The US regional casino market appears set for further consolidation after rumors spread that Penn National Gaming (PNG) and Pinnacle Entertainment were discussing a potential merger.

On Thursday, the Wall Street Journal reported that PNG and Pinnacle had been holding “on-again, off-again discussions” about a deal, citing sources close to the situation. While the talks have so far yet to produce mutually acceptable terms, PNG reportedly remains keen to acquire Pinnacle’s operations.

Neither company saw fit to comment on the Journal’s report, but the news was good for both companies’ stock price, with PNG rising nearly 5% on Thursday while Pinnacle gained 8.4%.

PNG’s current market cap is around $2.18b, while Pinnacle’s is a more modest $1.36b. The combined enterprise value of the companies would be around $11b, with debt accounting for over half that sum.