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https://www.wsj.com/articles/wall-streets-new-trade-covid-19-insurance-claims-fc4e191c

Wall Street’s New Trade: Covid-19 Insurance Claims

Distressed-debt specialist Avenue Capital snaps up part of Caesars’ pandemic-related insurance claim at steep discount

Visitors at Caesars Palace hotel and casino in Las Vegas in 2021, one of dozens of casinos Caesars Entertainment owns nationwide. Roger Kisby/Bloomberg News
By Juliet Chung
 and Leslie Scism

The nation’s gambling hub has a new high-stakes wager: Covid-19 insurance claims.

A number of prominent hedge funds have been buying portions of companies’ claims against their insurers for losses suffered in Las Vegas and elsewhere during the pandemic.

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Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.