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Today the New York Post is reporting that land casino titans MGM Resorts International and Caesars Entertainment are in merger talks, the latest rumored talks related to the future of Caesars in recent weeks.
According to the report, MGM is working with Morgan Stanley and Weil Gotshal and Magnes to draft a study on whether or not a merger between the groups makes sense. That would be the first step toward a purchase, with an offer coming at some point after. Caesars has been facing financial difficulties for some time, and various hedge fund groups own large portions of the company. Those groups are pushing for a merger to alleviate some of the pressure, and last month it was reported that Caesars was in serious discussions with the Golden Nugget, although that went nowhere.
A merger would see Caesars folded into MGM, as the latter has a valuation of $30 billion, while Caesars comes in at $4.5 billion. Any merger would be dependent on regulatory approval in various jurisdictions, as both have locations in Nevada and New Jersey.
The Casino Listings news team will be following the story and will update readers as we learn more.