Published on: November 26, 2025, 04:09h.
Updated on: November 25, 2025, 02:29h.
- Rivers Casino Pittsburgh has undergone a change in ownership following a recapitalization.
- The recapitalization values the downtown Pittsburgh casino at nearly $991 million.
- Rush Street Gaming, based in Chicago, has managed and co-owned the casino for a considerable duration.
Rivers Casino Pittsburgh is now assessed at close to $1 billion. This valuation comes as part of the recapitalization process for the casino and hotel positioned along the Ohio River at the intersection of the Three Rivers.
Rush Street Gaming, headquartered in Chicago, has recently disclosed the successful completion of the recapitalization for Rivers Casino Pittsburgh.
The deal involves Rivers Enterprise Borrower, LLC, an affiliate of Rush, acquiring sole ownership of the gaming property, which features over 1,900 slot machines, 100 table games, and a BetRivers Sportsbook. Additionally, Rivers Casino Pittsburgh’s The Landing Hotel boasts 219 guest rooms.
Rivers Enterprise has acquired Holdings Acquisition Co., a joint venture established by Walton Street Capital, LLC, and High Pitt Gaming LP, the latter of which is controlled by Chicago billionaire Neil Bluhm and his family. Bluhm co-founded Rush Street Gaming in the mid-1990s alongside Greg Carlin and also co-founded Walton Street Capital, a private equity firm located in Chicago.
Rush Secures Ownership
In September, Rivers Enterprise Borrower announced the private offering of $600 million in senior notes due in 2030, carrying an interest rate of 6.25%. The LLC informed potential investors that the funds would facilitate the acquisition of Rivers Pittsburgh, as well as to repay outstanding revolving credit and term loan obligations, along with associated fees and costs.
On November 20, Rivers Enterprise Borrower confirmed that the recapitalization process was finalized, resulting in the company becoming the “owner and operator” of the Pittsburgh casino resort and hotel. This acquisition reflects an enterprise value of $991 million for Rivers Casino Pittsburgh.
Records from the Pennsylvania Gaming Control Board (PGCB) indicate that as of September 30, 2025, Holdings Acquisition Co. LP was primarily controlled by Walton Street Funds with a 74.1% stake, while Rush-related entities possessed a 16.7% share, and Carlin had a 1.4% interest.
Pennsylvania businessman Ira Lubert, who is spearheading a casino development project near Penn State University in State College, held a 3.15% stake in Rivers Casino Pittsburgh, leveraging this investment to pursue a satellite casino license for the construction of the Happy Valley Casino.
The remaining ownership of Holdings Acquisition Co. was distributed among shareholders with less than a 1% stake.
The specific ownership distribution of Rivers Enterprise Borrower, LLC will remain undisclosed until the PGCB issues its next ownership interest report. Casino.org has reached out to Rush Street Gaming and Rivers Enterprise for further insights, but a spokesperson indicated that no additional information is currently available.
Rivers Casino Pittsburgh Financial Performance
For the 2024/25 fiscal year ending June 30, the combined slot and table game revenue from the 17 physical casinos in Pennsylvania totaled approximately $3.36 billion. Rivers Pittsburgh ranked third in slot revenue with $281.8 million and fifth in table game earnings at $73.9 million.
The casino’s BetRivers Sportsbook contributed an additional $14.9 million, leading to an overall revenue of nearly $371 million.