Churchill Downs acquires controlling interest in New Hampshire's Casino Salem

Churchill Downs Incorporated (CDI) has partnered with developers Joe Faro and Sal Lupoli in acquiring a controlling interest in Casino Salem, a charitable gaming and entertainment venue located at The Mall at Rockingham Park in Salem, New Hampshire.

The transaction keeps the original stakeholders involved as the project prepares for additional phases of development. Meanwhile, Churchill Downs will continue to operate its Chasers Poker Room separately in Salem.

CDI signed definitive agreements to acquire a majority of the outstanding equity interests in the joint venture, with the deal expected to close in the third quarter of 2025.

The company will finance the transaction through its existing credit facility. Closing is subject to standard conditions, including approval by the New Hampshire Lottery Commission.

The first phase of Casino Salem opened on July 9 with approximately 100 historical horse racing machines (HRMs) and 13 live table games. The property is situated roughly 30 minutes from downtown Boston. CDI stated that the location presents access to the New England market and potential for further development.

“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 Bill Carstanjen, Chief Executive Officer of CDI. “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.”

Future phases of the project will include a rebranding of the venue, an expansion of the gaming floor, and the addition of new food and beverage concepts. The scope and timeline for these developments have not yet been announced.

Faro and Lupoli will retain ownership stakes in Casino Salem following the transaction. “We are thrilled to move forward in partnership with Churchill Downs, one of the country’s gaming and entertainment operators,” the two said in a joint statement.

“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," they added.

This is the first casino-related development for Faro and Lupoli. Faro, founder of Tuscan Brands, operates across hospitality, real estate, food manufacturing, and philanthropy, and developed the Tuscan Kitchen in Salem. Lupoli, founder of Lupoli Companies, oversees over six million square feet of commercial and residential real estate and operates over 130 Sal’s Pizza locations.

Based in Louisville, Kentucky, CDI owns and operates racing and regional casino gaming properties, including its flagship event, the Kentucky Derby. The company has expanded through acquisitions in online wagering, historical racing venues, and entertainment properties.