LOS ANGELES ¨C In the casino business, the minnow is swallowing the whale.
Eldorado Resorts Inc.¡¯s $8.58 billion acquisition of Caesars Entertainment Corp. means an underdog from Reno, Nevada ¡ª a town long in the shadow of Las Vegas ¡ª will become the largest owner of casinos in the U.S.
In the deal, announced Monday, Caesars shareholders will receive about $12.75 a share, including $8.40 in cash. That¡¯s a 28 percent premium to the casino chain¡¯s close on Friday.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.