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.
Ho-Chunk Refinances $300 Million to Back South Sioux City Casino and Nebraska Expansions
A new five-year, $300 million refinancing deal will support the construction of a new casino in South Sioux City and continued expansions at two existing Nebraska racetrack casinos. The financing was arranged in under a month and includes participation from several regional and national banks.
Top facts up front
– The refinancing package totals $300 million and is structured to free up cash flow for projects over the next five years.
– Funds will pay for a new South Sioux City casino (estimated at $50 million to $60 million-plus) and further work at the Omaha and Lincoln properties.
– The financing was secured by a lead bank with participation by other major banks and was closed quickly.
– The deal improves the company’s interest rate profile and reduces near-term drain on operating cash.
Who is behind the plan
The casino operator involved is the largest of its kind in the state and is part of a larger Native-owned business group. The construction contractor for the South Sioux City site is based on nearby tribal land. The operator formed after a state vote in 2020 expanded legal casino activity at licensed horse-racing locations.
What the money will fund
The refinancing supports three main efforts:
- New South Sioux City casino tied to a new racetrack on land south of the interstate. Cost estimates vary between $50 million and $60 million-plus.
- Expansion at the Omaha venue, which this year completed a major enlargement that added a 50,000-square-foot gaming floor and 1,200 slot machines, plus a covered skywalk and new dining space.
- Expansion at the Lincoln venue, a roughly $70 million project to add tens of thousands of square feet for more slot machines and table games, new food and drink venues, and space reserved for a future hotel and other amenities.
Timeline and site details
Reported start dates for the South Sioux City work vary. One update points to a start in summer 2026 with a completion window of about 18 to 24 months. Other local scheduling notes indicate work could begin as early as spring 2025 or in fall 2025 to spring 2026. The South Sioux City project is planned on an area described in some accounts as an 80-acre site, or as two 40-acre parcels with the track on one parcel and the casino on the other. The new racetrack has already hosted live races on a 5/8-mile track.
Financing partners and structure
A leading bank arranged the transaction with participation from several other lenders. The package is described as a five-year refinancing that reduced interest costs and improved operating cash flow by shifting debt service terms. Lenders were reported to have moved quickly after the company posted strong revenue following a full opening at its Omaha location.
Revenue, taxes and community impact
The operator has posted high revenue this year and paid tens of millions in gaming taxes so far, money that under state rules has largely been used for property tax relief. The company projects higher operating cash flow in the coming year as expansions come online. Local officials and company leaders say the projects will create jobs and produce new local tax revenues for schools and infrastructure. Critics warn that expanded gaming can increase problem gambling and note that a separate class of skill-game machines already exists across the state and draws criticism from some public-interest groups.
Other construction details
The South Sioux City casino contractor is headquartered nearby and will handle the site work; one of the expansions used a regional construction firm as a subcontractor. Plans for the Lincoln property include space for a large hotel, though that element does not have a final start date.
Frequently Asked Questions
What exactly did the company refinance?
The company refinanced roughly $300 million in startup loans into a new five-year financing package to back ongoing construction and expansion projects.
What will the funds pay for?
Funds will support a new casino in South Sioux City and expansions at the Omaha and Lincoln racetrack casinos, including new gaming space, restaurants, and future hotel space at one site.
How much will the South Sioux City casino cost?
Cost estimates for the South Sioux City project range from about $50 million to over $60 million, depending on reporting and final design choices.
When will construction start and finish?
Reported start dates differ: some timelines point to spring or fall of 2025, others to summer 2026. Completion for the South Sioux City facility is estimated at 18 to 24 months after construction begins.
Who are the lenders?
The refinancing was arranged by a lead bank with quick approval and included participation from multiple regional and national banks.
What are the local benefits and concerns?
Expected benefits include job creation and new tax revenue for local governments. Concerns include the potential rise in problem gambling and the source of revenue coming from local residents.
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Key Project Features
| Feature | Details |
|---|---|
| Refinancing amount | $300,000,000 over a five-year term |
| Primary uses | New South Sioux City casino plus Omaha and Lincoln expansions |
| South Sioux City estimated cost | $50 million to $60 million+ |
| Omaha expansion | 50,000 sq ft gaming floor, 1,200 slots, new restaurants and skywalk |
| Lincoln expansion | Approximately $70 million; 70,000–80,000 sq ft for gaming and dining; hotel planned |
| Contractors | Local construction group for South Sioux City; subcontractor used on Omaha expansion |
| Revenue to date | Operator reported about $95 million in gaming revenue so far this year and $22.5 million paid in gaming taxes to date |
| Community impacts | Job creation, added local tax revenue, and concerns over problem gambling |
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
Author: Construction NY News
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