WarHorse Gaming Secures $300M Deal to Fuel Expansion in Nebraska

Nebraska’s leading casino operator, WarHorse Gaming, the economic development arm of the Winnebago Tribe of Nebraska, has secured a $300 million refinancing deal, paving the way for an exciting expansion. This includes the opening of a new casino in South Sioux City and major upgrades to its current locations in Omaha and Lincoln.

WarHorse Plans New Casino in Nebraska

The deal is among the quickest to be finalized in the pro rata financial market, completed in under a month by US Bank, with support from Capital One, KeyBank, The Huntington National Bank, BOK Financial, and Comerica Bank. Lance Morgan, CEO of Ho-Chunk, Inc., the parent company of WarHorse Gaming, remarked that the swift refinancing demonstrates how much their banking partners value the company’s efforts and recognize the significant potential ahead. He expressed pride in having them on board for this next major phase.

The refinancing sets the stage for WarHorse Gaming’s ongoing expansion of its state-regulated casinos at horse racetracks in Nebraska’s largest cities, Omaha and Lincoln. Construction of a third WarHorse Casino will begin next summer in South Sioux City. The highly anticipated expansion of WarHorse Lincoln, slated for spring 2026, will feature expanded gaming areas, additional table games, a new steakhouse, and a premium sports bar. Meanwhile, WarHorse Omaha’s recent expansion, which opened in April, continues to see strong growth and rising visitor numbers.

WarHorse Gaming Has Been Seeing Lots of Success In 2025

So far this year, WarHorse Gaming has generated over $94 million in gaming revenue, according to the Nebraska Racing and Gaming Commission. The company’s gaming taxes have contributed around $22.5 million, much of which is directed toward property tax relief as required by state law.

It should also be noted that the company has been a huge advocate for new gambling laws in the state that could see mobile sports betting enter Nebraska. Just last month, WarHorse spearheaded an initiative that asks voters to approve a change to the state constitution that would allow people to place bets using their smartphones and other online platforms. 

Leadership emphasizes that WarHorse Gaming is both Nebraska-grown and owned, dedicated to offering a top-tier experience while investing in local communities, the state, and the Winnebago people. WarHorse Gaming anticipates its operating cash flow could double by 2026 due to these combined expansions. With more entertainment options, larger facilities, and a focus on reinvesting in Nebraska, the company expects increased local engagement and statewide benefits, potentially reshaping the regional gaming landscape for years to come.