Churchill Downs to acquire majority stake in New Hampshire’s Casino Salem
New project expands CDI’s HRM footprint as Q1 revenue growth continues across historical racing venues.
Key points:
– Churchill Downs will acquire majority ownership in Casino Salem, a new charitable gaming venue in New Hampshire
– The property opened on 9 July with 100 historical racing machines (HRMs) and 13 table games
– The deal expands CDI’s HRM portfolio in New England, following record quarterly revenue driven by similar venues
Churchill Downs Incorporated (CDI) has signed definitive agreements to acquire a controlling stake in Casino Salem, a newly opened charitable gaming facility located at The Mall at Rockingham Park in Salem, New Hampshire.
The initial phase of Casino Salem opened on 9 July 2025 with around 100 historical horse racing machines and 13 live table games.
CDI confirmed it will begin planning for the next stage of development, which will include an expanded gaming floor, multiple food and beverage outlets and a full rebranding of the venue.
The acquisition forms part of a joint venture with local developers Joe Faro and Sal Lupoli, who will retain minority ownership in the business.
The venue is situated roughly 30 minutes from downtown Boston, positioning it as a potential regional draw for the broader New England market.
Bill Carstanjen, CEO of CDI, said: “New Hampshire is an exciting opportunity. 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 organisations throughout New Hampshire.”
The company will finance the transaction through its existing credit facility. Closing is expected in Q3 2025, pending approval from the New Hampshire Lottery Commission and other customary conditions.
Good to know: CDI will continue to operate Chasers Poker Room in Salem separately from the new venue
The deal comes during a period of sustained expansion for CDI’s HRM segment. In Q1 2025, the company reported $276.4m in Live and Historical Racing revenue – up 11% year-on-year.
New venues such as The Rose Gaming Resort in Virginia and Owensboro Racing and Gaming in Kentucky helped drive performance, while HRM operations in New Hampshire and Indiana also contributed.
CDI’s full-year 2024 revenue reached $2.7bn, a record for the company, with HRM facilities identified as a core pillar of its long-term strategy.
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