Las Vegas Shooter Stephen Paddock Had Been on Gambling Losing Streak Prior to Attack, MGM CEO Jim Murren Speaks Out

Posted on: November 3, 2017, 09:30h. 

Last updated on: November 4, 2017, 02:58h.

Stephen Paddock had seen his net worth decrease substantially in the two years prior to the Las Vegas Mandalay Bay shooting on October 1, according to the latest information from Clark County Sheriff Joe Lombardo.

Stephen Paddock gambling losses
Clark County Sheriff Joe Lombardo and federal and local law enforcement agencies are still trying to piece together what triggered Stephen Paddock to kill 58 people, and spend a year planning it down to the last detail. (Image: Ethan Miller/Getty Images)

The man who killed 58 country music fans below his 32nd floor suite had seen losses from his excessive gambling on the Strip and throughout Nevada, as well as in his real estate deals and holdings, according to the sheriff.

During an interview this week with KLAS-TV Channel 8 in Las Vegas, Lombardo explained that Paddock had had some success in the real estate market throughout his life, and was also a certified public accountant. But his prolific gambling throughout the last few years was taking its toll, the sheriff added.

The saying goes that “the house always wins,” and since September 2015, that was apparently the case more times than not for Paddock.

“Over time, he’s gone up and down in his wealth associated with gambling. But since September of 2015, he’s lost a significant amount of [that] wealth, and I think that may have been a determining factor on what he [did],” Lombardo revealed in the interview.

Missing Motive: Gambling?

Though law enforcement continues to uncover more about Paddock’s history by the day, the sheriff admits there is still no clear motive for what happened a month ago. Lombardo explained that Paddock wasn’t on any law enforcement radar, not on the federal or local level, and had only two traffic citations on his record.

Lombardo said that to date, FBI profilers have determined Paddock likely had a narcissistic personality, one that was “status-driven.”

“He liked to be recognized in the casino environment … So obviously that was starting to decline in the short period of time and that may have had a determining effect on why decided to do what he did,” Lombardo opined, although why the specific non-gaming target and the lengthy and detailed months of planning have still not been explained in any way.

Paddock routinely gambled hundreds of thousands of dollars each year, but in Las Vegas that still might not lend one to being deemed a “whale” or the highest of the high rollers. “I don’t know in the casino environment whether he was considered a big gambler. I think in his own mind he believed himself to be. But he was going in the wrong direction,” Paddock concluded.

MGM Issues Video

Gaming and tourism analysts don’t believe Paddock’s shooting will have a long-term impact on the industries in Las Vegas. Casino operators want to make sure that’s true, however.

This week, Mandalay Bay parent MGM Resorts issued a statement about the future of city. CEO Jim Murren has largely stayed behind the scenes over the last month, save for one public appearance, but this week he took to social media to express MGM’s vision as “we begin to look forward and heal.”

“In the face of unspeakable violence, ordinary men and women stepped up, took action, and saved lives. I’m proud to say that many of those were MGM Resorts employees,” Murren via video.

Looking to the future, Murren stated, “We remain committed to providing some of the most memorable entertainment experiences that can be found in this city, or any other. Thank you for your patronage, and your prayers. We look forward to seeing you soon.”

Just over two weeks ago, MGM brought in PR firm Joele Frank, Wilkinson Brimmer Katcher, a New York-based agency specializing in crisis communications, to guide the company through the best ways to come back from the tragedy. The gaming operator also canned its Welcome to the Show video, which had been unveiled only weeks before, with its already controversial “We’re in the Holy Sh*t” business line, which took on a whole new, and much more ominous, meaning after the shootings.