Rivers Casino Pittsburgh in Pennsylvania has undergone a serious possession transition, with Rush Street Gaming’s affiliated entity Rivers Enterprise Borrower, LLC now assuming full management of the property. The shift follows a months-long recapitalization effort that restructured the on line casino’s possession and introduced the gaming venue firmly beneath the umbrella of Rivers Enterprise, increasing its portfolio of Rivers-branded casinos throughout the United States.
Previously, the on line casino was operated by Rush Street Gaming however owned by Holdings Acquisition Co., a three way partnership initially fashioned when the property was first developed. Walton Street Capital LLC and High Pitt Gaming LP held controlling pursuits in that enterprise, with High Pitt Gaming tied to Chicago billionaire Neil Bluhm. Bluhm co-founded Rush Street Gaming within the Nineteen Nineties and in addition performed a founding function in Walton Street Capital. The recapitalization successfully unravels that association, positioning Rivers Enterprise as each proprietor and operator.
Ownership Restructuring and Financing Strategy
The transaction was formally accomplished on November 20, when Rivers Enterprise introduced that it was “now the owner and operator” of the on line casino resort and lodge. The construction of the deal assigns an enterprise worth of $991 million to Rivers Casino Pittsburgh, a valuation constant throughout company disclosures. In addition to buying full management of the Pittsburgh property, Rivers Enterprise now owns Rivers Casino Philadelphia, Rivers Casino & Resort Schenectady, and Rivers Casino Portsmouth. Only Rivers Casino Des Plaines in Illinois stays outdoors full possession, because of Churchill Downs Inc.’s majority stake.
For the financing, the corporate relied on a combination of debt and fairness elements. The recapitalization drew on borrowing beneath an amended revolving credit score facility, current fairness rolled ahead, obtainable money, and proceeds from the sale of $600 million in senior secured notes issued in September. The notes, bearing a 6.25% rate of interest and maturing in 2030, have been marketed as half of a personal providing geared toward supporting the acquisition. Rivers Enterprise defined that the funding would cowl the acquisition of Rivers Pittsburgh, retire current credit score and time period mortgage agreements, and finance associated bills.
The notes are assured by Rivers Enterprise’s father or mother firm, Rivers Enterprise Intermediate, LLC, in addition to by varied direct and oblique subsidiaries. They are secured by considerably all property of Rivers Enterprise and its affiliated on line casino entities, based on the corporate’s announcement.
Market Position and Revenue Context
Rivers Casino Pittsburgh, situated alongside the Ohio River the place Pittsburgh’s Three Rivers converge, is one of Pennsylvania’s main gaming properties. With greater than 1,900 slot machines, 100 desk video games, a WagerRivers Sportsbook, and a 219-room lodge, the property represents a major contributor to the state’s gaming income. During the 2024/25 fiscal yr, Pennsylvania’s 17 land-based casinos generated roughly $3.36 billion in slot and desk income. Rivers Pittsburgh positioned third statewide in slot income at $281.8 million and fifth in desk sport income at $73.9 million. The onsite WagerRivers Sportsbook added one other $14.9 million, pushing mixed gaming income near $371 million.
Prior to the recapitalization, Holdings Acquisition Co. LP retained a 74.1% possession curiosity as of September 30, 2025, based on Pennsylvania Gaming Control Board (PGCB) filings. According to WPXI, entities tied to Rush held 16.7%, whereas Rivers co-founder Greg Carlin held 1.4%. Pennsylvania businessman Ira Lubert held a 3.15% stake, leveraging it in his separate bid to develop a satellite tv for pc on line casino undertaking. Multiple minority shareholders held lower than 1% every. Updated possession percentages for Rivers Enterprise Borrower will turn into public as soon as the PGCB publishes its subsequent possession report.
Now beneath the consolidated management of Rivers Enterprise, the Pittsburgh property joins a portfolio that continues to increase beneath the Rivers model. While the long-term strategic impacts of the recapitalization will unfold over time, the finished transaction represents a serious consolidation transfer throughout the regional on line casino panorama — one anchored by a valuation simply shy of $1 billion and supported by one of Rush Street Gaming’s largest financing undertakings to this point.
