Wynn Resorts CEO Suing Loyds of London
Wynn Resorts chairman Steve Wynn, often considered one of the brightest minds in the casino gambling industry, is suing his insurance company (Loyds of London) over accusations the company failed to act properly with a damaged Piccaso worth over $100 million dollars.
In court yesterday, gambling industry top dog Steve Wynn filed a suit with Lloyd's of London, arguing the insurance company did not act properly on his demands to pay $54 million in lost value for a Picasso that was damaged when he mistakenly poked a hole in the canvas while showing off the piece to his elite friends.
Back in the late 1990's, Steve Wynn paid about $50 million for the painting featuring Picasso's mistress, Marie-Therese Walter. According to Mr. Wynn, he damaged the canvas as he showed it to his friends including screenwriter Nora Ephron and husband Nicholas Pileggi; lawyer David Boies and his wife, Mary; broadcaster Barbara Walters; New York socialite Louise Grunwald, and art dealer Serge Sorokko and his wife, Tatiana.
The lawsuit is taking place in US District Court in Manhattan. It attempts to force Lloyd's of London to speed up Wynn's claims for reimbursement and restoration costs for Picasso's 1932 work 'Le Reve' by providing him with an appraisal report or initial damages assessment.
Wynn's representatives told Lloyd's in November that the painting was worth $139 million the day before Wynn damaged the painting in his Las Vegas office on Sept. 30, but was believed to be worth no more than $85 million afterward.
Wynn Resorts is a developer and operator of popular casino resorts destinations. Two of their heaviest hitting casinos include Wynn Las Vegas and Wynn Macau. Wynn Las Vegas is located in the heart of Sin City, right on the Las Vegas Strip. Wynn Macau is a casino resort located in the Macau Special Administrative Region of the People's Republic of China (Macau).
January 12, 2007
Posted By Susan Torres
Staff Editor, CasinoGamblingWeb.com
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