Windows TCO (Total Cost of Ownership) at MGM
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Report: MGM Resorts refused to pay [crackers] following ransomware attack
The Wall Street Journal reported the decision late Thursday. The same day, MGM Resorts submitted a regulatory filing that revealed new details about the breach. The company disclosed that the [crackers] stole some customers’ personal information data and added the breach will cost it about $100 million.
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FORM 8-K ... MGM Resorts International
The Company believes that the operational disruption experienced at its affected properties during the month of September will have a negative impact on its third quarter 2023 results, predominantly in its Las Vegas operations, and a minimal impact during the fourth quarter. The Company does not expect that it will have a material effect on its financial condition and results of operations for the year. Specifically, the Company estimates a negative impact from the cyber security issue in September of approximately $100 million to Adjusted Property EBITDAR for the Las Vegas Strip Resorts and Regional Operations, collectively. While the Company experienced impacts to occupancy due to the availability of bookings through the Company’s website and mobile applications, it was mostly contained to the month of September which was 88% (compared to 93% in the prior year period). The Company believes it is well-positioned to have a strong fourth quarter, with record results expected in November primarily driven by Formula 1. The Company is further forecasting occupancy to be 93% in October (compared to 94% in the prior year period) and to fully rebound in November for the Las Vegas Strip Resorts. The Company has also incurred less than $10 million in one-time expenses in the third quarter related to the cybersecurity issue, which consisted of technology consulting services, legal fees and expenses of other third party advisors. Although the Company currently believes that its cybersecurity insurance will be sufficient to cover the financial impact to its business as a result of the operational disruptions, the one-time expenses described above and future expenses, the full scope of the costs and related impacts of this issue has not been determined.