LAS VEGAS, Oct. 3, 2019 /PRNewswire/ -- MGM Resorts
International (NYSE:MGM) ("MGM Resorts" or the "Company") and
counsel representing substantially all plaintiffs in litigation
involving the October 1, 2017
shooting (the "Plaintiffs' Counsel") announced today that they have
reached a settlement agreement (the "Settlement Agreement") to
resolve pending lawsuits involving MGM Resorts regarding these
matters. The Settlement Agreement represents the resolution of the
Company's and the Plaintiffs' Counsel's previously disclosed
mediation efforts. 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 in the settlement
(the "Participating Claimants"). The entire process is expected to
be completed 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," said Jim Murren, Chairman
and CEO of MGM Resorts. "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."
"Today's agreement marks a milestone in the recovery process for
the victims of the horrifying events of 1 October," said
Robert Eglet, a lead Plaintiffs'
Counsel. "While nothing will be able to bring back the lives lost
or undo the horrors so many suffered on that day, this settlement
will provide fair compensation for thousands of victims and their
families. 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."
Under the Settlement Agreement, the parties will dismiss and
release all pending litigation, including the Participating
Claimants' claims against MGM Resorts and additional parties named
in those claims, and the declaratory-relief actions filed by MGM
Resorts. The proposed settlement is not an admission of liability
by MGM Resorts.
An independent Claims Administrator will be appointed by the
court to allocate the settlement fund among the Participating
Claimants. The settlement fund will be funded by MGM Resorts'
insurers with a minimum of $735
million. As previously reported, MGM Resorts has insurance
coverage of $751 million.
ABOUT MGM RESORTS INTERNATIONAL
MGM Resorts
International (NYSE: MGM) is an S&P 500® global entertainment
company with national and international locations featuring
best-in-class hotels and casinos, state-of-the-art meetings and
conference spaces, incredible live and theatrical entertainment
experiences, and an extensive array of restaurant, nightlife and
retail offerings. MGM Resorts creates immersive, iconic experiences
through its suite of Las
Vegas-inspired brands. The MGM Resorts portfolio encompasses
30 unique hotel and destination gaming offerings including some of
the most recognizable resort brands in the industry. Expanding
throughout the U.S. and around the world, the company recently
acquired the operations of Empire City Casino in New York and MGM Northfield Park. In 2018, MGM
Resorts opened MGM Springfield in Massachusetts, MGM COTAI in Macau, and the first Bellagio-branded hotel in
Shanghai. The 82,000 global
employees of MGM Resorts are proud of their company for being
recognized as one of FORTUNE® Magazine's World's Most Admired
Companies®. For more information visit us at
www.mgmresorts.com.
ABOUT EGLET ADAMS
Eglet Adams is a preeminent Nevada
mass tort, catastrophic, and class action law firm with a history
of success at trial. The firm has been repeatedly recognized as a
consumer rights advocated and was named as one of the "12 Best
Plaintiff's Law Firms in the Country" and one of the "50 Best Trial
Firms in America" by the National Law Journal in 2014. Robert Eglet, the firm's senior partner, has
represented clients in Nevada for
over 31 years. Mr. Eglet is a member of the "Inner Circle of
Advocates," a peer reviewed, invitation only organization whose
membership is limited to the 100 best plaintiff trial lawyers in
America. Mr. Eglet is lead counsel for the Plaintiff Committee
overseeing the thousands of claims arising out of the October 1, 2017 shooting in Las Vegas. Under Mr. Eglet's leadership, Eglet
Adams has obtained the largest personal injury verdict in America
twice - $505.1 Million in 2010 and
$524 Million in 2013. Additionally,
Mr. Eglet and his firm have obtained two verdicts in the top five
largest verdicts in America in two consecutive years; three
verdicts in the top five largest verdicts in American in three out
of four consecutive years; and four verdicts in the top 40 largest
verdicts in America within seven years. Mr. Eglet has won more
multimillion-dollar verdicts than any lawyer in Nevada history and in 2013, he was named
"National Trial Lawyer of the Year." He has been honored
twice as "Nevada Trial Lawyer of the
Year" and in 2010 Robert was named National Lawyer of the Year. He
is a member of "Round Table" – the 100 most influential trial
lawyers in America and is a Lifetime Achievement recipient of
America's top 100 attorneys. Robert was the 2013 recipient of the
"Thurgood Marshall Fighting for Justice Award" for his tenacious
effort, against overwhelming odds, in achieving success in the
fight for justice. The National Trial Lawyers Association
consistently recognizes Robert as one of the top 25 Mass Torts and
Class Action Lawyers in the country.
