Rivers Casino Pittsburgh ownership shifts following recapitalization deal valuing it at $991M

PITTSBURGH — The Rivers Casino Pittsburgh has seen its ownership restructured, shifting hands to a close affiliate of its longtime operator.

The casino has long been operated by Rush Street Gaming LLC and been owned by Holdings Acquisition Co., which was formed as a joint venture between Walton Street Capital LLC and High Pitt Gaming LP when the casino was being developed. In September, Rivers Enterprise Borrower LLC, an affiliate of Rush Street Gaming, announced a private offering to raise proceeds to acquire ownership of the casino, adding it to its portfolio that already includes others with the Rivers brand.

Now, Rivers Enterprise has announced the completion of the recapitalization, with the casino valued at $991 million. Rivers Enterprise now owns not just the Rivers Casino Pittsburgh, but also the Rivers Casino Philadelphia, Rivers Casino and Resort Schenectady and Rivers Casino Portsmouth. The Rivers Casino Des Plaines in Illinois is the only Rivers Casino to now not be fully owned by Rivers Enterprise — racetrack operator turned gaming firm Churchill Downs Inc. owns a majority stake, while Rush Street Gaming owns a minority stake.

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