Get 40% Off
📈 Free Gift Friday: Instantly Copy Legendary Investors' PortfoliosCopy for Free

FBI probing MGM Resorts cyber incident as some casino systems still down

Published 09/13/2023, 11:14 AM
Updated 09/13/2023, 04:31 PM
© Reuters.

By Raphael Satter and Zeba Siddiqui

NEW YORK/SAN FRANCISCO (Reuters) -The FBI said on Wednesday it was investigating a cybersecurity incident at gaming giant MGM Resorts (NYSE:MGM) International that kept several of the casino operator's systems paralyzed for a third straight day.

MGM, which runs 31 hotels and gaming venues globally including in Macau, said on Monday it shut down some of its computer systems due to an unspecified "cybersecurity issue" that it was working with law enforcement and cybersecurity experts to investigate.

The scale and impact of the incident wasn't immediately clear but posts on social media showed slot machines down and long queues as disruption hit several of the group's properties in Las Vegas.

The rating agency Moody's (NYSE:MCO) warned the incident could negatively impact MGM's credit rating.

Such breaches are typical hallmarks of ransomware incidents in which extortionists encrypt victims' computer systems and demand ransoms in digital currency. It was not immediately clear who was behind the issue and what data, if any, had been stolen from MGM's systems.

Analysts say casinos are prime targets of financially-motivated cybercrimes.

"They're more likely to get paid because they're disrupting casino operations," said Allan Liska, intelligence analyst at the security firm Recorded Future.

"Casinos around the world should be on heightened alert because ransomware groups love it when they get this kind of attention, so we will likely see copycats."

The FBI said it had opened an investigation into the incident but declined to share further details.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Moody's analysts said in a report that the incident "highlights key risks related to (MGM's) business operations' heavy reliance on technology and the operational disruption caused when systems need to go offline or are inoperable."

Messages seeking further comment from MGM and the U.S. cybersecurity watchdog agency CISA were not immediately returned. MGM Resorts' website was "currently unavailable," according to a holding message posted to the group's homepage.

"Our investigation is ongoing and we are working diligently to determine the nature and scope of the matter," MGM said in a post on the social media website X on Monday.

Latest comments

FBI lol lol
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.