Eldorado Resorts (NASDAQ:ERI) will acquire Caesars Entertainment (NASDAQ: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 (NYSE: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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