.svg)
Churchill Downs Incorporated signed agreements to acquire majority equity interests in a Salem, New Hampshire, joint venture called Casino Salem. The publicly traded company will partner with local developers Joe Faro and Sal Lupoli.
Faro and Lupoli will maintain ownership stakes in the project. Their experience remains central to the development and future operations of the venue.
CDI operates as one of the country’s major gaming and entertainment companies. The firm will continue running its separate Chasers Poker Room in Salem alongside the new casino venture.
Casino Salem sits at The Mall at Rockingham Park, roughly 30 minutes from downtown Boston. This location provides access to the broader New England market.
“New Hampshire is an exciting opportunity,” said Bill Carstanjen, CDI’s Chief Executive Officer. The transaction allows the company to develop a regional destination drawing patrons from across the growing New England market.
The partners aim to create economic stimulus for the local economy. They plan to generate new jobs and increase tourism while delivering what they call a world-class destination.
The initial phase opened on July 9th with approximately 100 historical horse racing machines and 13 live table games. This represents the first operational stage of the broader development.
CDI will finalise plans and start construction on future phases over the coming months. The expansion includes rebranding the venue and enlarging the gaming floor.
Several food and beverage concepts will be added to the facility. The company describes plans for a state-of-the-art gaming and entertainment facility.
CDI will finance the Salem acquisition using its existing credit facility. The deal structure avoids new debt arrangements for the gaming operator.
Closing requires approval from the New Hampshire Lottery Commission. This represents the primary regulatory hurdle for completing the transaction.
The company expects to close the deal during the third quarter of 2025. Standard closing conditions also apply to the transaction.
Faro and Lupoli expressed enthusiasm about the partnership. “We are thrilled to move forward in partnership with Churchill Downs, one of the country’s preeminent gaming and entertainment operators,” they stated.
The developers remain committed to their vision for Salem. They expect the facility to create lasting benefits for the community for decades.
The transaction also supports charitable organisations throughout New Hampshire. Casino Salem operates as a charitable gaming destination under state regulations.
This latest agreement arrives during a period of sustained progress in expanding CDI’s HRM segment. Churchill Downs recently reported it generated $276.4 million in Live and Historical Racing revenue for Q1 2025, up 11% year-on-year.
Reportedly, new venues, including Owensboro Racing and Gaming in Kentucky and The Rose Gaming Resort in Virginia, were key drivers in performance. Meanwhile, HRM operations in Indiana and New Hampshire were also driving factors.
