A second offer could be in the works for Harrah's as Penn National and investment firm, D.E. Shaw, kick the tires and crunch the numbers on the biggest gaming company, reports the New York Times. This time, it could be the racino that ate Harrah's because the bid, if it is made, will look much more like a reverse merger.

Executives of both companies were in Las Vegas Tuesday but speculation runs rampant. It could be a friendly bid to push the original bidders, Texas Pacific and Apollo Management Group to boost their bid again. Those companies told the paper they wouldn't be manipulated by a friendly offer and would walk away if necessary.

Shares rose to $78.46 but had still not reached the offer price of $83.50. So the market isn't exactly crazy about the possible offer and all the companies' plans. And the risk of pushing through the massive redevelopment planned for the east side of the Strip and the other plans management harbors are not great. If this deal is topped, it looks like the owners might prefer a cash cow over developing a megaresort company.

And D.E. Shaw has not messed around either. It has also offered to buy the Riviera. Shareholders earlier rejected a management-led buyout. Two big properties on the Strip would almost make Penn National a major player.