MGM Resorts is ‘up and running’ after cyber attacks

September 20, 2023

After a cyber incident perpetrated by an international hacking group, the company is still potentially losing money due to stock price and gaming activity drops.

Both MGM Resorts and Caesars Entertainment have recently become victim to cybersecurity incidents, linked to an international group of hackers called Scattered Spider. MGM has now released a statement via its X (formerly Twitter) account about the current status of its properties after the cyber attack.

The post reads, “Our resort services, dining, entertainment, pools and spas are operating normally and welcoming thousands of guests each day. Our gaming floors, including slots, table games and poker rooms are open.

“Visitors to our properties may use slot dollars and freeplay, and our slots are recording gaming spend. Our slot systems are up and running, and our amazing employees are available to help guests with any intermittent issues.”

While the resort may be up and running again, MGM Resorts has needed to add further clarification to the frequently asked question page on its website based on the effects of the attack. Both Caesars Entertainment and MGM Resorts have also lost stock price value over the course of the incidents.

Caesars Entertainment stock price was $53.57 on September 14 and was down to $49.81 at close of market on September 19. However, this is still higher than its price in May.

MGM Resorts stock price was $43.74 on Friday September 8, before the hack was announced the following Monday; on Tuesday September 12 the price dropped to $41.99, and the price was $39.20 at close of market on September 19.

According to the Nevada Independent, MGM Resorts is covered by a $200m insurance policy for cyber security incidents, including both ransom payments and business interruption.

Jordan Bender, analyst with JMP Securities, wrote in a research note yesterday that the ransom could cost MGM Resorts between $30m and 50m, but the lost revenue from both gaming and hotel bookings will also surely have an effect.


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