The total settlement amount is expected to be between $735m and $800m, subject to and depending on the number of claimaints.

Under the agreement of the settlement, all pending litigation will be dismissed, while the settlement fund will be funded by MGM’s insurers.

MGM has insurance coverage of $751m and has stated the proposed settlement is not an admission of liability.

MGM Chairman and CEO Jim Murren said: "Our goal has always been to resolve these matters so our community, the victims and their families can move forward in the healing process.

"This agreement with the Plaintiffs' Counsel is a major step and one we hoped for a long time would be possible.

"We have always believed prolonged litigation around these matters is in no one's best interest. It is our sincere hope this agreement means that scenario will be avoided."