Caesars Entertainment Corp., the largest casino operator in the U.S., plans to merge with its affiliate Caesars Acquisition Co. in an all-stock transaction that will support a restructuring of its most indebted unit.

The combined company, which will have $1.7 billion in cash, will continue to be controlled by affiliates of Apollo Global Management LLC and TPG Capital and will conduct business as Caesars Entertainment, the companies said in a statement distributed today by PR Newswire. It will be led by Gary Loveman, current chairman and chief executive officer of Caesars Entertainment.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.