Monthly Archives: November 2017

28 November 2017, Bloomberg article speculates Mandalay Bay/Vegas concert massacre might cost over $1 billion in insurance payouts

Bloomberg writers Hannah Levitt and Sonali Basak penned the article, “Las Vegas Massacre Could Cost Insurers More Than $1 Billion,” on 10 November. To date, the exactitudes of insurance payouts, the companies involved, what policies did and did not cover, etc., are not forthcoming because it is too early in this sure-to-be contentious liabilities case. Nevertheless, Levitt and Basak offer insight into some of the pressing issues at stake. Highlights of the article are as follows: A multitude of lawsuits could drive the insurance bill for the Las Vegas massacre (called a “man-made disaster” by the insurance industry) to over $1 billion, and that they might continue for years The insurance sector this year (2017) has had to deal with a series of massive payouts, perhaps $130 billion, because of hurricanes, earthquakes, and wildfires, [and, therefore, it is likely to resist additional payouts…commentary here by … Continue reading

24 November 2017, Lawsuits over the October 2017 Las Vegas MGM hotel/concert venue attack pile up

On 20 November, Newsweek reports that a massive lawsuit was filed on behalf of 450 victims against the MGM Mandalay Bay Resort (and others, see below,) for negligence regarding the 1 October mass shooting (effectively, a machinegun attack) by Stephen Paddock on the Route 91 Harvest country music festival. Paddock killed 58 and wounded 500. The case was filed in the Los Angeles County Superior Court. Muir Analytics covered the initial attack at its SecureHotel.US website here. Newsweek reports that, immediately following the attack, MGM’s revenue fell 72 %, decreasing from $535.6 million to $149.1 million over the same quarter from 2016 (a loss of $386.5 million.) Hundreds of employees at the Mandalay Bay have been laid off, and multitudes of others have had their hours cut back. This 450-person lawsuit is one of many filed in the wake of the shooting. Newsweek reports … Continue reading

5 November 2017, Chemical agent used on hotel guests, Fresnes (Paris,) France

On Thursday, 2 November at 8:20 pm, four men used a chemical agent to attack as many as 40 tourists (the French press said 80) from the People’s Republic of China (PRC) at the Kyriad Hotel in Fresnes, France, says the South China Morning Post. This was in the Val-de-Marne Department, immediately south of Paris, and just north of Orly Airport. In technical terms, this attack was a raid. As the tourists returned from a shopping trip, the assailants ran into a parking lot used by the hotel and physically assaulted the group’s tour guide. They then sprayed the tourists with tear gas and robbed them as they collapsed from the toxic fumes. The attackers absconded with as many as nine shopping bags filled with luxury goods. The affected tourists were “in a panic” for about an hour and recovered inside the hotel, according to … Continue reading