MGM Resorts International, a prominent hospitality and entertainment company, is currently working fervently to resolve a significant cybersecurity issue that was initially reported on Sunday. This situation has compelled the company to temporarily shut down its systems in order to mitigate any potential risks to its guests.

Addressing Guest Needs

MGM Resorts International is committed to promptly addressing the needs of its valued guests while diligently tackling the cybersecurity issue. The organization is making every effort to ensure the safety and security of its guests' personal information and overall experience.

Impact on Operations

In light of the cyberattack, MGM Resorts International has taken necessary measures to address the widespread impact on its operations. This incident has disrupted various key aspects, including credit card transactions, digital hotel room keys, slot machines, and sports-betting kiosks. Consequently, the company emphasizes that this cyberattack poses a significant material risk.

Caesars Entertainment Inc. Takes Similar Action

Interestingly, it was recently reported that Caesars Entertainment Inc., another major player in the industry, fell victim to a cyberattack last month. Caesars Entertainment Inc. reportedly made a significant payment in response to a ransom demand from cybercriminals belonging to the Scattered Spider hacking group. The Wall Street Journal disclosed that roughly half of the hackers' requested amount of $30 million was paid by Caesars Entertainment Inc.

Impact on MGM's Stock

As a consequence of the cybersecurity issue, MGM Resorts International's stock has experienced a 5% decline thus far this week. However, it is important to note that the stock remains resilient, with an impressive year-to-date performance of 24% growth. This surpasses the performance of the S&P 500, which has achieved a modest gain of 16.4% during the same period.

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