Last updated: February 08, 2024
MGM Resorts CEO Bill Hornbuckle confirms the cyberattack is behind them, and they’ve successfully defended against hackers.
During a comprehensive interview with CNBC’s Contessa Brewer on Tuesday at the Global Gaming Expo, the premier trade show for the gaming industry held at The Venetian in Las Vegas, Hornbuckle stated that MGM was able to repel the hackers. The owner of Bellagio and the biggest employer in Nevada, according to the MGM CEO, is carrying on with business as usual.
The CEO of MGM Resorts, Bill Hornbuckle, announced that the cyberattack issue has been completely remedied. He said It is entirely in the past, with no more impact on operations. Hornbuckle acknowledged the major impact in September and possible aftereffects in October but expressed hope that it stays a singular incident.
According to Hornbuckle, regional properties across the nation and the MGM casinos in Las Vegas have recovered swiftly. According to Hornbuckle, MGM has more casinos on the Las Vegas Strip than any other company. Last weekend, all of the casinos on the Strip were fully booked. The business expects October occupancy to be higher than 90%.
At the American Gaming Association’s Global Gaming Expo, Brewer ran into Hornbuckle. Since the two biggest gaming companies in Las Vegas, MGM and Caesars Entertainment, were recently the targets of cybercrime, cybersecurity is a major theme this year. The business journalist questioned Hornbuckle about the steps the company is taking to guard against another incident like this one.
There is work to be done moving forward in terms of restructuring and rebuilding, said Hornbuckle. However, he feels very safe and secure in the company’s current position.
According to a filing made by MGM with the U.S. Securities and Exchange Commission (SEC) last week, the company estimates that the cyberattack will cost it about $100 million in lost sales. However, the massive casino chain’s cyber insurance policy is probably going to pay for that loss.
Additionally, the MGM regulatory filing stated that the company’s expenses associated with the cyberattack totalled about $10 million. Unlike Caesars, who allegedly paid the cybercriminals $15 million in ransom, MGM declined to comply.
The MGM cyberattack severely interrupted resort operations. Digital room keys were unavailable, online reservations for rooms were suspended, a large number of slot machines were disabled, and voucher printing stopped working.
When asked if the MGM brand would continue to suffer due to potential guests choosing to stay elsewhere due to privacy concerns, Hornbuckle said that the MGM brand is still strong. He stated that during the last ten years, Las Vegas and MGM have faced numerous challenges, such as the COVID-19 pandemic and the mass shooting on October 1, 2017.
Bill Hornbuckle highlighted the tenacity of MGM and Las Vegas, emphasizing their capacity to triumph over a range of obstacles. Consider all the things they’ve experienced, he said.
Regretfully, this is just one more incident, but they are moving on and have put it behind them. About the ongoing labour talks, Hornbuckle expressed his hope that a citywide strike would not be in the best interests of stakeholders, employees, or the company itself. He believes that common sense will ultimately win out at this crucial juncture.
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