Title: MGM Resorts International Faces Massive Revenue Loss as Cyberattack Continues
Word Count: 315
In a major blow to MGM Resorts International, the company is estimated to be losing between $4.2 million and $8.4 million in daily revenue as it continues to grapple with a debilitating cyberattack. Additionally, it is losing around $1 million in cash flow every day, according to an equity analyst’s assessment.
The cyberattack, which also affected Caesars Entertainment, has caused significant disruptions to both companies’ operations. Even after a week since the attack initiated, many computer systems remain down, leading to widespread frustration among customers and employees.
MGM officials have been tight-lipped about the current status of their computer systems, providing no updates or timeline for restoration. Meanwhile, customers have voiced concerns about the lack of useful functions on MGM’s restored websites, such as the inability to close out checks at restaurants or split payment methods.
Another consequence of the cyberattack has been the manual payout of slot machine winnings by employees. Due to the malfunctioning ticket in-ticket out systems, employees have been forced to pay winners on-site.
The timing of this cyberattack couldn’t be worse for MGM, as the upcoming Groceryshop 2023 convention looms. Set to feature major brands like Kroger, Walmart, and Amazon, concerns are mounting over whether the cybersecurity problems will impact attendance and the convention’s overall success.
While it remains uncertain how much of the damages from the cyberattack will be covered by insurance, analysts believe the overall impact should be short-lived and eventually mitigated. MGM is still operational, though more transactions are being conducted in cash since credit card usage is being handled manually.
As MGM Resorts International battles to regain control of its computer systems, the company hopes for a prompt resolution to minimize the financial damage incurred during this unprecedented cyberattack.