"Eldorado's combination with Caesars will create the largest owner and operator of USA gaming assets and is a strategically, financially, and operationally compelling opportunity that brings immediate and long-term value to stakeholders of both companies", said Tom Reeg, CEO of Eldorado.
Caesar's also owns the land based casino in New Orleans and just reached a deal with the state to extend the deal for 30 years in exchange for a $325 million investment in the complex including a new hotel and a massive upgrade at the current casino.
The deal is expected to close in the first half of 2020.
"We are incredibly excited". The company, which emerged from bankruptcy in 2017, operates casinos with the Harrah's and Horseshoe brands. "It's really a level of property and brand that we have not had the great fortune to control and now we will".
Eldorado, which had a market value of about US$4 billion as of Friday, wasn't Caesars's only suitor. Eldorado Resorts is buying Caesars Entertainment.
Eldorado CEO Tom Reeg similarly expressed optimism regarding the newly-combined company's future. It will be headquartered in Reno, Nevada, where Eldorado is based, and have a significant corporate presence in Las Vegas, where Caesars is based.
The deal was months in the making.
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Earlier this year, billionaire Carl Icahn, who is on the Caesars board of directors, revealed an enormous stake in the company and pushed for fundamental changes.
Eldorado operates 26 gambling properties in the US, extending from Nevada eastward to states such as Colorado, Missouri, Louisiana and New Jersey. Then in March Icahn made a deal with the company allowing him to appoint three members to the Board.
In a parallel deal, the combined company will sell some of its real estate to VICI Properties Inc, while generating $3.2 billion of proceeds.
Such stories occasionally overlapped as well with speculation about the future location of the World Series of Poker, presently playing out for the 15th year at the Caesars-owned Rio All-Suite Hotel and Casino.
Vici will rent its Caesars' properties to Eldorado, which will have 60 properties, compared to now second-place rival Penn National, which has 39. Some of the recent acquisitions include the Isle of Capri Casinos for $1.7 billion in May 2017, the operating business of Tropicana Entertainment for $640 million in 2018, and the Grand Victoria Casino for $328 million in 2018.
It is uncertain whether the new company will venture into Japan, where major casino operators have set their sights after the nation legalized casino gambling a year ago.