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.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.
  • 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.

Rivers Casino Pittsburgh ownership
A file photograph shows Rivers Casino Pittsburgh. The casino, one of the most successful gaming properties in Pittsburgh, recently saw its ownership structure change. Rush Street Gaming will continue to operate the facility. (Image: Shutterstock)

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.