Texas billionaire Tilman Fertitta is weighing taking a substantial part of his casino and restaurant empire public, according to people with knowledge of the matter.

The discussions, prompted by the recent rally in equity markets, are preliminary and Fertitta hasn’t made a final decision, said the people, who asked not to be named because the talks are confidential.

An initial public offering could include a substantial number of the casinos and restaurants that are under the Golden Nugget and Landry’s umbrellas, giving the company a valuation of several billion dollars, one of the people said. Fertitta would retain control through a stake of well over 50%, the same person said.

The sale would exclude other assets Fertitta owns through his main holding company — Fertitta Entertainment — such as the National Basketball Association’s Houston Rockets, the people said. The 63-year-old has a net worth of around $6.4 billion, according to the Bloomberg Billionaires Index.