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Caesars sues insurers for COVID-19 business interruption coverage


Caesars Entertainment Inc. filed a COVID-19 business interruption coverage lawsuit against more than 35 insurers and dozens of Lloyd’s syndicates in state court in Las Vegas Friday, seeking compensation for the more than $2 billion in losses it said it has sustained from the pandemic.

The Reno, Nevada-based casino operator said it’s paying more than $25 million in premiums for more than $3.4 billion in coverage limits under its all-risks coverage, according to the complaint filed Friday in Caesars Entertainment Inc. v. ACE America Insurance Co. et. al. It said it has paid more than $135 million for the coverage over the last six years.

The complaint said all of Caesars’ properties were shut down in March 2020 under orders of gaming control boards and other civil authorities, and most reopened with limited operations in May and June.

None of the insurers named in the complaint had a virus exclusion in its coverage, according to the complaint.

Caesars said certain of its all-risk policies include coverage triggered when orders of a casino control commissioner or similar authority prohibits access to covered properties. 

“This ‘Closure by Casino Control Commissioner or equivalent’ coverage applies even if the covered Property never suffers any physical loss or damage, so long as the order was made in anticipation of such loss or damage,” the complaint says, stating Caesars is entitled to coverage under this provision.

The complaint says Caesars is the largest casino-entertainment company in the United States and one of the largest in the world, with more than 47,000 hotel rooms.

More insurance and risk management news on the coronavirus crisis here