Churchill Downs Incorporated Announces Definitive Agreements to Acquire a Majority of Casino Salem Project in New Hampshire
Churchill Downs (NASDAQ:CHDN) has announced definitive agreements to acquire a majority stake in Casino Salem, a joint venture in Salem, New Hampshire. The casino project, located at The Mall at Rockingham Park approximately 30 minutes from downtown Boston, will feature historical horse racing machines (HRMs) and table games.
The initial phase has already launched on July 9th with 100 HRMs and 13 live table games. Local developers Joe Faro and Sal Lupoli will retain ownership stakes and remain involved in the project. CDI plans to expand the gaming floor, rebrand the venue, and add food and beverage concepts in future phases.
The transaction, expected to close in Q3 2025 pending New Hampshire Lottery Commission approval, will be financed through CDI's existing credit facility. CDI will continue to operate its separate Chasers Poker Room in Salem.
Churchill Downs (NASDAQ:CHDN) ha annunciato accordi definitivi per acquisire una quota di maggioranza in Casino Salem, una joint venture a Salem, New Hampshire. Il progetto del casinò, situato presso The Mall at Rockingham Park a circa 30 minuti dal centro di Boston, offrirà macchine per corse di cavalli storiche (HRM) e giochi da tavolo.
La fase iniziale è già partita il 9 luglio con 100 HRM e 13 giochi da tavolo dal vivo. Gli sviluppatori locali Joe Faro e Sal Lupoli manterranno le loro quote di proprietà e continueranno a partecipare al progetto. CDI prevede di ampliare la sala da gioco, rilanciare il marchio e aggiungere nuove offerte di cibo e bevande nelle fasi future.
L’operazione, che si prevede si concluda nel terzo trimestre 2025 previa approvazione della New Hampshire Lottery Commission, sarà finanziata attraverso la linea di credito esistente di CDI. CDI continuerà inoltre a gestire la sua sala poker separata, Chasers Poker Room, a Salem.
Churchill Downs (NASDAQ:CHDN) ha anunciado acuerdos definitivos para adquirir una participación mayoritaria en Casino Salem, una empresa conjunta en Salem, New Hampshire. El proyecto del casino, ubicado en The Mall at Rockingham Park a aproximadamente 30 minutos del centro de Boston, contará con máquinas de carreras de caballos históricas (HRM) y juegos de mesa.
La fase inicial ya comenzó el 9 de julio con 100 HRM y 13 juegos de mesa en vivo. Los desarrolladores locales Joe Faro y Sal Lupoli conservarán sus participaciones y seguirán involucrados en el proyecto. CDI planea expandir la sala de juegos, renovar la marca y añadir conceptos de comida y bebida en fases futuras.
La transacción, que se espera se cierre en el tercer trimestre de 2025 tras la aprobación de la Comisión de Loterías de New Hampshire, se financiará mediante la línea de crédito existente de CDI. CDI continuará operando su sala de póker independiente, Chasers Poker Room, en Salem.
처칠 다운스(NASDAQ:CHDN)는 뉴햄프셔 주 세일럼에 위치한 합작 투자 카지노 세일럼의 지분 다수를 인수하기 위한 확정 계약을 발표했습니다. 이 카지노 프로젝트는 보스턴 시내에서 약 30분 거리에 있는 록킹엄 파크 몰(The Mall at Rockingham Park)에 위치하며, 역사적인 경마 기계(HRM)와 테이블 게임을 선보일 예정입니다.
초기 단계는 이미 7월 9일에 100대의 HRM과 13개의 라이브 테이블 게임으로 시작되었습니다. 지역 개발자 조 파로(Joe Faro)와 살 루폴리(Sal Lupoli)는 지분을 유지하며 프로젝트에 계속 참여할 예정입니다. CDI는 향후 단계에서 게임 플로어를 확장하고, 장소를 리브랜딩하며, 식음료 컨셉을 추가할 계획입니다.
