By his own admission, it was "the world's clumsiest and goofiest thing to do." But casino mogul Steve Wynn won't pay for his own oops....he wants his insurance company to cover the cost, instead.

Wynn accidentally poked a hole in a Picasso that he owns. He contends that the minute his elbow went through the canvas the painting's value dropped by $54 million dollars. So he's suing Lloyds of London, accusing them of not acting on his demands to pay up.

In a suit filed in Manhattan federal court, Wynn is asking for an order forcing the insurance giant to expedite his claims for reimbursement and restoration costs.

Wynn owns the Las Vegas casino that bears his name, part of WYNN Resorts (WYNN). The Wynn Las Vegas is a $2.7 billion luxury hotel and casino that opened on the Las Vegas Strip in 2005. Before that, Wynn was CEO at Mirage Resorts.

Alexander B. Duncan and the Associated Press contributed to this report.