Caesars Entertainment Corp.'s (CZR) - Get Caesars Entertainment Corporation Report latest gamble could on be itself, according to The Wall Street Journal.

Carl Icahn -- the billionaire activist investor -- has urged the casino company to "explore a sale," according to Journal report, which said the company had received two recent offers. 

An email to a Caesars' spokesperson seeking comment wasn't returned Thursday evening..

According to the Journal, Icahn, who owns about 10% of the company, is betting that other owners would better manage the company. It noted that Eldorado Resorts Inc. and Golden Nugget LLC both approached Caesars in recent months. Icahn also believes that Caesars has desirable properties and that the outlook for Las Vegas is positive, said people familiar with Icahn's plans.

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Founded in Nevada in 1937, Caesars Entertainment runs resorts and casinos under the brands Caesars, Harrah's and Horseshoe.

The company is slated to release its fourth-quarter results on Feb. 21. The company is expected to report a loss of 15 cents a share on sales of $2.1 billion, based on a FactSet survey of eight analysts. In the same period a year earlier, the company posted a loss of 4 cents a share on sales of $2 billion. 

The stock has fallen 6.21% since the company last reported earnings on Nov. 1.

In premarket trading Friday, the stock was up 6.4% to $10.