HG Vora Capital Management, LLC, a hedge fund based out of New York, has increased its stake in Caesars Entertainment Corp. It now owns 4.9% of the company, which it will use to try and convince the casino operator to consider options, such as divestitures or a complete sale of the company.

Reuters reports that unidentified sources first brought the move to the media outlet’s attention. Caesars, which owns casinos of its own name and the Harrah’s and Horseshoe brands, exited from bankruptcy last year after accumulating $25 billion in debt. That debt stemmed from a leveraged buyout that took place in 2008 and which was led by two private equity firms, TPH Global and Apollo Global Management, LLC. They are still the company’s two largest minority shareholders.

Following the announcement by Reuters, Caesars shares increased by 4.4% in afterhours trading.

HG Vora manages around $4 billion in assets. It has achieved a regular 14% annualized return since it was first launched in 2009. It has invested in several casino-related operations, including Pinnacle Entertainment, Inc., Penn National Gaming, Inc. – both of which merged last year – and also in LaSalle Hotel Properties. As LaSalle’s third-largest shareholder, it pushed for the sale of the company to the Pebblebrook Hotel Trust, which took place earlier this year.