WarHorse Gaming’s $300 Million Boost Sets New Pace for Nebraska Casino Landscape

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Nebraska’s casino market is set for a major transformation after WarHorse Gaming secured a rapid $300 million refinancing. The financing, completed in record time, paves the way for expansions in Omaha and Lincoln and the construction of a new casino in South Sioux City, signaling new economic opportunities across the state.

Key Takeaways

WarHorse Gaming finalized a $300 million, five-year refinancing in under a month.
Funds will expand casinos in Omaha and Lincoln, and launch a new South Sioux City project.
Major banks—U.S. Bank, Capital One, KeyBank, The Huntington National Bank, BOK Financial, and Comerica Bank—backed the deal.
Projected to double operating cash flow by 2026, with a significant positive impact on local economies.
Gaming tax revenues are supporting state property tax relief and community initiatives.

Nebraska’s Casino Expansion Accelerates

WarHorse Gaming’s fresh influx of capital marks a new phase in Nebraska’s casino sector. The new refinancing, organized in under a month, represents extraordinary confidence from leading financial institutions. The funds will support expansion projects at WarHorse’s two largest existing venues—located at racetrack sites in Omaha and Lincoln—and enable construction to begin on a third, highly anticipated casino in South Sioux City next summer.

Omaha’s WarHorse Casino has already seen increased visitation and gaming activity following a recent expansion. Meanwhile, Lincoln’s casino is slated for a major redevelopment by spring 2026, including an enlarged gaming floor, new table games, a steakhouse, and a premium sports bar. These improvements aim to attract more visitors and provide a world-class entertainment experience.

Driving Revenue and Community Investment

WarHorse Gaming’s financial performance underscores robust industry growth. According to August data from state regulators, WarHorse’s properties have generated nearly $95 million in gaming revenue so far this year. Of the $22.5 million paid in gaming taxes, the majority has gone toward property tax relief for Nebraskans, providing tangible benefits to communities statewide.

The parent group, Ho-Chunk, Inc.—established by the Winnebago Tribe of Nebraska—continues its mission to create jobs and foster economic self-sufficiency for Native communities and the broader state economy. The 2020 ballot measure that enabled Nebraska’s racetrack casino boom has since turned WarHorse Gaming into a major taxpayer and one of the region’s most significant employers.

Forward-Looking Growth and Legislation

With this financing, WarHorse Gaming anticipates its operating cash flow will double by 2026. The company’s investments are expected to not only expand entertainment choices in Nebraska but also elevate the state’s reputation as an emerging gaming destination. In addition to brick-and-mortar growth, WarHorse Gaming has advocated for legislative updates, including the introduction of mobile sports betting, aiming to further modernize and diversify Nebraska’s gaming industry.

WarHorse Gaming’s leadership has made it clear that these expansions are as much about revitalizing community and supporting the Winnebago people as they are about growing business. With continued reinvestment and ambitious projects ahead, the next years are poised to be dynamic for gaming and economic development across Nebraska.