Rivers Enterprise Borrower, LLC Announces Completion of the Recapitalization of Rivers Casino Pittsburgh

CHICAGO--(BUSINESS WIRE)--Rivers Enterprise Borrower, LLC (“Rivers Enterprise”), an affiliate of Rush Street Gaming, LLC, today announced the completion of its recapitalization of Rivers Casino Pittsburgh in a transaction reflecting an enterprise value of $991 million for Rivers Casino Pittsburgh. Following the completion of the recapitalization, Rivers Enterprise is now the owner and operator of Rivers Casino Philadelphia, Rivers Casino & Resort Schenectady, Rivers Casino Portsmouth and Rivers Casino Pittsburgh (together the “Casinos Entities”).

The recapitalization of Rivers Casino Pittsburgh was funded with borrowing under its amended revolving credit facility, rollover equity, cash on hand and net proceeds from the sale of $600 million of Rivers Enterprise’s 6.250% senior secured notes issued in September 2025 and due 2030 (the “Notes”). The Notes are guaranteed by Rivers Enterprise’s direct parent, Rivers Enterprise Intermediate, LLC, Rivers Enterprise’s direct and indirect subsidiaries (including the Casino Entities), and secured by substantially all of the assets of Rivers Enterprise and its subsidiaries (including the Casino Entities).