MGM Resorts International has been massacred in Las Vegas since 1954.
The killer, Stephen Paddock, holed up Inside his room on the 32nd floor of the Mandalay Bay hotel, which is MGM's own, and then fired into the crowd at a country music festival below.
One of the lawyers for the victims, Robert Eglet, said on Thursday the settlement would be in the range of $ 735 million to $ 800 million and would resolve "substantially all" of the lawsuits and claims against MGM related to the massacre.
Mr. Eglet said in a statement, "While nothing wants to bring back the lives or the horrors so many on that day, this settlement will provide compensation for thousands of victims and their families."
MGM enjoyed a shield from liability because of the shooting qualified as an "it would seek to block victims from recovering any money from the company, arguing that a little-known federal law passed in the aftermath of the Sept. 11 act of terrorism "under the law's expansive definitions."
Because of that – and therefore because a security firm hired for the concert – a special designation from the Department of Homeland Security – MGM argued that it should not to pay claims to injured concertgoers. The Federal Law is known as the Support Antiterrorism by Fostering Effective Technologies Act, or Safety Act.
MGM more than 1,000 people who have already filed cases or indicated an intent to pursue claims against the company. Though the company's lawsuits did not seek any money, the strategy stirred against MGM.
MGM said in May what a "reasonably possible" outcome from mediation with the plaintiffs.