WarHorse Gaming Completes 300 Million Dollar Refinancing in Nebraska

The casino industry in Nebraska continues to expand as WarHorse Gaming, LLC finalized a 300 million dollar refinancing agreement to fund projects in Omaha and Lincoln and a third development in South Sioux City. The financing reflects growing confidence in Nebraska gaming, which became legal through a 2020 ballot initiative allowing casinos at licensed horse tracks.

Good to Know

• The 300 million dollar refinancing was organized by US Bank with five additional financial institutions
• Construction for the South Sioux City casino begins next summer
• WarHorse Gaming operates under Ho-Chunk Inc, the development corporation of the Winnebago Tribe of Nebraska

The five-year refinancing was completed in less than a month by US Bank, with participation from Capital One, KeyBank, The Huntington National Bank, BOK Financial, and Comerica Bank. The new funds replace early-phase loans used to launch initial casino projects across Nebraska.

Lance Morgan, chief executive officer of Ho-Chunk Inc, said the refinancing demonstrates strong trust from the company’s lending partners and confidence in future growth:

“This rapid refinancing shows our bank partners value what we are doing and see the great potential ahead. We are proud to have them join us for this next big chapter.”

The development plan includes new casino construction in South Sioux City, expected to start next summer, along with major expansions in Lincoln and Omaha.

The Lincoln project is scheduled for its next phase in spring 2026, introducing expanded gaming floors, additional table games, a steakhouse, and a sports bar. In Omaha, an April expansion has already resulted in higher visitation and stronger gaming performance.

According to data from the Nebraska Racing and Gaming Commission, WarHorse Gaming generated 94.8 million dollars in gaming revenue as of August 25 and contributed 22.5 million dollars in taxes. A large portion of this tax revenue supports property tax relief programs under state law. The company expects its operating cash flow to double by 2026.

Morgan said the company remains committed to community investment and long-term development:

“WarHorse Gaming is Nebraska grown and owned. We believe in providing a world-class gaming experience while investing in our communities, our state, and the Winnebago people.”

WarHorse Gaming operates under Ho-Chunk Inc, an economic development corporation created by the Winnebago Tribe of Nebraska. Established three decades ago, Ho-Chunk Inc was founded to create employment opportunities and promote economic self-sufficiency for tribal members.

The 2020 ballot initiative, co-sponsored by Ho-Chunk Inc and the Nebraska Horsemen Benevolent and Protective Association, authorized casino gaming at licensed horse racing tracks statewide. Since then, Ho-Chunk Inc has become a major contributor to the state economy, driving employment and tax revenue through gaming and other business ventures.

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