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ERI - Why Shares of Eldorado Resorts Rose as High as 17.5% on Friday
Caesars Entertainment Inc (New) Com
Shares of Eldorado Resorts(NASDAQ: ERI) jumped as much as 17.5% in late trading Friday after the company announced the sale of two casino resorts. At the end of the trading day, shares had settled to a 14.4% gain.
Eldorado announced that it's selling the Eldorado Resort Casino Shreveport in Louisiana and the MontBleu Resort Casino in Lake Tahoe to Twin River WorldwideHoldings(NYSE: TRWH) for $155 million in cash. This will raise cash that will be used to close the Caesars Entertainment(NASDAQ: CZR) acquisition, due early this summer.