$5 million The estimated that MGM Resorts is approximately losing from slot machines every day since the cyber-attack struck their systems earlier last week.
On September 11, MGM released a statement regarding a cyber security attack that has resulted in the malfunction of some slot machines, bookings, and hotel operations for MGM properties. The attack has affected almost all hotel operations as reservations, hotel cards, and card payments were found to be inoperable, causing some guests to go to Caesar’s Entertainment. Some non-MGM hotels are currently charging as high as $1,300 per night for the last minute reservations The slot machines that still work at MGM are still having trouble printing out vouchers, forcing attendants to manually pay out customers, even if the amount is only $0.01.
Caesars Entertainment was impacted by a similar attack last month, which affected their sports betting technology. Caesar’s resolved the issue by paying a ransom to the hackers, which allowed a speedy resolution and minor disruption compared to the MGM incident. The lack of resolution to the MGM cyber hacking is causing increasing concern and scrutiny of the company in regards to it’s past security practices and its ability to safeguard guest information. The damage to the company could impact the bottom line with increased capital costs for cyber security and reputational concerns from investors and customers, if the company can adequately protect confidential information. Not to mention the increased costs of additional regulatory scrutiny.
According to a report from the Gaming Control Board, slot machines on the strip generate approximately $12,000 per unit. Considering MGM has almost 13,000 slot machines, it is possible that the company is losing approximately $5 million on slot machines alone, daily.
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