MGM Resorts International and its insurers will pay an $800m settlement to the relatives and victims of the 2017 Last Vegas strip shooting, a Nevada court has ruled.

The approval of the compensation comes after a number of lawsuits regarding the mass shooting on the Las Vegas strip, where a gunman shot and killed 58 people and injured more than 850 at an open-air festival, near MGM Resorts’ Mandalay Bay.

The gunman was found to have fired ammunition from the 32nd floor of Mandalay Bay, with more than 22,000 people estimated to have been attending the Route 91 Harvest music festival.

More than 4,400 relatives and victims of the shooting will receive a share of the payout, with MGM Resorts, which acknowledged no liability, to pay $49m and its insurance to fund the remaining $751m.

The approval was made by Chief Judge Linda Bell at the Clark County District Court, on the eve of the third anniversary of the mass shooting, which took place on 1 October 2017.

Judge Bell stated that the settlement was “painstakingly negotiated at arm's length for months with the expert assistance of experienced mediators” and “provides a very substantial fund for the settlement of personal injury claims.” Bell also mentioned all of MGM’s available insurance has been allocated to the settlement.

An MGM statement said: “We are grateful that the decision brings families, victims and the community closer to closure.

"It is especially meaningful that the decision comes one day before the third anniversary of the incident, a time of great sadness and reflection."