Rivers Casino Pittsburgh Valued at Nearly $1 Billion Following Restructuring
Posted on: November 26, 2025, 04:09h.
Last updated on: November 25, 2025, 02:29h.
- Rivers Casino Pittsburgh has a new ownership entity following a recapitalization
- The recapitalization values the downtown Pittsburgh casino at $991 million
- Chicago-based Rush Street Gaming has long managed and co-owned the casino
Rivers Casino Pittsburgh is valued at almost $1 billion. The assessment comes amid a recapitalization of the land-based casino and hotel along the Ohio River at the convergence of the Three Rivers.
Chicago-based Rush Street Gaming recently announced the completion of the recapitalization of Rivers Casino Pittsburgh.
The transaction involves Rivers Enterprise Borrower, LLC, an affiliate of Rush, becoming the sole owner of the gaming property that houses over 1,900 slot machines, 100 table games, and a BetRivers Sportsbook. Rivers Casino Pittsburgh’s The Landing Hotel has 219 guestrooms.
Rivers Enterprise bought out Holdings Acquisition Co., a joint entity formed between Walton Street Capital, LLC, and High Pitt Gaming LP, the latter entity being controlled by Chicago billionaire Neil Bluhm and his family. Bluhm co-founded Rush Street Gaming in the mid-1990s with Greg Carlin. Bluhm also co-founded Walton Street Capital, a private equity firm based in the Windy City.
Rush Takes Control
In September, Rivers Enterprise Borrower announced the private offering of $600 million in senior notes due in 2030 at 6.25% interest. The LLC told investors that the capital would be used to fund the acquisition of Rivers Pittsburgh, repay and terminate revolving credit and term loan agreements, and cover related fees and expenses.
On November 20, Rivers Enterprise Borrower confirmed that the recapitalization had been completed, with the company “now the owner and operator” of the Pittsburgh casino resort and hotel. The Rivers Enterprise Borrower purchase reflects an enterprise value of $991 million for Rivers Casino Pittsburgh.
Documents from the Pennsylvania Gaming Control Board (PGCB) show that, as of Sept. 30, 2025, Holdings Acquisition Co. LP was controlled by Walton Street Funds with a 74.1% position. Entities related to Rush held a 16.7% stake, and Carlin maintained a 1.4% position.
Pennsylvania businessman Ira Lubert, who is leading a casino development in State College near Penn State University, maintained a 3.15% position in Rivers Casino Pittsburgh. Lubert used his Rivers Pittsburgh investment to bid on the satellite casino license he’s using to construct the Happy Valley Casino.
Shareholders owning less than 1% accounted for the remaining ownership in Holdings Acquisition Co.
Until the PGCB discloses its next ownership interest list, the specific ownership breakdown of Rivers Enterprise Borrower, LLC, will remain unknown. Casino.org reached out to Rush Street Gaming and Rivers Enterprise for clarification, but a spokesperson said the company does “not have any additional information to share.”
Rivers Casino Pittsburgh Revenue
During the 2024/25 fiscal year that ended June 30, in-person casino slot and table game revenue at the state’s 17 physical casinos totaled approximately $3.36 billion. Rivers Pittsburgh was third in slot win at $281.8 million and fifth in table revenue at $73.9 million.
The casino’s BetRivers Sportsbook added about $14.9 million for a combined revenue of almost $371 million.
Last Comments ( 5 )
Happy Thanksgiving to you as well, Larry! At the soon-to-open (really?) Happy Valley Casino near Penn State University, the casino floor will resemble a deserted ghost town on Thanksgiving Day in 2026. The current Dealer School applicants in State College that don't read this particular story will all wish they had. In Central Pennsylvania, folks don't get rich twice. The casino patrons won't return like moths to a flame after their retirement accounts are gone and their credit cards have been maxed out. The 24/7 table game dealers and slot machine attendants at the Happy Valley Casino will not hesitate to lament on every holiday, "Tell me again how much fun we're having."
Hey DJ, I saw "Ira Lubert" and "Happy Valley Casino" in the article and immediately thought of you. Best wishes to you and yours for a fun, festive, and filling Thanksgiving. There are many things we will wish for in 2026, but a nice one would be to have Penn State football be better known for what's happening on the field instead of off - too much drama!!
Man do I second that, Larry.
Those 125 comments just mentioned accurately describe how unwanted the Happy Valley Casino near Penn State is. The many very detailed comments clearly sent the following message to Ira Lubert, "We don't need it, we don't want it, we will not patronize it, and we will encourage our friends and family to avoid it until it eventually fails." Lubert received that message loud and clear. Why else would he sell off a 60% majority interest in his Happy Valley Casino six months before its ribbon-cutting ceremony? Who else would even consider doing that?
The link included in the paragraph mentioning Ira Lubert is especially relevant. The residents of Happy Valley are strongly opposed to his Happy Valley Casino in State College. Lubert knows it and realized it would be his legacy at Penn State would be tarnished. So he's selling a 60% majority interest to Saratoga Casino Holdings LLC based in New York. 125 comments from Happy Valley are included in that article linked above.