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The Blubber

MGM, $MGM, is losing up to $8.4 million per day as cyberattack paralyzes slot machines, hotels for 8th straight day
9/20/2023

MGM, $MGM, losing up to $8.4 million per day as cyberattack paralyzes slot machines, hotels for 8th straight day, per NYP.

Avid Katz, an analyst specializing in the gaming industry at Jefferies Group, recently released an analysis suggesting that MGM could experience a downturn in the range of 10% to 20% in both revenue and cash flow.

Katz's findings indicate that the company generates approximately $42 million in revenue and $8 million in cash flow on a daily basis.

MGM Resorts, as well as Caesars Entertainment, the world's largest casino operator, fell victim to a suspected cyberattack, allegedly orchestrated by the hacking group ALPHV. It is believed that ransomware was employed in this attack on MGM Resorts, resulting in the forced shutdown of their computer systems, leading to the disruption of hotel room key card systems, booking services, and casino gaming floor machines.

Caesars reportedly agreed to pay $15 million in ransom to the suspected hackers, enabling the company’s systems to go back online.

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