Less than a week after its July 9 opening, a majority stake in Casino Salem in New Hampshire has been sold to Churchill Downs. No price was announced for the acquisition, which Churchill Downs will finance out of its existing line of credit.
Original Casino Salem owners Sal Lupoli and Joe Faro will continue to hold a stake in the casino. For its part, Churchill Downs will still operate the Chasers Poker Room in nearby Salem.
The purchase puts Churchill Downs within striking distance of Boston, which the company said is roughly a 30-minute drive from The Mall at Rockingham Park, site of Casino Salem. The transaction is expected to close in the the third quarter.
Buying Casino Salem immediately brings an additional 100 historical horse racing machines and 13 table games into Churchill Downs’s arsenal. The company plans to further enlarge the gambling floor, change the casino’s brand, and add several food-and-beverage options.
“New Hampshire is an exciting opportunity and this transaction … allows us to develop a regional destination to draw patrons to Salem from across the growing New England market,” said Churchill Downs CEO William Carstanjen, in a prepared statement. “We’re looking 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.”
Faro and Lupoli calledChurchill Downs one of the country’s preeminent gaming and entertainment operators. “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.
For Faro and Lupoli, this had been their first venture into casino operation. The duo runs The Artisan Chef Manufacturing Co. and Lupoli’s holdings include 130 Sal’s Pizza franchises.
