Churchill Downs Incorporated (CDI) has completed its acquisition of a majority stake in Casino Salem in New Hampshire.
Following an initial agreement in July, CDI has paid $180 million to acquire the 90 per cent stake in the recently opened casino, with the right to develop a charitable gaming, entertainment and dining venue.
Located at The Mall at Rockingham Park, the initial phase of Casino Salem opened on 9 July as a joint venture between The Cordish Companies and local developers Joe Faro and Sal Lupoli.
CDI confirmed that it 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.
Closing of the transaction was subject to usual and customary closing conditions, including receipt of approval by the New Hampshire Lottery Commission.
The acquisition was funded with the company’s existing credit facility.
Shares in Churchill Downs Incorporated (NASDAQ:CHDN) closed 2.27 per cent higher at $106.19 per share in New York Wednesday.