Published on: October 6, 2025, 08:31h.
Updated on: October 6, 2025, 08:31h.
- WarHorse Gaming, LLC has successfully refinanced $300 million in initial loans
- This refinancing will facilitate the opening of a new casino in South Sioux City, Nebraska
The construction for the WarHorse South Sioux City Casino is anticipated to commence in the spring of next year.
WarHorse Gaming, LLC, which serves as the economic development branch of the Winnebago Tribe of Nebraska, has recently secured funding not only for this new venture but also for investments in its existing casinos across Nebraska. As the state’s premier casino operator, WarHorse Gaming has finalized the refinancing of $300 million in startup loans, which were initially used to build WarHorse Casino Lincoln and WarHorse Casino Omaha.
Lenders involved in the refinancing deal include US Bank, Capital One, KeyBank, Huntington National, BOK, and Comerica.
“This swift refinancing illustrates that our banking partners recognize our efforts and foresee the significant potential ahead,” stated Lance Morgan, CEO of Ho-Chunk, Inc., the parent organization of WarHorse Gaming. “We’re thrilled to have them on board as we embark on this exciting new chapter.”
WarHorse operates racetrack casinos in Lincoln and Omaha through a collaboration with the Nebraska Horsemen’s Benevolent and Protective Association (NHBPA). Additionally, the horsemen’s group owns the now-closed Atokad Downs in South Sioux City.
WarHorse Leader in Nebraska
Voters authorized commercial casinos at licensed horse racetracks with a statewide ballot referendum in 2020. WarHorse Gaming has emerged as a leading operator, even in a market that includes established companies like Caesars Entertainment and Elite Casino Resorts.
From January to August 2025, WarHorse Omaha recorded gross gaming revenue (GGR) amounting to $59.6 million from its slots, tables, and sportsbook operations. Meanwhile, WarHorse Lincoln reported GGR of $53 million, totaling around $112.6 million in combined revenue.
Elite’s Grand Island Casino & Resort at Fonner Park grossed $34.6 million, while Caesars’ Harrah’s Columbus NE Racing & Casino brought in $17.3 million. Lake Mac Casino & Resort, Elite’s second establishment in Nebraska, just opened its doors in August.
WarHorse executives attribute their rapid growth to the recent $300 million refinancing deal and predict that their operating cash flow could double in 2026.
“WarHorse Gaming is rooted in Nebraska and driven by local ownership. Our commitment lies in delivering an exceptional gaming experience while investing back into our communities, the state, and the Winnebago people,” Morgan noted.
In addition to the South Sioux City location, the $300 million refinancing will also facilitate enhancements to the Lincoln and Omaha properties.
South Sioux Casino Development
WarHorse, together with NHBPA, aims to establish a brand new horse racetrack and casino in South Sioux City, situated about a mile east of the former Atokad Downs. The proposed location is just south of Interstate 129, stretching across C Avenue.
The approximately 87-acre area is owned by HCI Management Services Company, a subsidiary of Ho-Chunk, Inc. WarHorse Gaming plans a $50 million investment for the creation of a new 5/8 mile racetrack and grandstand, along with a casino equipped with an unspecified number of slots and table games. The opening is projected for the summer of 2028.
Officials from Ho-Chunk indicate that the goal of the WarHorse South Sioux casino is to capture market share from Sioux City and northwestern Iowa. However, the new property will be less than 15 miles from WinnaVegas, the tribe’s flagship casino resort located on the Winnebago Reservation.
“We have no intentions of undermining WinnaVegas,” Morgan stated last year. “Our research shows that most of the revenue from the WarHorse South Sioux City will originate from Hard Rock Sioux City.”