of $735 million with MGM Resorts International (NYSE: MGM) on Thursday.
The total settlement amount is expected to be between $735 million and $800 million, subject to and depending on the number of claimants who choose to participate.
The entire process is expected to be complete by late 2020.
"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," MGM CEO Jim Murren said in a statement.
"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."
"While nothing will bring back the lives lost or the horror suffered in the shooting, the settlement provides fair compensation for thousands of victims and their families," said Robert Eglet, the lead counsel for the plaintiffs in the lawsuit, said in a statement.
“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 represent the best outcome for our clients and will provide the greatest good for those impacted by these events," adds Eglet.
On Thursday, MGM shares were trading down 1.07% at $26.82 at the time of publication. The stock has a 52-week high of $31.68 and a 52-week low of $21.62.
See more from Benzinga
- Meet Group Trades Higher After Raising Q3 Guidance
- Constellation Brands Trades Lower On Q2 Earnings, Expects Wine And Spirit Losses In 2020
- Delta Apparel Shares Positive Q4 Preliminary Results
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.