MGM admits third-quarter loss after cyber attack

MGM International admitted it will have third-quarter losses of up to $100 million following the cyberattack that affected MGM Resorts and Caesars Palace hotels.

The two hotels reportedly paid an undisclosed ransom after some of their guests’ private information was stolen. The company stated that it had no evidence that criminals used the data to commit identity theft or account fraud.

MGM is still working to restore its systems that were shut down immediately after the attacks were discovered. Likewise, the company noted that it does not have data on the full extent of the costs and impacts associated with a cyberattack.

Likewise, MGM said it does not expect to have any impact in October in terms of occupancy, and maintains that the fourth quarter will be better compared to the same period the previous year with the Formula 1 race in Las Vegas, it reported. Travel pulse..

As mentioned reportor.usMost recently, MGM Resorts International’s booking platform has already lost $80 million, Gregory Moody, a professor and director of the cybersecurity program at the University of Nevada, Las Vegas, said in September. (MGM Resorts loses $80 million due to cyber attack.)

It expected MGM Resorts to lose up to $8 million per day as a result of the computer shutdowns, making the total loss about $80 million, Gizmodo reported.