ABOUT ROBINSON CALCAGNIE,
INC
Robinson Calcagnie, Inc.
based in Newport Beach, California, is recognized as one of
the nation's premier personal injury, products liability and
business litigation law firms. Since 1978, when Mark P. Robinson, Jr. obtained an unprecedented
$128 million award in the landmark
Ford Pinto gas tank fire case, Grimshaw v. Ford Motor
Company, Robinson Calcagnie
attorneys have obtained hundreds of multi-million dollar jury
verdicts, settlements, and judgments on behalf of their clients. In
2019, Robinson Calcagnie partners
Mark P. Robinson, Jr. and
Daniel S. Robinson were recognized
by the Daily Journal as two of the top thirty
plaintiff lawyers in California.
Mark P. Robinson, Jr. served as the
2014 National President of the American Board of Trial Advocates
and is a Fellow of the American College of Trial Lawyers.
ABOUT PANISH SHEA & BOYLE LLP
Panish Shea
& Boyle LLP founding partner Kevin
Boyle is a Fellow of the American College of Trial Lawyers
and is recognized by the Daily Journal as among the Top 100 Lawyers
in California for 2019 and among
Lawdragon's 500 Leading Plaintiff Consumer Attorneys. Mr. Boyle
previously served as law clerk to Chief Justice William H. Rehnquist of the United States
Supreme Court.
MGM RESORTS CONTACT
Debra DeShong
MGM Resorts Senior Vice President, Global Corporate
Communications
media@mgmresorts.com
PLAINTIFFS' COUNSEL CONTACTS
Tom Letizia
LETIZIA AGENCY
Tom@LetiziaPR.com
(702) 545-8777
Robert Eglet
EGLET ADAMS
Reglet@egletlaw.com
(702) 450-5400 Office
(702) 561-2162 Cell
Robert Adams
EGLET ADAMS
Badams@egletlaw.com
(702) 450-5400 Office
(702) 281-6855 Cell
Mark P. Robinson, Jr., Esq.
Robinson Calcagnie, Inc.
mrobinson@robinsonfirm.com
(949) 720-1288 Office
(949) 500-5045 Cell
Kevin R. Boyle
Panish Shea & Boyle LLP
boyle@psblaw.com
310-477-1700 Office
310-467-4715 Cell
Statements in this release that are not historical facts are
forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve risks and/or
uncertainties, including those described in the Company's public
filings with the Securities and Exchange Commission. The Company
has based forward-looking statements on management's current
expectations and assumptions and not on historical facts. Examples
of these statements include, but are not limited to, the Company's
expectations regarding the timing of the completion of the
settlement process, whether the settlement will be completed, the
total amount of any settlement and the Company's ability to avoid
protracted litigation. These forward-looking statements involve a
number of risks and uncertainties. Among the important factors that
could cause actual results to differ materially from those
indicated in such forward-looking statements include the number of
claimants that participate in the settlement, effects of economic
conditions and market conditions in the markets in which the
Company operates and competition with other destination travel
locations throughout the United
States and the world, the design, timing and costs of
expansion projects, risks relating to international operations,
permits, licenses, financings, approvals and other contingencies in
connection with growth in new or existing jurisdictions and
additional risks and uncertainties described in the Company's Form
10-K, Form 10-Q and Form 8-K reports (including all amendments to
those reports). In providing forward-looking statements, the
Company is not undertaking any duty or obligation to update these
statements publicly as a result of new information, future events
or otherwise, except as required by law. If the Company updates one
or more forward-looking statements, no inference should be drawn
that it will make additional updates with respect to those other
forward-looking statements.
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SOURCE MGM Resorts International