이 거래는 뉴햄프셔 복권 위원회의 승인을 조건으로 2025년 3분기에 마무리될 예정이며, CDI의 기존 신용 시설을 통해 자금이 조달됩니다. CDI는 세일럼에 있는 별도의 체이서스 포커룸(Chasers Poker Room) 운영도 계속할 것입니다.
Churchill Downs (NASDAQ:CHDN) a annoncé des accords définitifs pour acquérir une participation majoritaire dans Casino Salem, une coentreprise située à Salem, New Hampshire. Le projet de casino, situé au The Mall at Rockingham Park à environ 30 minutes du centre-ville de Boston, proposera des machines de courses hippiques historiques (HRM) et des jeux de table.
La phase initiale a déjà débuté le 9 juillet avec 100 HRM et 13 jeux de table en direct. Les développeurs locaux Joe Faro et Sal Lupoli conserveront leurs parts et resteront impliqués dans le projet. CDI prévoit d’agrandir la salle de jeux, de rebrander le site et d’ajouter des concepts de restauration lors des phases futures.
La transaction, dont la clôture est prévue au 3e trimestre 2025 sous réserve de l’approbation de la New Hampshire Lottery Commission, sera financée par la facilité de crédit existante de CDI. CDI continuera d’exploiter sa salle de poker distincte, Chasers Poker Room, à Salem.
Churchill Downs (NASDAQ:CHDN) hat endgültige Vereinbarungen zur Übernahme einer Mehrheitsbeteiligung an Casino Salem, einem Joint Venture in Salem, New Hampshire, bekannt gegeben. Das Casino-Projekt, gelegen im The Mall at Rockingham Park, etwa 30 Minuten vom Stadtzentrum Boston entfernt, wird historische Pferderennmaschinen (HRMs) und Tischspiele bieten.
Die erste Phase wurde bereits am 9. Juli mit 100 HRMs und 13 Live-Tischspielen gestartet. Die lokalen Entwickler Joe Faro und Sal Lupoli behalten ihre Eigentumsanteile und bleiben am Projekt beteiligt. CDI plant, die Spielfläche zu erweitern, den Standort neu zu branden und in zukünftigen Phasen Gastronomieangebote hinzuzufügen.
Die Transaktion, die voraussichtlich im dritten Quartal 2025 nach Genehmigung durch die New Hampshire Lottery Commission abgeschlossen wird, soll über die bestehende Kreditfazilität von CDI finanziert werden. CDI wird weiterhin den separaten Chasers Poker Room in Salem betreiben.
- Strategic expansion into the growing New England market, targeting Boston area customers
- Partnership with experienced local developers maintains strong regional expertise
- Phased development approach allows for controlled expansion and growth
- Already operational with initial gaming offerings
- Multiple revenue streams through HRMs, table games, and food/beverage concepts
- Additional capital expenditure required for future expansion phases
- Requires regulatory approval from New Hampshire Lottery Commission
- Increased debt utilization through credit facility financing
Insights
CDI's acquisition of Casino Salem strengthens its Northeast footprint, targeting the lucrative Boston market with minimal capital expenditure.
Churchill Downs Incorporated's move to acquire a majority stake in Casino Salem represents a strategic expansion into the high-value New England gaming market. The location in Salem, NH—just 30 minutes from downtown Boston—positions CDI to capture significant market share from Massachusetts' largest metropolitan area without the licensing costs and regulatory complexity of operating directly in Massachusetts.
The transaction structure is particularly astute. By maintaining local developers Joe Faro and Sal Lupoli as minority partners, CDI gains valuable regional expertise and community relationships while controlling the operation. The facility has already launched with a modest footprint (100 historical horse racing machines and 13 live table games), allowing CDI to establish market presence quickly while planning a more substantial development.
This acquisition aligns with CDI's disciplined growth strategy of targeting properties with expansion potential in underserved markets. The phased development approach—starting small and expanding based on performance—minimizes initial capital risk while allowing CDI to tailor the final product to market demand.
Using the existing credit facility for financing indicates the deal's manageable size relative to CDI's balance sheet. While specific financial terms weren't disclosed, this transaction likely represents a capital-efficient entry into the Northeast market compared to ground-up development or acquisition of larger properties.
