In its statement published in its quarterly report to the Securities and Exchange Commission (SEC), the company said that “it believes it is reasonably possible that a settlement will be reached by next May.”
The company also mentioned it has $751 million MGM Resorts also said it has $751 million in insurance and that could be used to pay for the settlement of the lawsuits.
While the gambling company has disclosed the settlement figures, an attorney, Robert Eglet, representing the claimants, said that it is “premature” to make any such settlement claims. Talking of the amount offered, he termed it to be “not even close.”
Eglet has confirmed that he represents around 4,200 claimants. He said that the number also includes people from different states and even those who have not formally filed for damages.
“It’s true that a settlement is possible. However, I will tell you it’s not probable. Nothing is signed. We have a long way to go before we have an agreement,” he said.
The lawsuits have been filed against MGM after a shooter had opened fire on visitors from a suite in Mandalay Bay casino resort killing 58 people and leaving 800 injured. The liability lawsuits claim that the MGM which owns and operates the venue had been negligent in protecting the people.