Sunday was a tragic night for the city of Las Vegas after Stephen Paddock, 64, went on a shooting spree and killed at least 58 people and injured more than 500 at the Route 91 Harvest Festival.
The fact that the festival was at the Mandalay Bay in Las Vegas led to a horrible blow for the hotel financially.
On Monday, the casino company lost over $900 million from its market capitalization with its market cap falling to $17.8 billion.
Shares of the stock fell almost 5% on Monday after traders learned that Paddock had shot from his 32nd floor hotel room at the Mandalay Bay Resort at the concertgoers.
Many casino stocks were sold off on Monday after the event while gun stocks climbed higher.
MGM released a statement on Monday that said, “Our thoughts & prayers are the victims of last night’s tragic events. We’re grateful for the immediate actions of our first responders.”