Casino Giant MGM Resorts Expects $100M Blow From Recent Cybersecurity Breach
Portfolio Pulse from Shivani Kumaresan
MGM Resorts International has disclosed that a recent cybersecurity breach could negatively impact its Q3 2023 results by approximately $100 million, predominantly in its Las Vegas operations. The breach, which occurred in September, resulted in unauthorized access to some customer personal information. The company has incurred less than $10 million in one-time expenses related to the issue. Despite this, MGM expects a strong Q4, with record results expected in November.

October 06, 2023 | 11:30 am
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MGM Resorts International expects a $100 million negative impact on its Q3 2023 results due to a recent cybersecurity breach. However, the company anticipates a strong Q4.
The cybersecurity breach is expected to have a significant negative impact on MGM's Q3 2023 results, which could lead to a decrease in the company's stock price in the short term. However, the company's expectation of a strong Q4 could mitigate some of this negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100