Rivers Casino Pittsburgh Valued Near $1B in Major Recapitalization
Rivers Casino Pittsburgh has been valued at nearly $1 billion amid a recapitalization of the land-based casino and hotel situated along the Ohio River by Chicago-based Rush Street Gaming.
Rivers Casino Pittsburgh
nearly $1 billion
Chicago-based Rush Street Gaming
Rivers Casino Pittsburgh Revalued at almost $1B
The deal results in Rivers Enterprise Borrower, LLC (an affiliate of Rush) becoming the sole owner of the property. Rivers Enterprise acquired full ownership by buying out Holdings Acquisition Co., a joint venture between Walton Street Capital, LLC, and High Pitt Gaming LP. High Pitt Gaming is controlled by Chicago billionaire Neil Bluhm and his family. Bluhm co-founded Rush Street Gaming in the mid-1990s with Greg Carlin, and he also co-founded Walton Street Capital, a Chicago-based private equity firm.
Rivers Enterprise Borrower, LLC (an affiliate of Rush)
Walton Street Capital, LLC,
High Pitt Gaming LP
Chicago billionaire Neil Bluhm
mid-1990s
Greg Carlin
Walton Street Capital
For the 2024/25 fiscal year ending June 30, the state’s 17 brick-and-mortar casinos generated roughly $3.36 billion from on-site slot machines and table games. Rivers Pittsburgh ranked third in slot revenue with $281.8 million and fifth in table game revenue with $73.9 million. The casino generated this income through its more than 1,900 slot machines, 100 table games, a BetRivers Sportsbook, and the Landing Hotel’s 219 guestrooms.
2024/25 fiscal year ending June 30
$3.36 billion
$281.8 million
$73.9 million
more than 1,900 slot machines, 100 table games, a BetRivers Sportsbook
Landing Hotel’s 219 guestrooms
A Several-Month-Long Process of Recapitalization Finished
Rivers Casino Pittsburgh‘s recapitalization process had already started in September when Rivers Enterprise Borrower disclosed a private offering of $600 million in senior notes due in 2030 with a 6.25% interest rate. According to the company, the proceeds would be used to acquire Rivers Pittsburgh, repay and terminate its revolving credit and term loan facilities, and cover associated fees and expenses.
$600 million
6.25% interest rate
The process ended last week when Rivers Enterprise Borrower announced that the recapitalization had been finalized. This has made the company “now the owner and operator” of the Pittsburgh casino resort and hotel, the acquisition placing Rivers Casino Pittsburgh at an enterprise value of $991 million.
According to documents from the Pennsylvania Gaming Control Board (PGCB), as of Sept. 30, 2025, Holdings Acquisition Co. LP was majority controlled by Walton Street Funds with a 74.1% ownership stake. Rush-affiliated entities held 16.7%, while Greg Carlin retained 1.4%. Pennsylvania businessman Ira Lubert, who is leading a casino project in State College near Penn State University, held a 3.15% stake in Rivers Casino Pittsburgh. Lubert leveraged that investment to bid on the satellite casino license now being used to develop the Happy Valley Casino. The remainder of Holdings Acquisition Co. was owned by shareholders with stakes of less than 1%.
Pennsylvania Gaming Control Board (PGCB),
Holdings Acquisition Co
Walton Street Funds
74.1% ownership
16.7%,
Greg Carlin retained 1.4%.
State College near Penn State University
a 3.15% stake
Happy Valley Casino
less than 1%.
However, until the PGCB releases its next ownership-interest report, the precise ownership structure of Rivers Enterprise Borrower, LLC will remain a mystery.
