Rush Street Gaming CFO nets top job with co-founder and CEO Greg Carlin to depart in May
Rush Street Gaming co-founder and CEO Greg Carlin will exit the business in May 2022 and be replaced by current CFO Tim Drehkoff.
Carlin’s departure has been signposted since the turn of the year when he resigned as executive chair of online subsidiary Rush Street Interactive (RSI) and stepped down from the company’s board of directors.
At the time, a SEC filing announcing his departure stated: “Mr Carlin’s decision was not the result of any disagreement with the board or the company on any matter relating to its operations, policies or practices.”
Carlin co-founded the US casino company almost two decades ago with Rush Street Gaming’s chairman, American billionaire Neil Bluhm.
Drehkoff was recruited as CFO in 2012 after serving as vice president for Bluhm’s family office. Drehkoff is described as one of Rush Street’s “earliest leaders” on its official website.
He has spearheaded more than $2bn in capital investments and $8bn in successful debt financings across multiple gaming jurisdictions.
Carlin said of his successor: “Rush Street is in great hands with Tim as CEO and we’ve never had a more talented group of executives at all our properties.
“It has been the honour of a lifetime to start a business with Neil and develop and operate six successful casino projects, all of which have had a positive impact on their host communities.
“I’m especially proud of the culture we’ve built and I’m excited about the path ahead for Rush Street Gaming and for myself. My sincere gratitude to the entire Rush Street Gaming team,” he added.
Drehkoff will officially take over the top job on 1 May 2022.
Rush Street Gaming’s journey began with the 2004 opening of Fallsview Casino Resort in Ontario, which is now one of the top-performing destination casinos in North America.
The operator has also built several US casino developments in Mississippi, Pennsylvania, Illinois and New York, while construction is currently underway on a property in Portsmouth, Virginia.
Bluhm said of Carlin’s departure: “We thank Greg for his many contributions and for helping to build a great business. Greg has a proven eye for recruiting and developing top talent, of which Tim is a great example.
“We wish Greg the very best and look forward to many future successes under Tim’s leadership,” he added.
Rush Street Gaming’s existing casino properties generate approximately $1.5bn in annual revenue.
Online subsidiary Rush Street Interactive is modest by comparison and made a net loss of $71.1m in 2021 despite reporting full-year revenue of $488.1m.
The operator powers the PlaySugarHouse online casino brand in New Jersey and the BetRivers online sportsbook brand in 11 US states including New York, where it has reported handle of $78.4m and revenue of $3.6m to date.