The deal has now been formally announced and includes Caesars’ debt, with the operator's shares valued at almost $13 per share. Caesars' shares closed at $9.99 on Friday.

The combined company’s board has six directors from Eldorado and five from Caesars.

In March, the pair opened M & A talks, with Caesars’ largest individual shareholder Carl Icahn being in favour of selling the company.

An original bid, reported to be worth $10.50 per share, was described as underwhelming. Icahn rejected the offer, holding out for a higher fee.

Last week, Eldorado sold three properties to Century Casinos and Vici Properties.

Tony Rodio, Caesars CEO, said: "I’m familiar with Eldorado and its management team, having worked with them on a previous transaction, and I look forward to collaborating with them to bring our companies together."

Eldorado Resorts CEO Tom Reeg said: "Eldorado’s combination with Caesars will create the largest owner and operator of US gaming assets and is a strategically, financially and operationally compelling opportunity that brings immediate and long-term value to stakeholders of both companies."

In a presentation prepared for investors, Eldorado has used public filings to conclude the joint company's EBITDAR is the largest in the market, at $3.6bn.

MGM Resorts International ranks second in the presentation's findings, on $2.5bn, and Penn National Gaming sits third on $1.2bn.