Churchill Downs Incorporated (Nasdaq: CHDN) announced Tuesday that it has signed a definitive agreement to acquire Chasers Poker Room in Salem, New Hampshire (Chasers).
Chasers is a charitable gaming facility located approximately 30 minutes from downtown Boston that offers poker and a variety of table games. Since opening in 2017, Chasers has led all New Hampshire charitable gaming operators in both gaming revenue and local charitable contributions.
In 2021, New Hampshire authorized existing charitable gaming operators to offer historical horse racing at licensed facilities. Following the closing of the acquisition, CDI plans to develop an expanded charitable gaming facility in Salem to accommodate historical racing machines (“HRMs”).
“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,” said Bill Carstanjen, Chief Executive Officer of CDI. “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.”
Upon closing, New Hampshire will be the fourth state in which CDI operates historical horse racing. CDI currently operates HRMs in Kentucky and will operate HRMs in Virginia (upon closing of the pending acquisition of Peninsula Pacific Entertainment, including its affiliated Rosie's Gaming Emporium HRM facilities) and in Louisiana (upon completion of the HRM expansion into the Company's 14 existing off track betting facilities).
Under New Hampshire law, a portion of revenue from charitable gaming operations is allocated to nonprofit organizations licensed in the state.
The transaction is dependent on usual and customary closing conditions, including the Company obtaining approvals from the New Hampshire Lottery Commission. The transaction is expected to close during the second quarter of 2022.
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