MGM might pay $800 million to settle lawsuits from Las Vegas shooting that killed 58

PHOTO: In this April 1, 2018, file photo, people carry flowers as they walk near the Mandalay Bay hotel and casino during a vigil for victims and survivors of a mass shooting in Las Vegas.PlayJohn Locher/AP
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MGM Resorts said on Thursday it may pay as much as $800 million in liabilities tied to the 2017 mass shooting in Las Vegas that killed 58 people and injured more than 800.

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The company, which owns Mandalay Bay, from which Stephen Paddock fired on a crowd of thousands, said in a regulatory filing that it "believes it is reasonably possible that a settlement will be reached" by next May and that it had $751 million in insurance to assist in paying settlements.

But Robert Eglet, a lawyer handling mediation talks for the plaintiffs, told The Associated Press it was premature for the company to report a settlement range of $735 million to $800 million.

"We're not even close to resolving all the terms and issues before we have a settlement," said Eglet, who added that he represents more than 4,000 claimants. "Nothing is signed. We have a long way to go before we have an agreement."

Eglet told the AP he reviewed the Securities and Exchange Commission that mentioned the settlement range on Thursday and that a resolution was possible within a year.

PHOTO: In this April 1, 2018, file photo, people carry flowers as they walk near the Mandalay Bay hotel and casino during a vigil for victims and survivors of a mass shooting in Las Vegas. John Locher/AP
In this April 1, 2018, file photo, people carry flowers as they walk near the Mandalay Bay hotel and casino during a vigil for victims and survivors of a mass shooting in Las Vegas.

The plaintiffs, citing physical and psychological harm from the deadliest mass shooting in U.S. history, have alleged that MGM is liable because Stephen Paddock stockpiled an arsenal of weapons over several days in his two-room suite at Mandalay Bay.

Debra DeShong, a company spokesperson, told the AP progress has been made in reaching a resolution.

The goal, she said, is "to resolve these matters so that all impacted can move forward in their healing process."