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Read Full BioChurchill Downs Incorporated (CDI) announced on Monday that it has signed a definitive agreement to acquire a majority stake in Casino Salem, a land-based casino venue in Salem, New Hampshire.
In a move that demonstrates CDI’s push to diversify and strengthen its regional footprint, the news follows the release last month of its $642.6 million Q1 revenue report. This represented a 9% year-over-year increase from 2024.
Opened on July 9, Casino Salem is located at The Mall at Rockingham Park in Salem and is ideally situated to tap into the Boston market, just 30 minutes from the Downtown region.
The venue currently operates approximately 100 historical horse racing machines (HRMs), accompanied by a designated gaming area featuring 13 live dealer tables.
Developers Retain Operational Control with Future Rebranding on the Cards
Despite obtaining a majority share, the casino’s local developers, Joe Faro and Sal Lupoli, will retain ownership interests in the venture relating to their ongoing roles in the further development and management of Casino Salem.
In a statement, developers Faro and Lupoli commented: “With our vision for Salem, we remain committed to driving economic stimulus to our local economy, creating new jobs, and increasing tourism while delivering a world-class destination that will create lasting benefits for the community for decades.”
CDI has also expressed interest in expanding the gaming floor, as well as introducing several food and beverage outlets in the coming months.
Additionally, they are expected to rebrand the venue, subject to the completion of the agreement.
The reasoning behind the planned rebrand and expansion is to upscale Casino Salem into a state-of-the-art regional gaming and entertainment venue, to boost CDI’s in-person casino portfolio offerings.
CDI’s Strategic Shift From Sports Betting
Industry analysts believe CDI’s latest acquisition of Casino Salem demonstrates the firm’s desire to expand its presence in the New Hampshire gaming sector, having already attained the neighboring Chasers Poker Room in Salem in 2022.
However, CDI’s statement on Monday maintained that Churchill Downs will continue to run Chasers Poker Room as a separate entity from the Casino Salem procurement.
Further details about the purchase were included in the press release, stating: “The Company will finance the Salem Transaction using its existing credit facility. Closing of the Transaction is subject to usual and customary closing conditions, including receipt of approval by the New Hampshire Lottery Commission. The Transaction is anticipated to close during the third quarter of 2025.”
The news also comes just five months after Churchill Downs shut its doors on its sports betting premises in February of this year, reflecting the organization’s continued shift towards gaming and entertainment venues, such as Chasers Poker Room and Casino Salem.
