Rivers Casino Pittsburgh Valued Near $1 Billion After Major Recapitalization
Rivers Casino Pittsburgh Valued Near $1 Billion
Rivers Casino Pittsburgh, located on the Ohio River, has recently been valued at almost $1 billion. This significant valuation comes as part of a recapitalization by Rush Street Gaming, a company based in Chicago that operates the land-based casino and hotel.
Ownership Changes and Background
As a result of the transaction, Rivers Enterprise Borrower, LLC, an affiliate of Rush Street Gaming, has taken full ownership of the property. They acquired the casino by purchasing the stake of Holdings Acquisition Co., a partnership between Walton Street Capital, LLC and High Pitt Gaming LP. High Pitt Gaming is controlled by Chicago billionaire Neil Bluhm and his family. Bluhm is a co-founder of Rush Street Gaming, established in the mid-1990s alongside Greg Carlin, and he also helped found Walton Street Capital, a private equity firm headquartered in Chicago.
Casino Revenue Performance for Fiscal Year 2024-25
During the fiscal year ending June 30, 2025, Pennsylvania’s 17 land-based casinos collectively earned about $3.36 billion from slot machines and table games. Rivers Casino Pittsburgh ranked third among these casinos in slot machine revenue, generating approximately $281.8 million. It was also fifth in table game revenue, bringing in around $73.9 million. The casino’s revenue was driven by its extensive gaming options, including over 1,900 slot machines, 100 table games, a BetRivers Sportsbook, and the 219-room Landing Hotel.
Recapitalization Process and Financial Details
The recapitalization effort began in September with Rivers Enterprise Borrower announcing a private offering of $600 million in senior notes set to mature in 2030, carrying an interest rate of 6.25%. The funds from this offering were planned to be used for acquiring Rivers Pittsburgh, paying off existing revolving credit and loans, and covering related costs.
This several-month process successfully concluded recently, making Rivers Enterprise Borrower the official owner and operator of the casino and hotel in Pittsburgh. The deal values Rivers Casino Pittsburgh at an enterprise worth of $991 million.
Current and Previous Ownership Structure
Documents from the Pennsylvania Gaming Control Board reveal that as of September 30, 2025, Holdings Acquisition Co. LP was primarily controlled by Walton Street Funds, holding a 74.1% stake. Entities linked to Rush Street held 16.7%, while Greg Carlin owned 1.4%. Additionally, Pennsylvania businessman Ira Lubert, who is involved in a casino project near Penn State University in State College, held a 3.15% share. Lubert used this investment to bid for a satellite casino license currently used for developing the Happy Valley Casino. The remaining shares of Holdings Acquisition Co. were owned by individuals with less than 1% each.
However, until the Pennsylvania Gaming Control Board issues its next ownership report, the detailed ownership structure of Rivers Enterprise Borrower, LLC remains undisclosed.
