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.
WarHorse Gaming secures $300M refinancing to fund new South Sioux City casino and Nebraska expansions
In a major financing move, WarHorse Gaming completed a $300 million refinancing deal that will supply cash for a new casino in South Sioux City and continued expansions at its existing Omaha and Lincoln properties. The refinancing is structured as a five-year facility and was arranged quickly, with lead bank participation secured in under a month and several other banks joining the lending group.
What the financing covers
The refinanced loan will back construction and growth projects over the next five years. Primary uses include a new casino and racetrack complex in South Sioux City estimated at roughly $50 million to $60 million-plus, and further buildouts and operating expansions at the two existing state-regulated venues in Omaha and Lincoln.
Who provided the funds
The financing was led by a major national bank, with participation from a group of regional and national institutions. The lending group includes multiple banks that joined to complete the deal, which executives say was approved quickly in light of recent operating performance.
Project timeline and uncertainties
Estimates for when construction will begin vary by report. Company leadership anticipates starting work in the summer of 2026 with an 18 to 24 month construction window to completion for the South Sioux City casino. Other local timeline estimates range from spring 2025 to fall 2025 or spring 2026 for the start of work, leaving the first shovel-in-the-ground date uncertain. The company has said final licensing steps must be completed before the new casino can open.
Site, scope and contractor
The South Sioux City project is planned next to a new racetrack site and is described in different accounts as either an 80-acre parcel or two 40-acre parcels with the track on one side and the casino on the other. The racetrack element is referred to as the Atokad racetrack and the project will combine live racing with a casino that includes slot machines, table games and a sportsbook. The construction contractor for the new facility is the company’s related construction group, which is based near the Winnebago Nation.
What’s happening in Omaha and Lincoln
WarHorse operates two licensed venues in Omaha and Lincoln that opened fully in 2024. Omaha completed a significant expansion this spring that added a 50,000-square-foot gaming floor with approximately 1,200 slots, a covered skywalk from parking to the casino and new dining options. Lincoln’s expansion is a larger, roughly $70 million project that is planned to add roughly 70,000 to 80,000 square feet for gaming, table games, a sports bar and a steakhouse; plans also include a potential 200-room hotel that has not yet started and has no firm timeline.
Financial performance and public revenue
The operator has reported strong revenue since its venues fully opened, with gaming revenue this year reported at about $95 million. Gaming taxes from that revenue have totaled about $22.5 million so far this year, with most of that directed to property tax relief under state rules. The company expects operating cash flow to roughly double in 2026, a projection that helped secure lender confidence for the refinancing.
Community impact and criticism
Company leaders say the projects will create jobs and provide new tax revenue to local governments that can be used for schools and infrastructure. The planned tax distribution model includes a portion being directed to city and county budgets. Critics caution that expanded gaming draws more consumer spending into machines and casinos, potentially increasing problem gambling and financial strain on local residents. State debates over regulation of skill-game terminals and taxation continue to influence how gaming revenue is collected and used.
Background and regulatory notes
The operator formed after a statewide change in the constitution to allow expanded casino gaming at licensed horse tracks. That measure opened the path for racetrack casinos and large-scale investment in venue buildouts. The new South Sioux City plan includes converting racing licenses where needed into casino licenses before operations can begin.
Next steps
With the refinancing in place, the company plans to proceed with permitting, land preparation, and licensing steps while completing expansions at its Omaha and Lincoln sites. Exact construction start dates remain subject to final approvals and market factors.
Frequently Asked Questions
What did WarHorse Gaming refinance?
The company refinanced approximately $300 million in startup loans into a new five-year financing package to fund new construction and expansions.
What will the refinancing pay for?
Proceeds will fund a new racetrack and casino project in South Sioux City estimated at about $50 million to $60 million, plus further expansions and improvements at the Omaha and Lincoln properties.
Who is building the South Sioux City casino?
The construction contractor is the operator’s affiliated construction group, headquartered near the Winnebago Nation, which will serve as the main contractor on the South Sioux City project.
When will construction begin and finish?
Timelines differ by report. Company leaders anticipate starting construction in summer 2026 with an 18 to 24 month build timeline, while other local reports indicate possible starts as early as spring or fall 2025.
How much revenue and taxes has the company generated?
The operator has reported about $95 million in gaming revenue this year and roughly $22.5 million in gaming taxes paid to date, much of which has been used for property tax relief under state law.
Who provided the new financing?
A lead national bank arranged the loan quickly and several other banks participated, forming a lender group to complete the refinancing.
Will the project create jobs and local revenue?
Company statements indicate the projects will create jobs and generate new local tax revenue; critics emphasize potential social costs tied to expanded gambling activity.
Key features at a glance
| Feature | Details |
|---|---|
| Refinancing amount | $300 million |
| Primary purpose | Fund new South Sioux City casino/racetrack and expansions in Omaha and Lincoln |
| Lenders | Lead national bank with participation from several regional and national banks |
| Deal term | Five years |
| South Sioux City cost estimate | Approximately $50 million to $60 million-plus |
| Construction contractor | Affiliated construction group based near the Winnebago Nation |
| Omaha expansion highlights | 50,000 sq ft gaming floor, ~1,200 slots, covered skywalk, new restaurants |
| Lincoln expansion highlights | ~$70 million project adding 70,000–80,000 sq ft, new dining and sports bar, hotel planned |
| Reported revenue & taxes | ~$95M in gaming revenue this year; ~$22.5M in gaming taxes to date |
| Community impacts | Job creation and new tax revenue; critics cite social risks from expanded 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
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