WarHorse Gaming Secures $300 Million Refinance to Build South Sioux City Casino and Fund Omaha, Lincoln Expansions

South Sioux City, Nebraska, October 4, 2025

News Summary

WarHorse Gaming closed a $300 million refinancing package under a five-year loan to begin a new casino in South Sioux City and to fund expansion phases at its Omaha and Lincoln locations. The financing was led by U.S. Bank with participation from Capital One, KeyBank, Huntington, BOK Financial and Comerica, and was arranged in under a month. Plans call for a racetrack and casino on two 40-acre parcels with room for a future hotel and an estimated initial construction cost near $50 million. The funding also supports Lincoln and Omaha upgrades, expected to boost revenues and local jobs.

WarHorse Gaming secures $300 million refinancing to fund South Sioux City casino and expansions in Omaha and Lincoln

WarHorse Gaming, Nebraska’s largest casino operator, has secured a $300 million refinancing package to kick off a new casino project in South Sioux City and to fund the next phase of expansions at its Omaha and Lincoln locations. The financing consists of startup loans under a five-year arrangement and was announced to the public by the lender group.

Deal structure and lenders

The refinancing was arranged in under a month by U.S. Bank and includes participation from Capital One, KeyBank, The Huntington National Bank, BOK Financial, and Comerica Bank. The financing is structured as startup loans under a five-year deal to provide liquidity for construction and expansion work.

Primary uses of proceeds

Proceeds will support construction of a new WarHorse Casino in South Sioux City and fund expansion at the operator’s horse-racetrack casinos in Omaha and Lincoln. The South Sioux City project is estimated at roughly $50 million and is designed to include a horse racing track, slot machines, table games, a sportsbook, and space for a future hotel. The plan calls for development on two 40-acre parcels, with the racetrack on the east parcel and the casino on the west parcel.

Timing and lingering questions

Reports vary on the construction start date for the South Sioux City casino. Some accounts indicate work will begin in spring 2025, others point to fall 2025 or spring 2026, and a separate item notes construction could begin next summer. Interim horse racing operations continue at the existing Atokad race track while Ho-Chunk plans to move the track to a new parcel south of Highway 20 in spring 2025. Before the new South Sioux City casino can open, the operation must convert its racing license to a casino license.

Local economic impact

Project leaders say the casino and related developments will create new jobs and generate tax revenue for local governments. Under the current tax structure, 25 percent of casino tax revenue goes to the local city and county. Officials estimate millions in potential additional revenue for South Sioux City and Dakota County, with much of current gaming tax income in the state already allocated to property tax relief.

Performance and expectations

WarHorse Gaming reported $94.8 million in gaming revenue year to date, with gaming taxes totaling $22.5 million in the same period. Management expects operating cash flow to roughly double in 2026 as expansions come online. The Omaha expansion opened in April and continues to draw strong visitation, while a larger Lincoln expansion is planned for spring 2026 and will add more gaming floor space, additional table games, a steakhouse, and a high-end sports bar.

Ownership and origins

WarHorse Gaming is owned by the Winnebago Tribe of Nebraska through its economic development arm, Ho-Chunk, Inc. The company and its parent were formed after the state’s voter-approved 2020 expansion of casino gaming at licensed horse tracks. Leadership emphasized that the operation is Nebraska-grown and aimed at delivering a high-quality gaming experience while investing in local communities and tribal priorities.

Market context and competition

Planners note that the South Sioux City property will be modest compared with larger regional resorts but built with room for future growth. Market analysis indicates most of the potential market revenue will come from a nearby commercial operator, while the new site could also compete with an established tribal-owned gaming facility in the region. The presence of multiple operators will shape promotional, convenience, and product strategies going forward.

How the refinancing was communicated

The refinancing and participating lenders were disclosed in a statement by the lead bank. Some reporting on the arrangement appeared behind a paywall in certain outlets.

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Key project features

Deeper Dive: News & Info About This Topic

Additional Resources

• KTIV — WarHorse Gaming receives loan & South Sioux City casino
• Wikipedia: WarHorse Gaming
• Siouxland Proud — New South Sioux City casino announces construction start date
• Google Search: WarHorse Gaming South Sioux City
• Sioux City Journal — WarHorse Gaming / local business coverage
• Google Scholar: WarHorse Gaming refinancing
• CDC Gaming Brief — South Sioux City casino work to start next summer
• Encyclopedia Britannica: WarHorse Gaming / Nebraska casino
• Tribal Business News — Winnebago Tribe’s WarHorse Gaming secures $300M refinancing
• Google News: WarHorse Gaming refinancing

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