WarHorse Gaming Sets The Stage For Major Nebraska Casino Growth With New Deal

Written By: Saoli Chakraborty

Saoli Chakraborty

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October 5, 2025 10:41 GMT+5:30

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After completing the refinancing of its $300 million start-up loans, WarHorse Gaming has entered into a newfound phase of expansion. As Nebraska’s largest casino operator, refinancing the loans will enable future expansion of facilities and the construction of a new gaming facility in South Sioux City, Nebraska, and also facilitate major expansion of the company’s existing casino facilities.

In less than a month, in conjunction with primary members of the syndicate, U.S. Bank, Capital One, KeyBank, The Huntington National Bank, BOK Financial, and Comerica Bank, the refinancing facility was completed. The confidence of the financial institutions in the new business model of WarHorse Gaming and the projected growth of the company is certainly well placed.

A New Era of Casino Expansion in Nebraska

With the refinancing deal now in place, WarHorse Gaming plans to expand its operations, including the much-anticipated spring 2026 expansion at its Lincoln, Nebraska, casino. More gaming machines, new table games, and more dining options, including a fine dining steakhouse and a sports bar, will be offered. With the anticipated expansion of WarHorse Lincoln, more visitors and gaming revenues are anticipated, solidifying the growing reputation of Nebraska’s largest casino operator.

With the new financing, WarHorse will also be able to begin construction on a brand new casino project in South Sioux City next summer, which will be the 3rd WarHorse gaming facility in the state. The South Sioux City casino will include modern gaming, hospitality and entertainment and will provide services to attract out-of-state visitors as well.

Financial Growth and Community Impact

As of August 2025, WarHorse Gaming has achieved excellent financial results, receiving $94.8 million in revenue. This includes contributing $22.5 million in gaming taxes, of which a significant amount will be used for property tax relief in Nebraska. WarHorse Gaming plans to continue this exponential growth by aiming to double operating cash flow by 2026.

From the start, WarHorse Gaming has positioned itself as a pillar of the Nebraska economy, not just because of gaming revenues, but also because of community investments, which the company serves as a model for the Winnebago Tribe to follow. Expansion has been spearheaded by Ho-Chunk, Inc., the Tribe’s economic development arm, which operates WarHorse Gaming.

A Commitment to Nebraska’s Future

WarHorse Gaming’s continued refinanced portfolio in Nebraska shows the potential of WarHorse Gaming to Nebraska’s economy. Lance Morgan, the CEO of Ho-Chunk, Inc. (parent company of WarHorse Gaming) explains that WarHorse Gaming prides itself on the scope of Nebraska’s gaming market and its gaming vertical, particularly in its contributions towards the economic prosperity of the Winnebago Tribe and the state of Nebraska.

Nebraska also saw economic growth and improved gaming vertical job opportunities in the state after the `2020 ballot initiative, which the Nebraska Horsemen sponsored. Along with the demand for expanded gaming verticals in Nebraska, the state also saw the development and demand of its casino gaming industry, fueled by the initiative’s regulation policies.

WarHorse Gaming’s Ongoing Expansion and Future Outlook

As WarHorse Gaming continues to develop its South Sioux City facility and the Lincoln expansions, the company expects to claim even bigger market share of the state’s gaming market. The location of the company’s casino racetracks in the major metropolitan areas of Omaha and Lincoln have contributed significantly to the growth in demand and gaming revenue for the company.

Alongside its commitment to growth, WarHorse Gaming continues to invest in local community employment initiatives and regional economic development. Based on the refinancing deal’s financial success and the anticipated expansions, WarHorse Gaming anticipates its economic contributions to Nebraska to continue growing for many years.

Recent expansions, along with the strategic WarHorse Gaming investments being made in Nebraska, have the potential to create many additional opportunities for economic growth within the state. New construction and casino expansions will enhance the tourism sector and overall entertainment options for Nebraska residents and visitors alike.

Conclusion: A Bright Future for WarHorse Gaming and Nebraska

The refinancing deal provides the expected capital for supportive future growth in Nebraska. Set for spring 2026, the gaming and hospitality expansions in South Sioux City and Lincoln will continue to extend WarHorse Gaming’s market reach while reinforcing its market leadership position in the state and regional gaming and hospitality industry.

Strategic financial partnerships coupled with a commitment to community investment have garnered successful results with WarHorse Gaming and bring a model for economic development in the state of Nebraska. The company’s future is paved with growth and innovation opportunities, and, above all, WarHorse Gaming continues to provide the best gaming experience and contributes to the development of Nebraska economy and communities.