Activist investor Carl Icahn has a 9.8 percent stake in Caesars Entertainment and believes the casino operator should explore a sale, according to a Securities and Exchange Commission filing released Tuesday.
Image: Carl Icahn at the 6th annual CNBC Institutional Investor Delivering Alpha Conference on September 13, 2016. Picture by Heidi Gutman CNBC
The filing, which confirms previous reports that Icahn has taken a stake in the company, said, "Shareholder value might be best served, and enhanced, by selling the company."
Caesars shares jumped to their highs of the day after the filing. They closed up 5.1 percent.
The news comes after The Wall Street Journal reported last week that Icahn had taken a stake of roughly 10 percent in Caesars.
Caesars did not immediately respond to CNBC's request for comment.