One Year after Las Vegas Mass Shooting, Giffords Law Center Report Details $600 Million Economic Impact of Tragedy
October 3, 2018—A new report by Giffords Law Center to Prevent Gun Violence revisits the staggering economic cost of the Las Vegas mass shooting, which totals $600 million. On October 1, 2017, a gunman opened fire from the 32nd-story window of the Mandalay Bay hotel, killing 58 people and injuring more than 800. Prior to the shooting, the annual economic cost of gun violence in Nevada was $2.3 billion. This cost will increase by an estimated 26 percent due to the Las Vegas massacre alone. The report, The Las Vegas Massacre’s $600 Million Financial Toll , highlights how one year later, victims, businesses, and Las Vegas residents continue to struggle under the economic burden of our nation’s deadliest mass shooting.
Read The Las Vegas Massacre’s $600 Million Financial Toll
The $600 million total of the Las Vegas massacre takes into account the costs borne directly by victims and their families, including medical expenses, mental health care costs, loss of income, and law enforcement costs. This figure also accounts for the cost of psychological trauma and decreased quality of life many survivors face. Key statistics from the report include:
- Insurance companies could owe up to $1 billion for life and health insurance payouts, as well as class-action lawsuits.
- Tourism in Las Vegas dropped 4 percent in October 2017 and struggled to recover in subsequent months.
- The Las Vegas Victims’ Fund raised more than $30 million from 90,000 donors to support the medical costs borne by victims and their families.
The solutions to prevent gun violence are clear. Policies like limiting bulk gun purchases, banning bump stocks, and enacting extreme risk protection laws, all featured in the report, are just a few strategies lawmakers can implement to help curb the 125,000 victims of American gun violence each year.
- Factsheet: The State of Gun Violence in Nevada
- Giffords Law Center State Profile of Nevada
- Press Release: Federal Action to Address Bump Stocks Stalls, Gun Safety Advocates Call on State Legislators to Lead the Way
- Report: As Bump Stocks Remain Legal One Year After the Las Vegas Shooting, Giffords Unveils a New Report Detailing Nine Lethal Firearms & Accessories Gun Manufacturers Put on the Market