Caesars Entertainment (CZR - Get Report) , owner of the Harrah's and Bally's hotels and casinos, is expected to announce that it has put for sale signs on its respective front lawns as soon as this week.
Citing sources close to the situation, the New York Post reported on Thursday that Caesars Entertainment plans to announce that its board has approved a process to begin selling the company within the coming days. It has approved a second potential suitor to review its books.
Tilman Fertitta, CEO of restaurant conglomerate Landry's and owner of the Houston Rockets basketball team, already has been invited to conduct due diligence on the company after having his offer rejected in November. Eldorado Resorts (ERI - Get Report) , meantime, has also been given access to Caesars' financials.
The moves come as activist investor Carl Icahn has been pushing Caesars to put itself up for sale since announcing in February that he holds a large stake in the company. Including swaps, Icahn holds 28.5% of Caesars.
Icahn has been pressuring Caesar's board to find a strategic buyer to take over and help turn around the company, which emerged from bankruptcy in 2017. Fertitta reportedly circled back with Icahn last month in a second attempt to buy the struggling chain.
Caesars is valued at $5.6 billion on the Nasdaq stock market but carries some $18 billion in debt.
Caesars shares gained more than 3% to $9.36 in mid-day trading on Thursday.