Caesars Entertainment Corp. is a nearing a deal to combine with rival casino operator Eldorado Resorts Inc., according to people familiar with the matter.
Caesars CZR, +1.22% and Eldorado ERI, +1.06% have been finalizing a cash-and-stock deal that could be announced later this month assuming the talks don’t fall apart, one of the people said. Other suitors have been circling Caesars and it is possible one of them could still emerge as the winner, though Eldorado is currently the front-runner, the people said. Exact terms couldn’t be learned.
Should Eldorado succeed in striking a deal, its management is expected to lead the combined company, one of the people said.
Caesars is one of the world’s largest gambling companies, with around 50 casinos in 13 states and five countries. Its properties include Caesars Palace, Harrah’s and others on the sought-after Las Vegas Strip.
An expanded version of this report appears on WSJ.com.
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