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 build South Sioux City casino, expand Omaha and Lincoln sites
WarHorse Gaming, LLC, the largest casino operator in Nebraska, has closed a $300 million refinancing package intended to start construction of a new casino in South Sioux City and to fund the next phase of expansions at its Omaha and Lincoln locations. The financing comes as a five-year loan facility made available rapidly by a consortium of banks.
Key financing details and partners
The refinancing deal includes $300 million in startup loans under a five-year arrangement. The work to arrange the financing was completed in less than a month and was led by U.S. Bank. Other banks participating in the transaction include Capital One, KeyBank, The Huntington National Bank, BOK Financial, and Comerica Bank. The financing was announced in a statement from the banks involved.
Why the money matters
Proceeds from the refinancing will be used to begin construction of a new WarHorse Casino in South Sioux City and to support expansions at the company’s existing casinos at horse racetracks in Omaha and Lincoln. Executives emphasized that the financing reflects lenders’ confidence in the company’s business and in its role in Nebraska.
Ownership and background
WarHorse Gaming is owned by the Winnebago Tribe of Nebraska through its economic development arm, Ho-Chunk, Inc. The company and its parent organization have framed the growth as Nebraska-grown and owned development that will bring new jobs and tax revenue to local communities. The company’s expansion into track-based casinos is a result of a voter-approved 2020 change that allowed casino gaming at licensed horse tracks in the state.
Project plans and timelines
The South Sioux City project is planned to include a horse racing track and a casino with slot machines, table games, and a sportsbook, with room for a hotel to be added later. Reports estimate the initial build cost at about $50 million. The development is planned over two adjacent 40-acre parcels, with the racetrack on the east parcel and the casino on the west parcel. The track currently operates at the Atokad site while plans move forward.
Timing for the South Sioux City ground-breaking varies among different reports. Some say work will begin in spring 2025, others say construction is slated for fall 2025 or spring 2026, and another report indicates the project could break ground next summer. The company has also said the new facility will be modest by typical casino standards and that a state license conversion will be required before the new casino opens.
Other expansions — Omaha and Lincoln
The Omaha expansion opened in April and continues to draw strong visitor numbers. The Lincoln location has a major expansion planned for spring 2026, which will add larger gaming areas for machines, more table games, a steakhouse, and a high-end sports bar. Company projections indicate operating cash flow could double in 2026 as these projects come online and visitation grows.
Financial performance and public returns
Year-to-date figures reported to the Nebraska Racing and Gaming Commission show WarHorse Gaming has generated about $94.8 million in gaming revenue and has contributed roughly $22.5 million in gaming taxes. Most of that tax money has been designated for property tax relief. Company leaders say that 25 percent of the casino tax will go to city and county governments, providing an additional revenue stream that can be used for schools, roads and other local needs. The company expects the tax flow and job creation to bring tangible local benefits.
Market and competitive notes
Leaders have said market studies show a large share of revenue in the region is drawn to an existing major branded property, and nearby tribal-owned operations will remain regional competitors. The South Sioux City site is intended to capture local and regional play while allowing room for future growth.
Next steps and permits
The company must convert an existing horse racing license to a casino license for the South Sioux City complex before opening. Permitting, final design work and clear timelines will follow as the refinancing funds are deployed and construction schedules are finalized.
Frequently Asked Questions
What was financed and how much?
A five-year refinancing package provided $300 million in startup loans to support a new casino in South Sioux City and expansions in Omaha and Lincoln.
Who arranged and backed the loan?
The refinancing was arranged quickly by U.S. Bank, with participating banks including Capital One, KeyBank, The Huntington National Bank, BOK Financial and Comerica Bank.
Who owns WarHorse Gaming?
WarHorse Gaming is owned by the Winnebago Tribe of Nebraska through its economic development entity, Ho-Chunk, Inc.
When will the South Sioux City casino be built?
Reported start dates vary. Some reports point to spring 2025, others to fall 2025 or spring 2026, and at least one report mentions next summer. Final timing depends on permits and license conversion.
What will be included at South Sioux City?
The plan calls for a racetrack and a casino with slot machines, table games and a sportsbook, plus space to add a hotel later. The build is estimated at about $50 million and will sit on two 40-acre parcels.
How does this affect local tax revenue?
WarHorse reported roughly $22.5 million in gaming taxes year-to-date, with most used for property tax relief. About 25 percent of the casino tax goes to city and county governments and could provide millions more in local revenue.
What is the timeline for Omaha and Lincoln expansions?
Omaha’s expansion opened in April and is drawing strong visitation. Lincoln’s expansion is planned for spring 2026, with larger gaming areas, more table games, a steakhouse and a high-end sports bar.
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Key features at a glance
| Feature | Details |
|---|---|
| Refinancing amount | $300 million in five-year startup loans |
| Lead arranger | U.S. Bank (arranged in under a month) |
| Participating banks | Capital One, KeyBank, The Huntington National Bank, BOK Financial, Comerica Bank |
| Owner | Winnebago Tribe of Nebraska via Ho-Chunk, Inc. |
| South Sioux City plan | Racetrack + casino (slots, table games, sportsbook), room for hotel, on two 40-acre parcels; est. cost ~$50M |
| Omaha | Expansion opened in April, continues strong visitation |
| Lincoln | Expansion planned for spring 2026: larger gaming floor, more table games, steakhouse, high-end sports bar |
| YTD gaming revenue | $94.8 million |
| YTD gaming taxes | $22.5 million (mostly for property tax relief) |
| Local tax share | 25% of casino tax goes to local city and county |
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
Author: Construction NY News
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