Nearly a half-century after Eldorado Resorts opened their first property in Reno, they have become the talk of the gambling industry. They reached an agreement to purchase Caesars Entertainment, assuming the $17.3 billion deal gets the necessary regulatory and shareholder approval. And now, Eldorado, which only went public in 2014, is poised to become the largest gambling company in the country. It will grow from 26 properties and 18,000 employees to 81 properties and about 81,000 employees.

While Eldorado shareholders will own a majority of the combined company — about 51% — the merged company will bear the Caesars name. The deal, announced Monday, had been rumored for some time, though it was anything but a sure thing after Eldorado officials first inquired about the purchase.

Carano, Eldorado’s chairman and the eldest of five siblings, said the company was turned away when it first asked about a possible purchase of Caesars last year. “They weren’t interested,” he said. After activist investor Carl Icahn started buying shares of Caesars and pushing for a sale of the company, that seemed to change, Carano said. Icahn and Eldorado have a history together. Icahn’s company, Icahn Associates Holdings LLC, sold Tropicana Entertainment to Eldorado in a deal announced last year.

“I think (Icahn) was comfortable with us as a company,” Carano said. “When we approached Caesars again, we were able to make something work.” Eldorado made another high-profile acquisition in 2017, essentially doubling in size with the purchase of Isle of Capri Casinos. Caesars will add 43 properties in the U.S. and 55 worldwide.

“As far as if we planned to grow this much or if we’ve taken advantage of opportunities that have been presented, I think it’s both,” Carano said. “During the last five years, many opportunities have presented themselves, and we have then determined whether they are the right fit for Eldorado Resorts.”

The Caesars brand, its coveted Caesars Rewards customer loyalty database and the iconic Caesars Palace property fit the bill.

Read more at AP News