Churchill Downs Incorporated (CDI) has joined forces with developers Joe Faro and Sal Lupoli to secure a controlling stake in Casino Salem, a charitable gaming and entertainment hub situated at The Mall at Rockingham Park in Salem, New Hampshire.
The agreement ensures the involvement of the original stakeholders as the project gears up for its next phases of expansion. At the same time, Churchill Downs will maintain separate operations of its Chasers Poker Room in Salem.
CDI has finalized agreements to acquire a majority of the equity interests within the joint venture, with the deal anticipated to finalize by the third quarter of 2025.
Funding for the transaction will be sourced from its existing credit line. The closing is contingent on typical conditions, including approval from the New Hampshire Lottery Commission.
The inaugural phase of Casino Salem launched on July 9, introducing around 100 historical horse racing machines (HRMs) alongside 13 live table games. Located about 30 minutes from downtown Boston, CDI emphasizes that this site offers accessibility to the New England market, presenting opportunities for future growth.
“New Hampshire represents a promising opportunity, and this partnership with Joe Faro and Sal Lupoli enables us to cultivate a regional attraction that can attract visitors to Salem from the expanding New England market,” stated Bill Carstanjen, Chief Executive Officer of CDI. “We are eager to unveil our plans for a state-of-the-art gaming and entertainment complex in Salem, while also bolstering charitable organizations throughout New Hampshire.”
Upcoming phases of the project will entail venue rebranding, an enlarged gaming area, and the introduction of diverse food and beverage options. Details regarding the scope and timeline of these enhancements remain undisclosed.
Following the transaction, Faro and Lupoli will retain ownership shares in Casino Salem. “We are excited to advance our collaboration with Churchill Downs, a leading entity in the gaming and entertainment industry,” both remarked in a unified statement.
“With our vision for Salem, we are committed to fostering economic growth, creating new employment opportunities, boosting tourism, and establishing a premier destination that will provide enduring benefits to the community for years to come,” they added.
This marks the first foray into casino development for Faro and Lupoli. Faro, the founder of Tuscan Brands, has ventures in hospitality, real estate, food manufacturing, and philanthropy, including the development of Tuscan Kitchen in Salem. Lupoli, founder of Lupoli Companies, manages over six million square feet of commercial and residential real estate, alongside operating more than 130 Sal’s Pizza locations.
Based in Louisville, Kentucky, CDI owns and operates racetracks and regional casino gaming properties, including the renowned Kentucky Derby event. The company has broadened its portfolio through acquisitions in online wagering, historical racing venues, and entertainment-related properties.