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Caesars, Eldorado Resorts Combination Could Be Imminent

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Caesars, Eldorado Resorts Combination Could Be Imminent

Caesars Entertainment Corp. (NASDAQ: CZR) is nearing a deal to combine with casino operator Eldorado Resorts Inc. (NASDAQ: ERI), according to a Wall Street Journal report Thursday night. The deal could be announced this month.

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.

Activist investor Carl Icahn recently rejected a takeover offer from Eldorado Resorts as too low — although the negotiations are continuing, according to the New York Post.

Caesars operating unit filed for bankruptcy in 2015 and has an estimated market value of roughly $6 billion and around $9 billion in debt.

Caesars shares were trading up 4.2 percent at $9.52 in Friday's pre-market session.

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