{"id":69867,"date":"2023-10-07T10:04:00","date_gmt":"2023-10-07T14:04:00","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/mgm-resorts-expects-a-100-million-hit-from-cyberattack\/"},"modified":"2023-10-07T10:04:03","modified_gmt":"2023-10-07T14:04:03","slug":"mgm-resorts-expects-a-100-million-hit-from-cyberattack","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69867","title":{"rendered":"MGM Resorts expects a $100 million hit from cyberattack"},"content":{"rendered":"<div>\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<p><span class=\"text\">\u00a9 Reuters. MGM Resorts expects a $100 million hit from cyberattack<\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>MGM Resorts International (NYSE:) experienced operational disruptions at its Las Vegas resorts due to a previously disclosed cybersecurity attack.<\/p>\n<p>The company now disclosed that the impact on its third-quarter results includes a roughly $100 million negative effect on adjusted property EBITDAR for Las Vegas Strip Resorts and Regional Operations.<\/p>\n<p>Moreover, occupancy rates for September fell to 88% from 93% year-on-year. However, the company anticipates a rebound in occupancy rates for October and is confident that its cybersecurity insurance will cover the financial impact.<\/p>\n<p>MGM Resorts believes the unauthorized third-party activity is now contained and remains well-positioned for a strong fourth quarter.<\/p>\n<p>The cyberattack on MGM was detected on September 10, prompting the company to take action by shutting down its IT systems.<\/p>\n<p>This resulted in various disruptions, including issues with slot machines, interruptions in online hotel bookings, and the need for hotel staff to manually check-in guests using pen and paper for several days, among other impacts.<\/p>\n<p>The WSJ reported today that MGM refused to pay ransom to hackers.<\/p>\n<p>MGM shares rose nearly 1% in early Friday trade.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/mgm-resorts-expects-a-100-million-hit-from-cyberattack-432SI-3192189\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. MGM Resorts expects a $100 million hit from cyberattack MGM Resorts International (NYSE:) experienced operational disruptions at its Las Vegas resorts due to a previously disclosed cybersecurity attack. The company now disclosed that the impact on its third-quarter results includes a roughly $100 million negative effect on adjusted property EBITDAR for Las Vegas [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3590,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-69867","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MGM Resorts expects a $100 million hit from cyberattack | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. MGM Resorts expects a $100 million hit from cyberattack MGM Resorts International (NYSE:) experienced operational disruptions at its Las Vegas\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=69867\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM Resorts expects a $100 million hit from cyberattack | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters. 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