Churchill Downs Incorporated (CDI) has entered into binding agreements to take a controlling interest in Casino Salem, a charitable gaming venue in Salem, New Hampshire. Located at The Mall at Rockingham Park, just a 30-minute drive from downtown Boston, the property marks a strategic move into New England’s growing gaming market.

The acquisition grants CDI majority ownership in the joint venture, with prominent New Hampshire developers Joe Faro and Sal Lupoli retaining minority stakes. Both will remain active in the project’s long-term development and vision.

Venue launch and future development plans:

Casino Salem officially opened its doors on July 9, 2025, with the debut of approximately 100 historical horse racing machines (HRMs) and 13 live table games. The venue’s early phase is just the beginning, as CDI plans to undertake significant upgrades over the coming months.

According to the company, upcoming development phases will include a full rebrand, a larger gaming area, and a series of new food and beverage outlets. “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 CDI CEO Bill Carstanjen. He also noted the company’s intention to “support charitable organizations throughout New Hampshire.”

CDI’s existing New Hampshire operation, Chasers Poker Room—also located in Salem—will continue to operate independently of Casino Salem.

The deal is set to be financed through CDI’s existing credit facility and is currently subject to standard closing conditions, including final approval from the New Hampshire Lottery Commission. The transaction is expected to close during the third quarter of 2025.

While financial details of the acquisition have not been disclosed, the move comes as part of CDI’s broader expansion into the charitable gaming segment. Charitable gaming, which differs from commercial or tribal casinos, is operated by nonprofit organizations that partner with operators like Churchill Downs to run games such as HRMs, table games, and lotteries.

As stated in CDI’s press release, Joe Faro and Sal Lupoli emphasized the community impact of the project: “We are thrilled to move forward in partnership with Churchill Downs, one of the country’s preeminent gaming and entertainment operators. 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.”

Growing HRM footprint amid broader expansion:

This acquisition supports CDI’s ongoing focus on expanding its HRM operations, which have become a cornerstone of the company’s long-term strategy. In the first quarter of 2025 alone, CDI posted $276.4 million in revenue from Live and Historical Racing—an 11% year-on-year increase. Properties such as The Rose Gaming Resort in Virginia and Owensboro Racing and Gaming in Kentucky have helped fuel this growth.

New Hampshire now joins the list of states where CDI is actively developing HRM venues, a list that includes Indiana and Kentucky. This New England expansion also arrives at a time when Churchill Downs has faced setbacks in other jurisdictions, including a Louisiana Supreme Court ruling that required the removal of HRMs in that state. While Casino Salem won’t fully offset those losses, its location and growth potential offer valuable diversification.