- It's official! U.S. casino operator Eldorado Resorts (NASDAQ:ERI) has agreed to merge with Caesars Entertainment (NASDAQ:CZR) in a cash and stock deal that values its peer at $12.75 per share, or about $17.3B including debt.
- The combined company's ownership will be split roughly between Eldorado and Caesars stakeholders, and follows reports that activist shareholder Carl Icahn looked more eager to sell than Caesars' board.
- The tie-up also creates a more serious competitor to larger casino industry players, such as Las Vegas Sands (NYSE:LVS), Wynn Resorts (NASDAQ:WYNN) and MGM Resorts (NYSE:MGM).
- CZR +16.6% premarket