Churchill Downs to acquire majority of Salem casino project joint venture

Churchill Downs (CHDN) announced that it has signed definitive agreements to acquire a majority of the outstanding equity interests of a Salem, New Hampshire joint venture with the right to develop a charitable gaming, entertainment and dining destination featuring historical horse racing machines. Casino Salem is located at The Mall at Rockingham Park, which is approximately 30 minutes from downtown Boston. Prominent local developers Joe Faro and Sal Lupoli will maintain ownership in Casino Salem. The initial phase of Casino Salem opened on July 9 with approximately 100 HRMs and 13 live table games. Over the coming months, CDI will finalize plans and commence construction of the future phases of the project including a rebranding of the venue, an expansion of the gaming floor, and several food and beverage concepts. Separately from Casino Salem, CDI will continue to operate its Chasers Poker Room in Salem. The company will finance the Salem Transaction using its existing credit facility. Closing of the Transaction is subject to usual and customary closing conditions, including receipt of approval by the New Hampshire Lottery Commission. The transaction is anticipated to close during the third quarter.