MGM Resorts puts the September 2023 cybersecurity issue at about $100 million of lost property earnings

MGM Resorts International furnished an 8-K on September 13, 2023 about a cybersecurity issue affecting the company. Its October 5 filing gave the fuller account: MGM shut down systems to protect customer data, which disrupted some properties, and it estimated a negative effect of about $100 million on Adjusted Property EBITDAR for September.

Initial filing

The first 8-K referred to a press release issued on September 12.

October 5 update

MGM said shutting down systems caused disruption at some properties and kept the intruders from reaching customer bank account numbers or payment card information. The financial estimate was specific. It also reported less than $10 million of one-time expenses in the third quarter, and did not expect a material effect for the full year.

On data, MGM said the intruders obtained personal information for some customers who transacted with it before March 2019, including names, contact details, dates of birth and driver's licence numbers, with Social Security and passport numbers for a limited number.

Not stated

MGM's filings do not describe how the intruders got in or give a count of affected customers.