Rush Street Gaming's Rivers Enterprise has completed the capital restructuring of Pittsburgh Rivers Casino, taking full ownership and operational control of the property with an enterprise value of $991 million. This transaction marks the casino's official transition from a joint venture model originally held by multiple parties to a solely owned operation under the Rivers brand.
Ownership Structure and Transaction Details
This restructuring breaks the previous joint venture structure controlled by Walton Street Capital and High Pitt Gaming, making Rivers Enterprise the sole owner and operator of the casino. Frankly, this integration does indeed allow for more unified management. The transaction values the enterprise at $991 million, with funding sources including $600 million in private notes at an annual interest rate of 6.25%, revolving credit, and existing equity extensions. These funds will be used to pay for acquisition costs and repay existing debts—more case studies on casino mergers and acquisitions are available on the PASA official website for reference.
Financing Arrangements and Security Measures
To support this transaction, Rivers Enterprise issued $600 million in senior secured notes in September, with an interest rate of 6.25%, maturing in 2030. These notes are guaranteed by the parent company Rivers Enterprise Intermediate and several subsidiaries, and are secured by nearly all assets of Rivers Enterprise and its affiliated casino entities. This financing structure is indeed complex, but it seems to be arranged very securely.
Market Performance and Business Scale
The Pittsburgh Rivers Casino is an important gambling venue in Pennsylvania, featuring 1900 slot machines, 100 gaming tables, and a 219-room hotel. Last fiscal year, the casino's slot machine revenue reached $281.8 million, ranking third in the state, and table game revenue of $73.9 million ranked fifth, plus $14.9 million from sports betting, bringing the total revenue close to $371 million. Currently, the Rivers brand also owns casinos in Philadelphia, Schenectady, and Portsmouth, although the Des Plaines casino is not fully included due to Churchill Downs holding a majority stake.
————
This article is from "PASA-Global iGaming Leader" gambling news channel:https://t.me/pasa_news
Original in-depth gambling channel:https://t.me/gamblingdeep
Free data reports: @pasa_research
PASA Matrix: @pasa002_bot
PASA official website: https://www.pasa.news
