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Eldorado Resorts, Caesars Entertainment casino companies to merge

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Eldorado Resorts and Caesars Entertainment announced a merger Monday that brings together two large casino operators that will compete with the likes of MGM Resorts and Wynn Resorts.

Eldorado agreed to acquire Caesars in a cash-and-stock deal worth about $17.3 billion when including the assumption of debt.

The new company will be called Caesars, will be based in Reno and will be traded on the Nasdaq.

The deal comes less than two years after Las Vegas-based Caesars survived Chapter 11 bankruptcy.

It also comes after activist investor Carl Icahn had accumulated a stake of about 16% in Caesars and pushed for the company’s sale.

“Eldorado’s combination with Caesars will create the largest owner and operator of U.S. gaming assets and is a strategically, financially and operationally compelling opportunity that brings immediate and long-term value to stakeholders of both companies,” Eldorado CEO Tom Reeg said in a statement. “Together, we will have an extremely powerful suite of iconic gaming and entertainment brands, as well as valuable strategic alliances with industry leaders in sports betting and online gaming.”

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Caesars operates several brands, including Harrah’s, Caesars and Horseshoe, with 34 online casinos and resorts containing more than 39,000 hotel rooms, about 48,000 slot machines and some 3,000 table games, learn more here.

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