Eldorado Resorts and Caesars Entertainment Corp. are betting big that a merger between the two gaming giants will lead to a heater for shareholders. The new combined entity will retain the “Caesars” name and operate 60 gaming facilities across 16 U.S. states.

In a deal announced Monday morning, Eldorado will take control of all of Caesars’ outstanding shares at $12.75 per share, with a total purchase price of $8.58 billion in cash and stock and a total consideration of $17.3 billion, including debt. Eldorado shareholders will maintain 51% of the company’s outstanding shares, while Caesar’s investors will hold the remaining 49%.