Eldorado buys Caesars to create largest U.S. gaming company

June 24 (UPI) -- Eldorado Resorts announced Monday it will acquire Caesars Entertainment in a $17.3 billion cash and stock deal that will create the largest gaming company in the United States.

Eldorado said it will pay $12.75 per share, a 28 percent premium to Friday's closing price, the casino operator said in a statement. Caesars operates the Harrah's and Horseshoe brands and the combined company will take on the iconic Caesars name.

"Eldorado's combination with Caesars will create the largest owner and operator of U.S. gaming assets," Eldorado CEO Tom Reeg said in a statement. "Together, we will have an extremely powerful suit of iconic gaming and entertainment brands."

The new board of directors will include six members from Eldorado's board and five from Caesars.

The deal is expected to close in the first half of 2020.