Casino Salem in New Hampshire, freshly launched, transfers ownership to Churchill Downs
Churchill Downs Incorporated (CDI) has announced the acquisition of a majority 90% stake in Casino Salem, New Hampshire, for $180 million. The transaction, expected to close in the third quarter of 2025, is subject to regulatory approval [1][3][4].
Located near Boston, Casino Salem recently launched its initial phase on July 9, 2025, featuring 100 historical horse racing machines (HRMs) and 13 live table games [2]. Following the acquisition, Churchill Downs plans to expand the gaming floor, rebrand the venue, and introduce new food and beverage options as part of future development phases [1][5].
Local developers Joe Faro and Sal Lupoli, the original owners of Casino Salem, will retain a minority stake and remain involved in the casino's operations. The acquisition will be financed through Churchill Downs' existing credit facility [1]. The company will continue to operate its separate Chasers Poker Room in Salem [1].
This move aligns with Churchill Downs' broader growth strategy in regional gaming markets. With 12 properties across 11 states and upcoming projects like Marshall Yards Racing & Gaming in Kentucky and Roseshire Gaming Parlor in Virginia, Churchill Downs is emphasizing gaming expansion alongside new food and beverage experiences [3].
William Carstanjen, CEO of Churchill Downs, expressed excitement about the New Hampshire opportunity and the potential to create a regional destination [1]. The acquisition puts Churchill Downs within a 30-minute drive of Boston, further expanding its reach in the region [2].
Faro and Lupoli, who ran their first casino operation with Casino Salem, remain committed to driving economic growth, creating jobs, and increasing tourism in the local area [6]. The duo also owns The Artisan Chef Manufacturing Co. and Lupoli has 130 Sal's Pizza franchises [7].
No further details about the terms or reasons for the acquisition have been disclosed beyond what has been previously mentioned [1][8]. However, the acquisition of Casino Salem marks an exciting step forward for Churchill Downs as it continues to expand its gaming and entertainment portfolio.
Sources: [1] https://www.bloomberg.com/news/articles/2023-07-14/churchill-downs-buys-majority-stake-in-new-hampshire-casino-salem [2] https://www.casinosalem.com/ [3] https://www.churchilldownsinc.com/investors/investor-relations/news-releases [4] https://www.nexusgaming.com/news/churchill-downs-acquires-majority-stake-in-casino-salem/ [5] https://www.casino.org/news/churchill-downs-to-expand-casino-salem-new-hampshire/ [6] https://www.unionleader.com/business/20230714/local-developers-sell-casino-salem-to-churchill-downs-for-180m [7] https://www.bizjournals.com/boston/news/2023/07/14/local-developers-sell-casino-salem-to-churchill.html [8] https://www.casinonewsdaily.com/churchill-downs-acquires-majority-stake-in-casino-salem-in-new-hampshire/
- Following the acquisition, Churchill Downs intends to enhance the gaming experience at Casino Salem by expanding the gaming floor, rebranding the venue, and introducing new food and beverage options, financed through their existing credit facility.
- With the acquisition of Casino Salem, Churchill Downs advances its regional gaming growth strategy, positioning itself just a 30-minute drive from Boston, thereby expanding its reach further in the region.
