Las Vegas shooting: Casino shares fall after deadly incident

Shares of MGM Resorts International (NYSE:MGM) and other casino operators dropped in early trading Monday after a gunman killed at least 50 people and injured hundreds more at an outdoor concert near Mandalay Bay Resort in Las Vegas.

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MGM Resorts, which owns Mandalay Bay and several other Las Vegas casinos, fell more than 4%. Wynn Resorts (NASDAQ:WYNN) fell more than 1%, while Las Vegas Sands Corp. (NYSE:LVS) shares were roughly flat.

“Our hearts and prayers go out to the victims of last night’s shooting, their families, and those still fighting for their lives. We are working with law enforcement and will continue to do all we can to help all of those involved," MGM Chairman and CEO Jim Murren said in a statement.

A gunman fired down on attendees at a concert for country music star Jason Aldean from a hotel room on the 32nd floor of the Mandalay Bay Resort and Casino, Fox News reported. Police identified Stephen Paddock, a 64-year-old man from Mesquite, Nevada, as a suspect in the shooting.

Paddock died of a self-inflicted gunshot wound at the scene. Authorities did not immediately reveal a suspected motive.

Hundreds of people were treated at local hospitals after the incident, which was identified as the deadliest mass shooting in U.S. history.

This story has been updated