SALEM, N.H. — Less than a week after celebrating the grand opening of Casino Salem at The Mall at Rockingham Park, a majority stake of the entertainment venue was sold to a Kentucky-based corporation, company officials said.
Though local developers Joe Faro of Tuscan Brands and Sal Lupoli of Lupoli Companies will maintain 10% ownership of the casino, Churchill Downs Incorporated (CDI) agreed to acquire 90% of the outstanding equity interest for $180 million in cash, Gaming Intelligence reported.
CDI will finance the deal using an existing line of credit and is expected to finalize the sale during the third quarter of 2025, subject to customary closing conditions, including a receipt of approval by the New Hampshire Lottery Commission
“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 CDI Chief Executive Officer Bill Carstanjen.
Over the coming months, CDI will finalize plans and begin construction on the future phases of the project, including a rebranding of the venue, an expansion of the gaming floor and several food and beverage concepts.
Churchill Downs also operates Chasers Poker room in Salem.
“We are thrilled to move forward in partnership with Churchill Downs, one of the country’s preeminent gaming and entertainment operators,” Faro and Lupoli said in a joint statement. “With our vision for Salem, we remain committed to driving economic stimulus of 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.”
The casino opened its doors to patrons on July 9, featuring 100 slot machines, gaming tables and a full bar as part of the first phase of the project.
Once complete, the three-story casino will feature around 900 slot machines, 40 gambling tables, several premier food and beverage concepts, a signature center bar, a sports lounge, golf simulators, event space and more.
It’s also expected to employ more than 700 people.
If the venue is successful, future expansions could include a hotel.
The majority stake in most New Hampshire casinos is now held by out-of-state interests, even though the licenses were initially granted to local operators.