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Eldorado, Caesars roll dice with casino merger

  • 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

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SymbolLast Price% Chg
ERI--
Eldorado Resorts, Inc.
CZR--
Caesars Entertainment, Inc.
LVS--
Las Vegas Sands Corp.
WYNN--
Wynn Resorts, Limited
MGM--
MGM Resorts International