: MGM says it’s still working to resolve ‘cybersecurity incident’ that forced shutdown of most of its systems

MGM Resorts International MGM said Thursday it’s still working to resolve the “cybersecurity issue” that was first reported Sunday, and that has caused its systems to be shut down. “We continue to work diligently to resolve our cybersecurity issue while addressing individual guest needs promptly,” the company said in a post on X, the former Twitter. MGM Resorts filed an 8-K with the SEC on Tuesday, indicating that the cyberattack, which has shut down its website, impacted credit card transactions, digital hotel room keys, slot machines and sports-betting kiosks, poses a material risk to the company. Meanwhile, the Wall Street Journal reported Wednesday that Caesars Entertainment Inc. CZR paid millions of dollars in ransom after it was hit by a cyberattack last month. Bloomberg News first reported Wednesday that the hacking group known as Scattered Spider was responsible for late-August cyberattack, in which hackers apparently broke into Caesars’ computer system and threatened to release data unless paid ransom. The Wall Street Journal reported that Caesars paid roughly half of the $30 million that the hackers demanded. The company is expected to report the incident in a filing with the Securities and Exchange Commission this week, the reports said. MGM’s stock is down 5% in the week to date, but is still up 24% for the year to date, outperforming the S&P 500 SPX, which has gained 16.4%.

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