Posted 9/18/2023, 12:30:00 AM

MGM Resorts faces major disruptions, millions in lost revenue from ongoing cyberattack

MGM Resorts could be losing $4.2M-$8.4M daily revenue and $1M daily cash flow due to cyberattack, per analyst
Attack entered 2nd week Sun; analyst estimates MGM generates $42M revenue, $8M cash flow daily
Complaints of unpaid employees, non-functioning websites, slow systems, manual payments
Grocery industry conference with 5K attendees still on for Tues at MGM despite issues
Analyst Attack a "one-time, largely insurable event" that shouldn't have long-term impact if short-lived

reviewjournal.com

Relevant topic timeline:

9/11/2023

MGM Resorts Suffers Cyberattack, Shutting Down Websites and Services

MGM Resorts International has experienced a cybersecurity issue, resulting in the shutdown of its main website and online reservations, prompting an investigation into the incident.

9/12/2023

MGM Resorts Shut Down by Major Cyberattack Across U.S. Properties

Over a dozen MGM Hotels & Casinos have shut down operations after a cyberattack on its computer systems, causing outages and impacting guests' ability to access rooms, use ATMs, and charge items to their rooms.

9/12/2023

MGM Resorts hit by cyberattack that shuts down systems at major Las Vegas hotels

The breach suffered by MGM Resorts International may cost the company millions of dollars, according to a cybersecurity expert, as shutting down systems to mitigate risk is a standard practice, and breaches like this could cost over $100 million.

9/13/2023

MGM Resorts Hit By Ransomware Attack That Disrupted Hotel Operations

The cyber attack on MGM Resorts International, which began on Sunday, has caused significant disruptions and financial losses for the casino and hotel giant, with a Russia-linked hacker gang claiming responsibility for the breach.

9/14/2023

MGM Outage Continues 4 Days After Cyberattack; Scattered Spider Hackers Also Behind Caesars Breach

MGM Resorts is facing a widespread outage lasting four days after a cyberattack by the hacking group Scattered Spider, with guests reporting disruptions to various services including ATMs, slot machines, digital key cards, and electronic payment systems, while entertainment giant Caesars Entertainment also suffered a cyberattack attributed to the same group, resulting in stolen data and a demanded ransom of $30 million.

9/21/2023

MGM Resorts Returns to Normal Operations After Cyberattack Impacted Hotels and Casinos

MGM Resorts has resumed normal operations after a cyberattack, but the incident is negatively impacting its stock.