WarHorse Gaming secures $300M refinancing to fund South Sioux City casino and Nebraska expansions

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 refinance to build South Sioux City casino and expand Omaha, Lincoln properties

WarHorse Gaming has completed a $300 million refinancing that company leaders say will fund construction projects across Nebraska over the next five years, including a new casino near South Sioux City and further expansions at its Omaha and Lincoln venues. The refinancing is a new five-year arrangement led by a major bank with five other regional lenders participating, and company officials report the deal improves interest costs and frees up operating cash flow.

What the refinancing covers

The funds will support a new racetrack-linked casino in South Sioux City estimated at around $50 million to as much as $60 million-plus, plus ongoing expansion work at the two existing WarHorse casinos at licensed horse racetracks in Omaha and Lincoln. The financing was secured quickly — in less than a month — with the lead bank arranging participation from multiple lenders.

Timeline and construction roles

Company spokespeople have provided differing start-date expectations for the South Sioux City project. In one account, work could begin in spring 2025; in another, construction is anticipated to start in summer 2026 with completion expected 18 to 24 months after breaking ground. The new South Sioux City casino is planned next to a new racetrack on a multi‑acre site south of the local interstate. A tribal-owned construction group headquartered near South Sioux City is listed as the contractor for the new casino and racetrack work.

Site and project details

Plans describe either an 80-acre combined site or two 40-acre parcels with the track on one parcel and the casino on the other. The racetrack described for the site has already hosted live racing on a new course, and the casino is designed to be connected to that track, with room set aside for future growth such as a hotel. The project is called modest in scale compared with larger destination resorts, but it is expected to add gaming machines, table games and a sportsbook.

Expansions already under way

WarHorse opened two state-regulated racetrack casinos in 2024 and has since pushed ahead with expansions. The Omaha venue opened last August and completed a major expansion this April that added a 50,000-square-foot gaming floor hosting about 1,200 slot machines, a covered skywalk from the parking garage, and new restaurants. The Lincoln expansion is a larger project, roughly $70 million, set to add 70,000 to 80,000 square feet of gaming space plus a steakhouse and a high-end sports bar; a planned 200-room hotel at the Lincoln property has not yet started and has no firm timeline.

Money, taxes and local impact

WarHorse reports roughly $95 million in gaming revenue so far this year, with about $22.5 million of gaming taxes collected to date. Under Nebraska rules, those tax receipts have primarily been used for property tax relief. Company plans expect operating cash flow to increase in 2026, helping cover expansion costs while generating ongoing tax revenue for local governments. Local officials were told the project could produce millions of dollars in additional revenue for city and county budgets and create new jobs.

Critics and policy context

The growth of racetrack casinos traces back to a 2020 ballot change that opened the door for casino-style gaming at licensed horse tracks. The state also allows so-called skill-game terminals that have spread widely; estimates put the number of such machines in the thousands and nearby many hundreds of locations. Those machines are taxed at a low rate, and critics say expanded casino operations and widespread machine placements can increase problem gambling and financial harm for some residents. Advocates of taxation argue these machines and casino revenues provide a needed revenue stream for local governments.

Next steps and uncertainty

With the refinancing in place, the company is positioned to move forward on the South Sioux City casino and continue expansions in Omaha and Lincoln. Exact start dates vary across reports, and local licensing steps — including conversion of a racetrack license to a casino license — remain part of the path ahead. Construction bids, subcontractor roles, and final permitting will shape precise schedules and the pace of job creation and local economic impact.

Frequently Asked Questions

What did the $300 million refinancing do?

The refinancing replaced earlier startup loans with a new five-year loan package, lowering interest costs, improving cash flow and freeing capital to fund a new South Sioux City casino and expansions at the Omaha and Lincoln properties.

How much will the South Sioux City casino cost?

The South Sioux City project is estimated at about $50 million in most accounts, with at least one estimate putting the cost at more than $60 million.

When will construction start and finish?

Timing varies by report. Some accounts say work could start in spring 2025, others say fall 2025 or spring 2026, and one projection puts a summer 2026 start with an 18‑ to 24‑month build. Final dates depend on permitting, licensing, and project planning.

Who will build the South Sioux City casino?

A construction group affiliated with the tribal parent company and based near South Sioux City is listed as the contractor for the new project.

What will the financing support besides the new casino?

Funds will also finance expansions and renovations at the WarHorse casinos in Omaha and Lincoln, including added gaming space, restaurants, and support for future amenities such as a hotel in Lincoln.

How will local governments benefit?

Casino tax revenue is expected to flow to city and county budgets, with some funds directed to property tax relief and other community needs. Officials estimate the project could add millions in new revenue locally.

Are there concerns about increased gambling?

Yes. Critics say expanding gaming access can raise problem gambling and financial harm; advocates counter that regulated gaming generates public revenue that can fund services and tax relief.

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Key project features

Feature Details
Refinancing amount $300 million over a new five-year deal
Lead arranger and lenders Major bank acted quickly to secure funds with participation from multiple regional lenders
Primary uses New South Sioux City casino/racetrack project; expansions in Omaha and Lincoln
South Sioux City cost Estimated around $50 million, with at least one estimate above $60 million
Site Described as an 80-acre site or two 40-acre parcels south of the interstate, with track and casino on separate parcels
Omaha expansion 50,000 sq ft gaming floor, roughly 1,200 slots, skywalk and new restaurants; expansion completed in April
Lincoln expansion About $70 million project adding 70,000–80,000 sq ft, new dining and bar space; 200-room hotel planned but not yet started
Reported revenue and taxes to date About $95 million in gaming revenue so far this year and $22.5 million in gaming taxes
Construction contractor Tribal-affiliated construction group headquartered near the Winnebago Nation, close to South Sioux City
Job and tax impact Expected to create jobs and add local tax revenue, with some funds directed to property tax relief

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