The New Hampshire charitable gaming model, which requires partnerships with non-profits, adds complexity but also creates community goodwill and potential tax advantages. By operating both Casino Salem and the existing Chasers Poker Room separately, CDI creates operational synergies while diversifying its gaming offerings in the market.
LOUISVILLE, Ky., July 14, 2025 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (the “Company”, “CDI”, “we”) announced today that it has signed definitive agreements to acquire a majority of the outstanding equity interests (the “Salem Transaction”) of a Salem, New Hampshire joint venture (“Casino Salem”) with the right to develop a charitable gaming, entertainment and dining destination featuring historical horse racing machines (“HRMs”).
Casino Salem is located at The Mall at Rockingham Park, which is approximately 30 minutes from downtown Boston. Prominent local developers Joe Faro and Sal Lupoli will maintain ownership in Casino Salem, ensuring their experience remains central to the development and future success of this new venue.
The initial phase of Casino Salem opened on July 9th with approximately 100 HRMs and 13 live table games. Over the coming months, CDI will finalize plans and commence construction of the future phases of the project including a rebranding of the venue, an expansion of the gaming floor, and several food and beverage concepts.
“New Hampshire is an exciting opportunity, and this transaction – and our new partnership with Joe Faro and Sal Lupoli – allows us to develop a regional destination to draw patrons to Salem from across the growing New England market,” said Bill Carstanjen, Chief Executive Officer of CDI. “We look forward to sharing more about our plans to build an expanded, state-of-the-art gaming and entertainment facility in Salem and to support charitable organizations throughout New Hampshire.”
“We are thrilled to move forward in partnership with Churchill Downs, one of the country’s preeminent gaming and entertainment operators,” said Joe Faro and Sal Lupoli. “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.”
Separately from Casino Salem, CDI will continue to operate its Chasers Poker Room in Salem.
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.
About Churchill Downs Incorporated
Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has been creating extraordinary entertainment experiences for over 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. www.churchilldownsincorporated.com
About Joe Faro/Tuscan Brands
Founded in 2010 by Joe Faro, Tuscan Brands operates in four primary industry verticals, hospitality, real estate development, food manufacturing, and philanthropy. Tuscan Brands began with the development of the critically acclaimed Tuscan Kitchen restaurant in Salem, NH. Tuscan Brands also develops and operates over four million square feet of mixed-use real estate. Joe has also partnered with Sal Lupoli to create The Artisan Chef Manufacturing Company which produces a wide range of products for various markets. At the heart of Tuscan Brands is the Tuscan Brands Foundation and our commitment to the communities in which we serve.
About Sal Lupoli/Lupoli Companies
Founded by Sal Lupoli, Lupoli Companies is an award-winning organization with over two decades of growth and development throughout New England. Sal has grown his Lupoli Companies to include over six million square feet of commercial and residential real estate. Lupoli Companies’ renowned brands include Sal’s Pizza, with over 130 retail locations, and award-winning full-service restaurants 34 Park in Andover, MA, BOSA Coastal Italian in Haverhill, MA, and the Riverwalk Lofts luxury apartment community in Lawrence, MA. Lupoli Companies also prides itself on its dedication to and support of several charitable organizations throughout New England.
This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” “scheduled,” and similar words or similar expressions (or negative versions of such words or expressions), although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit, including the impact of inflation; changes in, or new interpretations of, applicable tax laws or rulings that could result in additional tax liabilities; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; negative shifts in public opinion regarding gambling that could result in increased regulation of, or new restrictions on, the gaming industry; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine ("HRM") manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our sports betting business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigation; costs of compliance with increasingly complex laws and regulations regarding data privacy and protection of personal information; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise); disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
| Investor Contact: Sam Ullrich | Media Contact: Tonya Abeln |
| (502) 638-3906 | (502) 386-1742 |
| Sam.Ullrich@kyderby.com | Tonya.Abeln@kyderby.com |
FAQ
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