Churchill Downs Completes Casino Salem Stake Purchase

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Churchill Downs Incorporated has completed its acquisition of the majority of outstanding equity interests of Casino Salem, a joint venture to develop gambling and entertainment facilities in New Hampshire.

The agreement was announced in mid-July, shortly after the initial phase of Casino Salem opened. The venue has the right to develop a charitable gaming, entertainment and dining offering.

Financial terms of the purchase have not been disclosed. However, it was confirmed that Churchill Downs funded the acquisition with an existing credit facility.

Closing of the transaction was subject to certain customary closing conditions. This included approval by the New Hampshire Lottery Commission.

Churchill Downs Talks Up Casino Salem Potential

Casino Salem is located at The Mall at Rockingham Park, the largest mall in New Hampshire. Its initial phase opened on July 9, with approximately 100 historical racing machines and 13 live table games.

Churchill Downs will now finalize plans and commence construction of the future phases of the project. Core aspects of the project include rebranding the venue, expanding the gaming floor and adding several food and beverage concepts.

Local developers Joe Faro and Sal Lupoli will maintain ownership in Casino Salem.

Speaking in July, Churchill Downs CEO Bill Carstanjen described the purchase as an “exciting opportunity” for the business.

“It allows us to develop a regional destination to draw patrons to Salem from across the growing New England market,” Carstanjen said. “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.”