Eldorado Resorts ERI will acquire Caesars Entertainment CZR in a cash-and-stock transaction of $17.3 billion. Caesars is one of the world's largest gambling companies and has had a number of offers, including Golden Nugget, Tilman Fertitta's casino company and Boyd Gaming Corp.
Carl Icahn, who owns a 9.8% stake in Caesars , has commented he is "pleased" Eldorado will merge with Caesars. Back in January, Icahn pushed for Caesars to consider strategic alternatives.
Separately, VICI Properties VICI announced it will acquire the land of three casino properties from Eldorado Resorts for $3.2 billion.
VICI Properties confirmed it will acquire all of the land and real estate assets associated with Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City.
Caesars traded higher by 12.% to $11.20 in Monday's pre-market session. Eldorado Resorts shares fell 6% to $48.10.
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