Caesars puts pandemic losses at $2B, wants insurers to pay

LAS VEGAS (AP) — Casino giant Caesars Entertainment Inc. is putting its losses because of the coronavirus pandemic in 2020 at more than $2 billion, and is suing a long list of insurance carriers it accuses of balking at paying its business interruption costs.

In a lawsuit in Nevada state court, Caesars names 60 insurers it says are rejecting its claims to recoup losses under about $3.4 billion in insurance policies it had for catastrophic business losses.

A Caesars spokeswoman, Chelsea Ryder, said Thursday the company had no additional comment about the lawsuit.

Representatives from most insurers did not immediately respond to email messages about the breach of contract and unfair claims practices case filed March 19 in Clark County District Court.

Robyn Ziegler, a spokeswoman for insurer Zurich NA, said it was not her company’s practice to comment on litigation.

Allianz Global Corporate & Specialty said it is evaluating claims from businesses around the world and will honor COVID-19-related claims “where they are part of our policies and cover is clear.”

“However, many businesses will not have purchased cover that will enable them to claim on their insurance for COVID-19 pandemic losses,” it said.

Caesars was acquired last July by Reno-based Eldorado Resorts Inc., becoming the largest casino owner in the world. It retained the name Caesars Entertainment and operates more than 50 casino properties in 14 U.S. states, including eight Las Vegas Strip resorts.

Its attorneys said in the civil complaint that it paid $25 million in premiums to companies ranging in name from Ace American Insurance to XL Insurance.

“Notably, insurers have made clear that they are not willing to underwrite the risks posed by a pandemic going forward,” the lawsuit said....