Churchill Downs Achieves Record-Breaking Q2 Revenue of $934.4M, Marked by a Successful Kentucky Derby Event
Churchill Downs Incorporated Expands into Charitable Gaming with Casino Salem Acquisition
Churchill Downs Incorporated (CDI) is making strategic moves into the charitable gaming sector by acquiring a majority stake in Casino Salem, a charitable gaming venue in Salem, New Hampshire. This expansion marks a focus on high-traffic, socially supported gaming formats, such as historical horse racing machines (HRMs) and live table games, as part of a regional growth strategy.
The agreement, signed with local entrepreneurs Joe Faro and Sal Lupoli, grants CDI operational control while retaining the duo's minority stakes and operational involvement. This partnership ensures local expertise guides the growth of Casino Salem.
Casino Salem opened its doors in early July 2025, starting with approximately 100 HRMs and 13 live table games. Under CDI's guidance, the venue will undergo a comprehensive revamp, including rebranding, expanding the gaming floor, and enhancing food and beverage offerings. The goal is to transform Casino Salem into a "state-of-the-art regional gaming and entertainment hub" appealing to visitors from Southern New Hampshire and the greater Boston metropolitan area.
Executives emphasize the project's role in driving economic growth, job creation, tourism, and sustained local benefits, aligning with charitable gaming's community-support focus. The venue's location at The Mall at Rockingham Park positions it strategically for high foot traffic and synergistic local economic boosts such as hospitality and retail.
Financing for the acquisition will come from CDI's existing credit facilities, subject to approval by the New Hampshire Lottery Commission, with closure expected in Q3 2025. This acquisition complements CDI's existing New Hampshire gaming operation, Chasers Poker Room, which will continue independently.
The Casino Salem acquisition is a central piece of CDI's growth strategy, reflecting New Hampshire's market potential and the company's commitment to charitable gaming. This focus on charitable gaming aligns with a long-term sustainable approach by targeting regulated, socially accepted gaming segments with community benefits.
In other developments, CDI reported a record-breaking Q2 net revenue of $934.4 million in 2025, a 5% increase year-over-year. The company's net income attributable to CDI rose to $216.9 million, up 4%. The new share repurchase program, approved by CDI's Board of Directors on July 22, signals continued confidence in CDI's future cash flow and value creation strategy.
The strong broadcast performance for the 2025 Kentucky Derby, with average viewership peaking at 17.7 million, up 6%, and a record 21.8 million at its highest point, up 8%, further underscores the financial strength and diversified portfolio of CDI.
In conclusion, the Casino Salem acquisition is a significant step for CDI, marking its continued expansion into the gaming, racing, and entertainment sectors. The strategic initiatives reflect Churchill Downs Incorporated's commitment to growth, innovation, and shareholder return.
- Churchill Downs Incorporated's acquisition of Casino Salem includes historical horse racing machines (HRMs) and live table games, signifying an interest in blending charitable gaming with sports (sports) and finance (finance).
- Under CDI's guidance, Casino Salem will transition into a top-tier regional gaming and entertainment hub, offering not just gaming opportunities (finance), but also improved food and beverage offerings, appealing to visitors across Southern New Hampshire and the greater Boston metropolitan area (sports).
