Billionaire activist investor Carl Icahn wants to make a gamble with Caesars Entertainment (CZR).
A new regulatory filing reveals that Icahn has a 9.78% stake in the gambling and hotel company. He is pushing for changes, including a possible sale.
Here's what the filing says:
[Icahn believes] the board should conduct a strategic process to comprehensively assess the best path forward for Caesars and believe that shareholder value might be best served, and enhanced, by selling the company."
The filing confirms a report last week that Icahn has a near-10% stake in the company.
Shares of Caesars are up nearly 5% following the news. It will report earnings on Thursday.