Reports: Eldorado Resorts buying Caesars, Harrah's

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RENO, NV (KOLO)-- There are two reports that the corporation that owns the Eldorado Resort Casino in Reno is buying the corporation that owns Harrah’s and Caesars casinos.

Bloomberg News and Reuters both cited unnamed sources that say Eldorado Resorts Inc. agreed to buy Caesars Entertainment Corp for $8.7 billion in cash and stock and will assume other debt, making the deal worth about $18 billion.

Bloomberg reported investor Carl Icahn pushed Caesars to consider the deal. Caesars was left with debt following the buyout by Apollo Global Management LLC and TPG and its largest unit emerged from bankruptcy two years ago, Bloomberg said.

Tom Reeg is chief executive officer of the Eldorado and led its growth in the past few years and owns 26 casinos in 12 states. The Carano family remains its largest shareholder, Bloomberg reported.

An Eldorado representative did not immediately respond to a request for comment. A Harrah's representative could not be reached for comment.

Both news services said the deal is scheduled to be announced Monday.

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