WarHorse Gaming lines up $300M in financing for Nebraska casino developments

Nebraska’s casino industry continues to grow following the 2020 voter-approved legalization of gaming at licensed horse tracks, with WarHorse Gaming, LLC completing a $300 million refinancing deal to support ongoing developments in Omaha and Lincoln and a third project in South Sioux City.

The five-year refinancing agreement was arranged in less than a month by US Bank, with participation from Capital One, KeyBank, The Huntington National Bank, BOK Financial, and Comerica Bank. The deal refinances startup loans used during the company’s initial phase of casino development in Nebraska.

“This rapid refinancing shows our bank partners value what we're doing, and see the great potential ahead,” said Lance Morgan, CEO of Ho-Chunk, Inc., the parent company of WarHorse Gaming. “We are proud to have them join us for this next big chapter.”

WarHorse Gaming’s development plan includes a new casino in South Sioux City, scheduled to begin construction next summer, alongside expansion projects at existing properties in Lincoln and Omaha.

The Lincoln site’s spring 2026 phase will introduce larger gaming areas for machines, more table games, a steakhouse, and a sports bar. In Omaha, the company completed an expansion in April that has resulted in increased visitation and gaming activity.

As of August 25, the Nebraska Racing and Gaming Commission reported that WarHorse Gaming recorded $94.8 million in total gaming revenue for the year. The company has paid $22.5 million in gaming taxes, most of which are directed toward property tax relief programs under state law. WarHorse Gaming projects that its operating cash flow will double by 2026.

“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,” Morgan said.

WarHorse Gaming operates under Ho-Chunk, Inc., the economic development corporation of the Winnebago Tribe of Nebraska. Founded 30 years ago, Ho-Chunk, Inc. was created to generate employment and promote economic self-sufficiency for the Tribe.

The 2020 ballot initiative co-sponsored by Ho-Chunk, Inc. and the Nebraska Horsemen authorized casino gaming at licensed horse racing tracks across the state. Since then, Ho-Chunk, Inc. has developed into a major employer and taxpayer in Nebraska, contributing to both tribal and statewide economic activity through its gaming and business ventures.