South Sioux City, Nebraska, October 10, 2025
News Summary
WarHorse Gaming completed a $300 million, five-year refinancing to fund a new casino and racetrack complex in South Sioux City and continued buildouts at its Omaha and Lincoln venues. The South Sioux City project is estimated at $50 million to $60 million-plus and will include live racing, slot machines, table games and a sportsbook. Timelines vary—the company anticipates a summer 2026 start with an 18–24 month build window, while other reports suggest earlier starts. The affiliated construction group will lead work. Strong operating revenue and tax contributions helped secure lender support for the deal.
WarHorse Gaming completes $300 million refinancing to fund new South Sioux City casino and Nebraska expansions
WarHorse Gaming, the state’s largest casino operator, has closed a $300 million refinancing package to support construction and expansion plans across Nebraska over the next five years. The deal, described as a new five-year arrangement, was secured rapidly by a lead bank with participation from several regional and national lenders. The company says the financing improves borrowing costs and frees up cash flow to pursue a new South Sioux City venue plus additional work at its Omaha and Lincoln properties.
What the financing covers
The refinancing is intended to fund a new casino tied to a planned racetrack in South Sioux City and to bankroll ongoing expansions at WarHorse’s two existing racetrack casinos in Omaha and Lincoln. Project cost estimates for the South Sioux City facility vary across reports, most commonly cited at about $50 million, while at least one account places the project above $60 million. The secured funds will also help complete a larger Lincoln expansion and follow a completed expansion at the Omaha venue.
Who provided the financing
A major bank led the transaction and closed the financing in under a month. Other banks joined the facility, including national and regional lenders. Company statements emphasize the speed of approval and lender interest after recent strong revenue performance at the operator’s Omaha location.
Project partners and contractor
A construction group affiliated with the parent company will serve as contractor for the South Sioux City project. That contractor is headquartered on the Winnebago Nation near South Sioux City and will handle onsite build work. Subcontractors were used on the Omaha expansion earlier in the year.
Timelines and scope
Public statements and local reports offer differing start and completion estimates. A company spokesperson said construction is expected to begin in the summer of 2026 with completion in roughly 18 to 24 months. Other local timelines cited potential starts as early as spring 2025 or as late as fall 2025 to spring 2026 for preliminary site moves. The South Sioux City development is described in planning materials as linked to a new Atokad racetrack on a multi-acre site adjacent to key highways and neighborhood schools, with the track and casino potentially sited on separate parcels.
What’s included at each site
- South Sioux City: A new racetrack and a modest casino with slot machines, table games and a sportsbook; space reserved for future hotel expansion.
- Omaha: Recently expanded gaming floor totaling about 50,000 square feet, roughly 1,200 slot machines, a covered skywalk from parking, and new dining options; expansion work concluded earlier in the year.
- Lincoln: A larger expansion budgeted near $70 million adding 70,000–80,000 square feet of gaming and food-and-beverage amenities; a planned 200-room hotel has been announced but lacks a firm start date.
Financial and community impacts
The operator reported strong revenue following the full opening of its Omaha venue, with year-to-date gaming revenue near $95 million and gaming taxes collected at about $22.5 million. Those tax receipts have mostly been directed toward property tax relief under state law. The company projects operating cash flow could roughly double in 2026, helping cover expansion costs and future projects.
Regulatory and local concerns
The company’s growth traces to a ballot-driven change to the state constitution that allowed casino gaming at licensed racetracks. Separately, the state has a class of gaming terminals regulated as skill games; an estimated thousands of these machines operate statewide and carry a 5% tax on net revenue. Critics warn that expanded casino activity and widespread terminals can increase problem gambling and shift local dollars away from other needs. Supporters highlight new jobs, additional local tax revenue, and funds for schools and infrastructure.
Key takeaways
- $300 million refinancing closed as a new five-year facility to fund construction and expansions.
- Funds will finance a planned South Sioux City casino and racetrack project and further build-outs at Omaha and Lincoln locations.
- Costs for the South Sioux City project are reported between $50 million and more than $60 million, depending on the account.
- Timelines vary; one company timeline shows construction starting in summer 2026, while other reports show earlier starts.
- Local benefits cited include jobs and tax revenue; critics point to social costs tied to expanded gambling access.
Frequently Asked Questions
What did the refinancing cover?
The new five-year refinancing of $300 million is meant to fund a new South Sioux City casino tied to a racetrack and to support expansions at the company’s Omaha and Lincoln properties.
How much will the South Sioux City project cost?
Estimates vary by source; the most commonly cited figure is about $50 million, though at least one report places the project over $60 million.
When will construction begin?
Timelines differ across reports. Company guidance shows a possible summer 2026 start with 18–24 months to completion, while some local reporting indicates work could start as early as spring 2025 or in fall 2025/spring 2026 for initial site activity.
Who is building the South Sioux City casino?
A construction firm affiliated with the project’s parent organization is set to act as the general contractor; that group is based on the Winnebago Nation near South Sioux City.
What are the projected economic impacts?
The operator reports significant recent revenue and expects higher operating cash flow next year. Potential local benefits include new jobs and added tax dollars for local government, while critics warn of social costs and increased problem gambling risks.
Who financed the refinancing?
A lead bank closed the deal within weeks, joined by multiple participating lenders including several national and regional banks.
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Key project features at a glance
| Feature | Detail |
|---|---|
| Refinancing amount | $300,000,000 |
| Term | Five-year facility |
| Primary uses | New South Sioux City casino & racetrack; expansions at Omaha and Lincoln |
| South Sioux City cost estimate | $50M–$60M+ |
| Omaha expansion | 50,000 sq ft gaming floor; ~1,200 slots; skywalk; new restaurants |
| Lincoln expansion | ~$70M; 70k–80k sq ft; new dining; planned 200-room hotel (no timeline) |
| Reported YTD revenue | Approximately $95M (gaming revenue) |
| Reported gaming taxes collected | Approximately $22.5M to date |
| Contractor for South Sioux City | Construction group headquartered on the Winnebago Nation |
| Site notes | Atokad racetrack connection; site described as 80-acre or two 40-acre parcels near major roads and schools |
Deeper Dive: News & Info About This Topic
Additional Resources
- CasinoBeats: WarHorse Gaming $300M – South Sioux City
- Wikipedia: WarHorse Gaming South Sioux City
- KTIV: WarHorse Gaming receives loan for South Sioux City
- Google Search: WarHorse Gaming refinancing South Sioux City
- CDC Gaming: South Sioux City casino work to start next summer
- Google Scholar: WarHorse Gaming refinancing casino South Sioux City
- Siouxland Proud: New South Sioux City casino announces construction start date
- Encyclopedia Britannica: WarHorse Gaming
- Sioux City Journal: Local business – WarHorse/South Sioux City coverage
- Google News: WarHorse Gaming South Sioux City
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