Churchill Downs Inc. recently announced last week that it will acquire the charitable gaming facility Chasers Poker Room in Salem, New Hampshire, located 30 minutes from downtown Boston, for an undisclosed sum.
New Hampshire Governor Chris Sununu approved a bill in June 2021 that authorized parimutuel wagering on historical horse racing (HHR) in the state. The legislation allows New Hampshire charitable gaming facilities that were licensed as of May 1, 2020 to offer HHR. Tax revenue generated from HHR wagers will be allocated to the New Hampshire education trust fund and to local New Hampshire charitable organizations.
Churchill Downs plans to expand the facility, which currently offers poker and other table games, and add historical horseracing machines. Opened in 2017, the venue leads other similar operations in the state in gaming revenue and local charitable contributions. The transaction is expected to close during second quarter 2022.
Churchill Downs Chief Executive Officer Bill Carstanjen said, “New Hampshire is an exciting opportunity for us, one that allows us to put our historical racing machine expertise to work in the growing New England market. We look forward to sharing more about our plans to build an expanded, state-of-the-art gaming facility in Salem in the coming months.”
New Hampshire will be the fourth state where Churchill Downs operates historical horseracing; the others are Kentucky and soon Virginia and Louisiana.
Under New Hampshire law, a portion of revenue from charitable gaming operations must be allocated to state-licensed nonprofit organizations.
The transaction is dependent on usual and customary closing conditions, including the Company obtaining approvals from the New Hampshire Lottery Commission.
