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 Refinance to Build South Sioux City Casino and Fund Omaha, Lincoln Expansions
WarHorse Gaming, LLC, Nebraska’s largest casino operator, has closed a $300 million refinancing package that will fund the start of a new casino in South Sioux City and pay for the next development phases at properties in Omaha and Lincoln. The funds were secured as part of a five-year loan arrangement and were put together in less than a month, according to a statement from the lead bank.
Key financing and partners
The refinancing includes participation from several regional and national banks. The arrangement was led by U.S. Bank and included contributions from Capital One, KeyBank, The Huntington National Bank, BOK Financial, and Comerica Bank. The package provides startup loans under a five-year deal to support both new construction and ongoing expansion work at existing sites.
How the money will be used
Proceeds will back the construction of a new casino in South Sioux City and the next phases of expansion at WarHorse locations at racetracks in Omaha and Lincoln. The Lincoln project is scheduled for a spring 2026 expansion that will enlarge gaming floor space, add table games, and include a steakhouse and an upscale sports bar. The Omaha expansion opened in April and continues to draw strong visitor numbers.
South Sioux City project details and timing
The South Sioux City development is planned to include a horse racing track and a casino with slot machines, table games and a sportsbook, with room on the site for a future hotel. The project footprint was reported to use two 40-acre parcels, with the racetrack on the east parcel and the casino on the west parcel. One estimate cited about $50 million as the potential construction cost.
Reports differ on the exact start date. Some accounts say the racetrack currently hosting racing at Atokad will move to a new parcel south of Highway 20 in spring 2025, while others list construction starts from spring 2025 to spring 2026 or even fall 2025. One update referenced a start of construction “next summer.” These varying timelines reflect ongoing permitting, land moves and licensing steps needed before full construction begins.
License and regulatory steps
To operate the new casino, the company will need to convert its horse racing license to a casino license. That licensing process is part of state and local regulatory oversight. The South Sioux City facility is planned as a modest-size casino by the company and is expected to include staged expansion options over time.
Ownership, origins and state context
WarHorse Gaming is owned by the Winnebago Tribe of Nebraska through its economic development arm, Ho-Chunk, Inc.. The company and its parent moved into casino development following a voter-approved expansion of gaming at licensed horse tracks in Nebraska. That ballot measure, approved in 2020, has led to multiple racetrack-based casino projects across the state and was referenced alongside other reports that noted a constitutional change a few years ago to enable expanded horseracing gaming sites.
Economic impact and revenue
Year-to-date figures from state regulators show WarHorse Gaming has generated about $94.8 million in gaming revenue, with gaming taxes totaling roughly $22.5 million. Most of the tax collections are earmarked for property tax relief. Company forecasts included in reports say operating cash flow is expected to roughly double in 2026 as expansions come online.
Executives say the project is expected to create new local jobs and produce additional tax revenue for city and county governments. About 25 percent of casino taxes are routed to the local city and county in state rules, and officials expect that funding could translate into millions of additional dollars for schools and infrastructure in the host communities.
Market position and nearby competition
Market analysis cited by the company suggests competition will come from existing regional casino properties, with a large branded venue capturing a significant share of regional play. Company leaders have framed the South Sioux City site as a project that will fit local demand while allowing room for future growth.
Rapid financing signals bank confidence
Company leadership described the quick arrangement of the refinancing as an indication that bank partners value the operator’s progress and see solid upside. The financing package gives the operator immediate capital to move forward on site work, track relocation and planned expansion phases across the state.
Frequently Asked Questions
What did WarHorse Gaming secure?
WarHorse Gaming secured a $300 million refinancing package in a five-year loan arrangement to fund a new South Sioux City casino and further expansions in Omaha and Lincoln.
Who led the financing and which banks participated?
The refinancing was led by U.S. Bank and included participation from Capital One, KeyBank, The Huntington National Bank, BOK Financial and Comerica Bank. The deal was arranged in less than a month.
When will construction in South Sioux City start?
Reported start dates vary. Steps such as moving the interim racetrack have target dates in spring 2025, but other reports list construction windows from fall 2025 through spring 2026 or “next summer.” Final timing will depend on permitting, licensing and site preparation.
How much is the South Sioux City project expected to cost?
An estimate of about $50 million has been cited for the initial build, with the site designed to allow future expansion such as a hotel.
Who owns WarHorse Gaming?
WarHorse Gaming is owned by the Winnebago Tribe of Nebraska through its economic development arm, Ho-Chunk, Inc..
How will the local community benefit?
Officials expect job creation and additional tax revenue. A portion of casino tax funds flows to local city and county budgets and can be used for schools, infrastructure and property tax relief.
Is the company generating revenue now?
Yes. State-reported figures show roughly $94.8 million in gaming revenue year to date, with $22.5 million in gaming taxes collected so far this year.
Key features at a glance
| Feature | Details |
|---|---|
| Refinancing Amount | $300 million in startup loans under a five-year arrangement |
| Lead Bank | U.S. Bank (arranged refinancing in under a month) |
| Participating Banks | Capital One, KeyBank, The Huntington National Bank, BOK Financial, Comerica Bank |
| Primary Uses | Build South Sioux City casino; fund Omaha and Lincoln expansions |
| South Sioux City Plans | Racetrack and casino on two 40-acre parcels, room for future hotel; estimated initial cost ~ $50 million |
| Lincoln Expansion | Planned spring 2026: larger gaming areas, more table games, steakhouse, high-end sports bar |
| Omaha | Expansion opened in April and continues to drive visitation |
| Revenue (YTD) | Approximately $94.8 million in gaming revenue; $22.5 million in gaming taxes |
| Ownership | Owned by the Winnebago Tribe of Nebraska via Ho-Chunk, Inc. |
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
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