Caesars Entertainment Corp. CZR is nearing a deal to combine with casino operator Eldorado Resorts Inc. 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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