MGM Resorts Faces Over $100 Million in Costs After Cyberattack

Data Breach Exposes Consumers to ID Theft

MGM Resorts, the Las Vegas-based casino giant, is grappling with the aftermath of a significant data breach. MGM estimates the data breach will cost it more than $100 million. The breach, initially detected on September 10, 2023, prompted MGM to shut down certain computer systems across the U.S.

During the breach, customers faced issues such as inability to conduct credit card transactions, withdraw money from ATMs, or access hotel rooms. While MGM hasn’t officially confirmed it as a ransomware attack, experts suggest it bears the hallmarks of one. If it was a ransomware attack, it could potentially become the most expensive one on record.

MGM to Offer Free Credit Monitoring

MGM CEO Bill Hornbuckle reassured customers that their bank account numbers and payment card information remained uncompromised. However, hackers gained access to other personal data, including names, contact details, driver’s license numbers, Social Security numbers, and passport numbers. The information compromised belonged to consumers who did business with MGM before March 2019.

MGM says the attack is contained and there’s no evidence of the stolen data being used for account fraud or identity theft, yet. The company intends to reach out to affected customers via email and offer free identity protection and credit monitoring services.

MGM expects to Lose $100 Million and Faces Lawsuits

MGM anticipates negative impacts on its third-quarter financial results, particularly in Las Vegas, but expects minimal effects in the fourth quarter and operational results for the year. The estimated loss includes more than $100 million in adjusted property earnings and additional expenses of less than $10 million, covering legal fees and technology consulting.

MGM faces multiple federal lawsuits related to the cyberattack, highlighting the growing concern and financial implications of data breaches in the gaming industry. Have you received a data breach notification? Have you been a victim of identity theft?

Need help clearing your name?

The Adkins Firm represents identity theft victims who have fraudulent school loans open in their name and who have errors on credit reports due to fraud. We help our clients clear their names. Do you have errors on a credit report, background report or tenant screening report due to fraud?  Have you disputed the error and the fraudulent information was verified that it belongs to you? If you answered yes, then you may have a claim under the federal Fair Credit Reporting Act. Please note, there is a statute of limitations that may bar you from recovering for your damages. Don’t wait to contact an experienced identity theft lawyer.  Contact us for a free case review.