Churchill Downs Incorporated Announces Development Plans for Casino in Salem, New Hampshire
Rhea-AI Summary
Churchill Downs Incorporated (Nasdaq: CHDN) announced plans to redevelop Casino Salem in Salem, New Hampshire as Rockingham Grand Casino. The redevelopment expands the site from 19,000 square feet to 160,000 square feet across three floors and will include 825 historical racing machines, 32 table games, 12 electronic table game seats, a 900-seat live entertainment venue, and multiple food and beverage concepts.
The company received Salem Planning Board approval in December and expects to open Rockingham Grand Casino in mid-2027 with an estimated capital investment of $180–200 million. The project will locate at The Mall at Rockingham Park near Tuscan Village and will operate as a key tenant supporting charitable gaming proceeds to New Hampshire organizations.
Positive
- Planned footprint expansion to 160,000 sq ft from 19,000 sq ft
- Installation of 825 historical racing machines and 32 table games
- Estimated capital investment of $180–200 million
- Targeted opening in mid-2027 with Planning Board approval secured
Negative
- Large near-term capital outlay of $180–200 million could pressure cash flow
- Multiyear construction timeline introduces execution and schedule risk before mid-2027
News Market Reaction
On the day this news was published, CHDN declined 2.00%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CHDN fell -2.94% while key gambling peers like LNW (-4.2%) and DKNG (-3.68%) were also down, indicating sector softness, but momentum scanners did not flag a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 07 | Earnings call invite | Neutral | +2.0% | Scheduled release and discussion of Q4 and full-year 2025 results. |
| Oct 22 | Capex project news | Neutral | -0.4% | Announced $280-$300M Victory Run premium seating development at racetrack. |
| Oct 22 | Quarterly earnings | Neutral | -0.4% | Record Q3 revenue and Adjusted EBITDA offset by impairment-driven GAAP income decline. |
| Oct 08 | FinTech partnership | Positive | -1.6% | Seven-year Everi agreement to deploy FinTech and compliance tools across properties. |
| Sep 15 | Earnings call invite | Neutral | +0.1% | Set date and access details for Q3 2025 earnings call and webcast. |
Recent history shows several positive or strategic announcements followed by flat-to-negative next-day moves, suggesting investors often react cautiously to growth and partnership news.
Over the last few months, CHDN reported record Q3 2025 net revenue of $683.0M and record Adjusted EBITDA of $262.3M, while absorbing impairments tied to Chasers’ gaming rights and acquiring 90% of Casino Salem for $180M. The company also announced the Victory Run capital project at Churchill Downs Racetrack and a seven-year FinTech relationship with Everi. Today’s Salem development builds on that strategy of expanding live and historical racing venues and premium entertainment offerings.
Market Pulse Summary
This announcement details CHDN’s plan to redevelop Casino Salem into Rockingham Grand Casino, expanding from 19,000 to 160,000 square-feet with 825 historical racing machines, 32 table games, and a 900-seat entertainment venue. It follows the earlier acquisition of 90% of Casino Salem for $180M and other recent growth initiatives. Investors may track construction progress, regulatory developments, and how this project complements existing properties and prior capital investments across the portfolio.
Key Terms
charitable gaming regulatory
historical racing machines technical
electronic table game technical
AI-generated analysis. Not financial advice.
Casino Salem to be renamed Rockingham Grand Casino
LOUISVILLE, Ky., Jan. 12, 2026 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) announced today new development details related to its charitable gaming facility in Salem, New Hampshire. The company currently operates Casino Salem, located in 19,000 square-feet within The Mall at Rockingham Park. Casino Salem will be redeveloped as Rockingham Grand Casino.
Rockingham Grand Casino will occupy 160,000 square-feet over three floors and will feature 825 historical racing machines, 32 table games, 12 electronic table game seats, a 900-seat live entertainment venue, and several food and beverage concepts, including a center bar and full-service sports bar and restaurant. The Company received approval from the Salem Planning Board for its development plan in December.
Rockingham Grand Casino will be a key tenant of The Mall at Rockingham Park which is the largest shopping mall in New Hampshire. Rockingham Grand Casino is also positioned near Tuscan Village, a prominent mixed-use development offering dining, entertainment, retail shopping, residential areas, hotels, and commercial office space. CDI plans to open Rockingham Grand Casino in mid-2027, with an expected capital investment of
“We are proud to officially begin our development of Rockingham Grand Casino in partnership with Joe Faro and Sal Lupoli,” said Bill Carstanjen, Chief Executive Officer of CDI. “We look forward to contributing to New Hampshire’s charitable organizations while bringing outstanding entertainment experiences to our guests across the greater Boston region.”
“We are excited to take the next step alongside our valued partners at Churchill Downs as we begin our journey to bring Rockingham Grand Casino to life,” said Joe Faro and Sal Lupoli. “We remain fully committed to strengthening our local economy through the creation of vibrant consumer destinations.”
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: Jeanna Burkhead Cunningham |
| (502) 638-3906 | (502) 678-5785 |
| Sam.Ullrich@kyderby.com | Jeanna.Cunningham@kyderby.com |
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7d824618-8457-4aa3-96ce-592202591276
https://www.globenewswire.com/NewsRoom/AttachmentNg/b54d1293-2708-477c-bb49-a6b8c255c9c9
https://www.globenewswire.com/NewsRoom/AttachmentNg/69535b85-4318-491e-b973-2e3291677abe
FAQ
What is Churchill Downs Incorporated announcing for Salem, New Hampshire (CHDN)?
When is Rockingham Grand Casino expected to open and what is the cost (CHDN)?
What gaming and entertainment features will Rockingham Grand Casino have (CHDN)?
Has Churchill Downs (CHDN) received local approvals to build Rockingham Grand Casino?
Where will Rockingham Grand Casino be located and what is the local context (CHDN)?
