MGM Resorts (MGM) - Get Report said it reached a settlement agreement with plaintiffs in a civil case against the company tied to the Oct. 1, 2017, mass shooting in Las Vegas that left 58 people dead.
The settlement is expected to be $735 million to $800 million, depending on the number of claimants who chose to participate in the settlement. The company expects the process 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," MGM CEO Jim Murren said in a statement.
"This agreement with the plaintiffs' counsel is a major step, and one that we hoped for a long time would be possible. [Prolonged] litigation around these matters is in no one's best interest."
The parties will dismiss and release all pending litigation as a condition of the settlement. MGM also admits no liability in the case based on the settlement.
Steven Paddock opened fire on a country music festival from the 32nd floor of the Mandalay Bay Resort and Casino, killing 58 people and injuring hundreds more.
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