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MGM Resorts International said the cyberattack it suffered in July and August of 2020 cost it about $100 million, including direct costs and lost revenues. The cost included investigating and remediating the attack, as well as slower-than-anticipated recovery of the company’s information technology systems, MGM Resorts said in an Investor Day presentation.
The company also estimated that the attack had a $20 million impact on its earnings before interest, taxes, depreciation and amortization in the fourth quarter of 2020. MGM Resorts said the attack affected one of its subsidiaries, and its systems remain vulnerable to cyberattacks in the future. The company said it had incurred additional costs for cyber insurance and that it had implemented additional measures to protect its systems.
