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 Worldwide Holdings (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.
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