Churchill Downs Incorporated announced a $180‑200 million expansion of its Casino Salem in Salem, New Hampshire, into the new Rockingham Grand Casino. The project will create a 160,000‑square‑foot, three‑floor complex that is slated to open in mid‑2027 and will house 825 historical racing machines, 32 table games, 12 electronic table‑game seats, a 900‑seat live‑entertainment venue, and a range of food and beverage concepts including a center bar and a full‑service sports bar and restaurant.
The expansion represents a significant capital outlay for Churchill Downs and will be a key tenant of The Mall at Rockingham Park, the largest shopping mall in New Hampshire. The project is being financed through the company’s existing credit facility, which increases debt utilization but also positions the firm to capture a larger share of the growing New England gaming market. The new casino will be built in phases, with the first phase—Casino Salem—opening in July 2025 and featuring 100 historical racing machines and 13 live table games.
Strategically, the Rockingham Grand Casino expands Churchill Downs’ charitable gaming footprint into the greater Boston region, a market that has shown strong demand for experiential entertainment. The partnership with local developers Joe Faro and Sal Lupoli brings local expertise and a commitment to community investment, with the project expected to create new jobs and stimulate tourism in Salem. The mall integration also offers cross‑traffic benefits, as the casino will complement the retail mix and attract visitors to the renovated mall.
Bill Carstanjen, CEO of Churchill Downs, said the transaction “allows us to develop a regional destination to draw patrons to Salem from across the growing New England market” and that the company “supports charitable organizations throughout New Hampshire.” Local developers Joe Faro and Sal Lupoli added that the project “drives economic stimulus to our local economy, creates new jobs, and increases tourism while delivering a world‑class destination.”
While the expansion is viewed as a strategic growth opportunity, investors are mindful of the significant capital expenditure and the debt financing required. The company’s prior acquisition of Casino Salem was met with a modest negative market reaction, reflecting concerns about capital intensity and regulatory approval. The new announcement is expected to reinforce Churchill Downs’ commitment to diversifying revenue streams beyond horse racing, but it also underscores the company’s willingness to leverage debt to fund large‑scale experiential projects.
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