Casino operator Eldorado Resorts has struck a $1.7b deal to acquire St. Louis-based rival Isle of Capri Casinos.

On Monday, Eldorado announced that it had reached a deal to pay $23 per share, a 36% premium over Isle of Capri’s current share price, in a mix of 58% cash and 42% in Eldorado stock. J.P. Morgan has committed $2.1b in financing for the deal, which will see Eldorado assuming $929m of Isle of Capri’s long-term debt.

While both company’s boards of directors have approved the deal, each company’s shareholders will also have to sign on for the deal to go ahead. Assuming all goes well, the acquisition is expected to conclude by Q2 2017.

Counting Isle of Capri’s 13 gaming venues, the enlarged Eldorado will control a total of 20 casinos across 10 US states. These 20 properties, which host a combined 20,800 slots and VLT machines and 560 gaming tables, generated revenue of around $1.8b in the 12 months ending June 30.