A police officer stands in front of the closed Las Vegas Strip next to the site of the Route 91 music festival mass shooting outside the Mandalay Bay Resort and Casino in Las Vegas, Nevada, October 3, 2017.

Lucy Nicholson | Reuters

Victims of the 2017 Las Vegas massacre reached a settlement with MGM Resorts for at least $735 million, the company said Thursday.

The size of the agreement is expected to total up to $800 million, depending on the number of complainants who wish to seek the funds, MGM said in a press release.

The settlement comes just after the two-year anniversary of the deadliest mass shooting in modern American history, which left 59 dead, including the gunman, and wounded about 500 people. MGM owns the Mandalay Bay resort and casino where the shooter targeted people attending a country music festival from his hotel room.

Hundreds of survivors lodged separate claims against MGM for failing to properly monitor the gunman's activities and employ adequate security measures. The shooter had stockpiled weapons and ammunition at the hotel in the days leading up to the massacre.

The company separately sued more than 1,000 victims and relatives nearly a year after the incident to avoid liability claims. MGM contended the lawsuits and potential claims should be dismissed because a 2002 federal law shielded the company from liability since it was using anti-terrorism technology the night of the attack. The security company MGM hired for the festival was certified by the Department of Homeland Security, so the law extended to MGM, the company claimed.

"MGM Resorts is a valued member of the Las Vegas community and this settlement represents good corporate citizenship on their part," Robert Eglet, a lawyer representing the victims, said in a statement. "We believe that the terms of this settlement represent the best outcome for our clients and will provide the greatest good for those impacted by these events."

All current and pending litigation will be dismissed under the agreement, and the settlement is not an admission of liability, MGM said in the statement.