According to reports, Caesars Entertainment Corp., which finalized its purchase of Hoosier Park Racing & Casino a year ago, has been sold to Eldorado Resorts. Eldorado agreed to buy Caesars for about $8.7 billion, an inside source told Bloomberg.
Eldorado already owns Scioto Downs and Pompano Park. It was recently announced that Eldorado was selling Mountaineer Park to Century Casinos, which owns Century Downs in Canada.
Eldorado, which began with a single casino in Nevada in 1973, currently owns and operates 26 casinos in 12 states, according to Bloomberg.
Including Caesars' debt, the value of the transaction would be about $18 billion, Bloomberg reported. Caesars also operates Harrah's Philadelphia.
Eldorado has a market value of about $4 billion, and its shares have risen 17% in the past year. Meanwhile, Caesars stock has declined by 12%.