Student's killer on parole
Charges after investigation
Hostage was on captor 
Regulating power prices
Gen X is raking it in
LeBlanc laying groundwork
US vetoes UN resolution
$100M Nassar settlement
12 Trump jurors picked
Rates slow green economy
Vicinity hires president,
Record housing starts
Warriors ready for Round 2
Kalamalka Bowl cancelled
Rockets live to fight on
Rihanna's parenting ‘hack’
Tarantino scraps film
Munn talks cancer battle
Eldorado Resorts will buy Caesars in a cash-and-stock deal valued at $17.3 billion, creating a casino giant.
The acquisition Monday puts about 60 casinos and resorts in 16 states under a single name, one of the biggest gambling and entertainment ventures in the United States.
"Together, we will have an extremely powerful suite of iconic gaming and entertainment brands, as well as valuable strategic alliances with industry leaders in sports betting and online gaming," Eldorado CEO Tom Reeg said in a prepared statement.
The company, which will be called Caesars, will be led by Reeg, along with Eldorado Chairman Gary Carano. It will be based in Reno Nevada, where Eldorado is based, with a "significant corporate presence" in Las Vegas, where Caesars is based.
Eldorado will pay $8.40 per share in cash and 0.0899 shares of Eldorado stock for each Caesars share, or $12.75 per share. The transaction values Caesars at about $8.6 billion, and Eldorado will pick up about $8.8 billion of the casino's debt.
Shareholders of Eldorado Resorts Inc. will hold about 51% of the company's outstanding stock, with Caesars Entertainment Corp. shareholders holding the remaining and 49%.
Earlier this year, billionaire Carl Icahn revealed an enormous stake in Caesars and pushed for fundamental changes at the company. Caesars, which operates more than 35 casinos in the U.S., emerged from bankruptcy protection in late 2017, but it's been struggling since.
Casinos have seen a tremendous uptick in revenue, however, with the broad legalization of sports betting.
