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| | The Claim Must Go On
By Robert Warne - October 8, 2003As analysts assess the financial impact of the indefinite cancellation of the Siegfried & Roy show at the Mirage, one of the major factors that MGM Mirage officials are trying to get a handle on is how much its insurance coverage will minimize its overall loss.
Illusionist Roy Horn was attacked and seriously injured by one of the show's tigers during a performance Oct. 3.
The initial loss caused by the horrific accident and cessation of the Siegfried & Roy show, which generates over $40 million in revenue per year, is estimated to be in the $5 to $10 million range in cash flow per year.
Even though insurance might not cover casino revenue losses from the show's visitor traffic, the loss will be substantially reduced if insurance policies on Siegfried & Roy cover lost ticket revenue, according to the Las Vegas Sun.
Aside from what its corporate insurance will cover, Robert Hartwig, senior economist at the Insurance Information Institute told the Sun that MGM Mirage will fare well if it had individual policies on Siegfried and Roy, much like a policy a company would get for a key executive.
MGM Mirage will also benefit if it had a special event policy to cover its show’s stunts and property.
Ample coverage may save the show for MGM Mirage this time around, but the Vegas odds that carriers will re-evaluate how they price policies that cover wild animal shows in the future are pretty good. |
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