WarHorse Gaming, Nebraska’s leading casino operator, has completed a major refinancing that will fund a new chapter of growth. The company announced it secured a $300 million package of startup loans in a five-year arrangement, designed to support the development of its third casino and extend upgrades at its existing properties.
Financing Agreement Fast-Tracks Expansion
The deal was completed in under one month, an unusually rapid turnaround for the pro rata financial market. U.S. Bank led the transaction, joined by Capital One, KeyBank, The Huntington National Bank, BOK Financial, and Comerica Bank. The swift approval, according to company officials, reflects the confidence lenders have in WarHorse Gaming’s strategy.
Lance Morgan, CEO of Ho-Chunk, Inc., the parent company of WarHorse Gaming, emphasized the significance of the partnership. “This rapid refinancing shows our bank partners value what we’re doing, and see the great potential ahead,” he said. Morgan added, “We are proud to have them join us for this next big chapter.”
With the financing secured, WarHorse is pressing ahead on multiple fronts. A new property in South Sioux City is scheduled to break ground next summer, marking the company’s third location in the state. At the same time, its two largest venues—already operating at licensed horse racing tracks in Omaha and Lincoln—are being readied for further expansion.
WarHorse Omaha unveiled its expanded facilities in April, an update that has continued to boost attendance. Meanwhile, Lincoln is preparing for a major transformation by spring 2026. Plans call for a broader selection of slot machines, more table games, and a mix of dining and entertainment, including a steakhouse and a high-end sports bar.
WarHorse Gaming confirmed that these upgrades are expected to help double operating cash flow by 2026, underscoring how central the expansion projects are to its long-term growth strategy.
Revenue Growth and Community Impact
According to Tribal Business News, the Nebraska Racing and Gaming Commission reported that WarHorse has generated $94.8 million in gaming revenue so far this year. From that, $22.5 million has been collected in gaming taxes, the majority of which is earmarked for property tax relief. These figures highlight the operator’s growing role in supporting both state finances and local communities.
Morgan also noted the company’s mission remains tied to its roots and its broader community responsibilities. “WarHorse Gaming is Nebraska grown and owned. We believe in providing a world-class gaming experience while investing in our communities, our state and the Winnebago people,” he said.
Owned by the Winnebago Tribe of Nebraska through Ho-Chunk, Inc., WarHorse Gaming originated from the state’s 2020 voter-approved decision to allow casino gaming at licensed horse tracks. That legislation paved the way for the operator’s current success and its continued expansion.
