Casino chain Caesars Entertainment is moving closer to combine with rival El Dorado in a cash and stock deal that could kick-start a wave of consolidation in the gaming industry.

People briefed about the talks said that there were still a few significant hurdles to a transaction getting completed and the soonest an agreement could be reached is late next week.

The two sides are still working on finalising financing terms for the potential merger and require board approval to go ahead with the deal, said one person.

Las Vegas-based Caesars, behind Caesars Palace and the Harrah’s chain, in April appointed gaming veteran Anthony Rodio as its and said it set up a committee to evaluate takeover interest it has received amid pressure from activist

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