In a landmark settlement for a victims' fund that is exceeded only by funds for victims of September 11th and the 2010 BP oil spill, MGM Resorts International is expected to pay up to $800 million to settle hundreds of lawsuits stemming from the October 1, 2017 mass shooting in Las Vegas.
Announcement of the settlement came Thursday, just two days after the second anniversary of the massacre that claimed 58 lives. As ABC 7 reports, the announcement came from Las Vegas law firm Eglet Adams, which represents 2,500 victims and their families.
Jim Murren, CEO of MGM Resorts, issued a statement saying, "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." Murren added, "We have always believed that prolonged litigation around these matters is in no one's best interest."
64-year-old Stephen Craig Paddock was the sole suspect in the massacre, which he committed from his perch in a 32nd-floor suite at the Mandalay Bay resort. While Paddock's motive went with him to the grave, we know that he had been stockpiling weapons and ammunition, and in separate batches, carried 23 weapons into his suite, in a total of 10 suitcases. Before taking his own life, he would ultimately spray bullets on 20,000 concertgoers at the Route 99 music festival, injuring at least 700 in addition to the 58 killed in the largest mass shooting in modern American history.
As CNN reports, the multiple lawsuits filed against MGM Resorts questioned how hotel employees could not have noticed Paddock hoarding the cache of weapons in the room.
In a regulatory filing this week, MGM Resorts said it could pay up to $800 million to settle claims, including $751 million covered by an insurance policy.
This makes the settlement the third largest in history for a victims' fund, with the other two being a $7.1 billion fund for September 11 victims, and the $6.5 billion fund for victims of the 2010 BP oil spill in the Gulf of Mexico.