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 refinancing to fund South Sioux City casino and expansions in Omaha and Lincoln
WarHorse Gaming, LLC, Nebraska’s largest casino operator, has secured a $300 million refinancing package to push forward construction of a new casino in South Sioux City and to finance the next phase of expansions at its Omaha and Lincoln sites.
Key financing and partners
The refinancing consists of startup loans under a five-year deal and was arranged rapidly by a major national bank in under a month. The financing transaction included participation from several large banks, widening the lending group that underwrote the package.
The deal structure provides immediate capital to begin work on the planned South Sioux City project and to continue expansions at existing horse-track casinos in Omaha and Lincoln.
What the money will fund
Proceeds from the refinancing will support
- Construction of a new WarHorse Casino in South Sioux City, for which breaking ground has been reported for next summer in some accounts, though other reporting lists alternative start windows ranging from spring 2025 to spring 2026.
- Expansion work at WarHorse Lincoln, planned for spring 2026, which is expected to include larger gaming space for machines, more table games, a steakhouse and an upscale sports bar.
- Ongoing operations and growth following the recent expansion of WarHorse Omaha, which opened in April and continues to draw strong visitation.
Project specifics — South Sioux City
The South Sioux City development is planned on two 40-acre parcels with the racetrack positioned on the east parcel and the casino on the west parcel. The project is designed to include a horse racing track, slot machines, table games and a sportsbook, and is being planned with room for a future hotel addition. Preliminary estimates put the cost of building the South Sioux City casino near $50 million.
Before the new casino opens, the developer will need to convert an existing horse racing license to a casino license. Interim horse racing continues at the existing Atokad race track, which is slated to move to a new parcel south of Highway 20 in spring 2025 according to planning reports.
Ownership and background
WarHorse Gaming is owned by the Winnebago Tribe of Nebraska through its economic development arm. The company and its parent began casino projects following a 2020 voter-approved change that amended the state constitution to allow expanded gaming at licensed horse racetracks. Those legal changes opened the door for new casino development tied to racetracks across the state.
Financial performance and local impact
Year-to-date figures show WarHorse Gaming produced $94.8 million in gaming revenue, with gaming taxes totaling $22.5 million. Most of those taxes are allocated to property tax relief, and local shares of the casino tax are expected to add funding for schools and infrastructure. Company leadership projects a significant rise in operating cash flow, with expectations to roughly double operating cash flow in 2026.
Local officials and developers expect the South Sioux City project to create jobs and to boost local government revenues. Under the tax structure in planning documents, about 25 percent of casino tax collections would flow to the city and county, potentially producing millions in additional revenue for municipal budgets.
Market and competitive outlook
Market studies referenced by the developer indicate most lost visitation or market share would come from established regional brands, and the new South Sioux City facility is being positioned as a modest casino by regional standards with room to grow. The project is expected to compete with nearby tribal and commercial gaming entities.
Timing and next steps
Although one report notes construction will start next summer, other coverage lists start windows from late 2025 to spring 2026. The developer continues to finalize project plans and licensing steps before formally starting construction. The refinancing agreement runs five years and provides capital to move planning into construction and expanded operations over the coming seasons.
FAQ
What did WarHorse Gaming secure?
WarHorse Gaming obtained a $300 million refinancing package made up of startup loans under a five-year agreement to fund a new casino in South Sioux City and expansions in Omaha and Lincoln.
Who arranged the refinancing?
A lead bank rapidly arranged the transaction in under a month, with participation from several other major banks to complete the refinancing group.
When will South Sioux City construction begin?
Reported start dates vary: some sources say construction will begin next summer, while others list start windows ranging from spring 2025 to spring 2026. Project timing depends on final planning and licensing steps.
What will be built at South Sioux City?
The plan calls for a racetrack on one parcel and a casino on the other, featuring slot machines, table games and a sportsbook, plus room to add a hotel later. Estimated construction cost cited in planning reports is about $50 million.
How will the project affect local revenues?
Gaming taxes already collected by the company totalled $22.5 million year-to-date, with most used for property tax relief. The casino tax structure would route a portion of revenue to city and county governments, providing additional funds for schools and infrastructure.
Who owns WarHorse Gaming?
WarHorse Gaming is owned by the Winnebago Tribe of Nebraska through its economic development entity.
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Key features at a glance
| Feature | Details |
|---|---|
| Refinancing amount | $300 million in startup loans (five-year deal) |
| Primary uses | New South Sioux City casino; expansions at Omaha and Lincoln sites |
| South Sioux City features | Two 40-acre parcels, racetrack, casino with slots/table games/sportsbook, future hotel space |
| Estimated South Sioux City cost | About $50 million (planning estimate) |
| Ownership | Winnebago Tribe of Nebraska via its economic development arm |
| Recent performance | $94.8 million gaming revenue year-to-date; $22.5 million in gaming taxes year-to-date |
| Expansion timing | Omaha expansion opened in April; Lincoln expansion planned for spring 2026; South Sioux City start dates vary in reports |
| Bank participants | Lead arranger with participation from several major banks to form the lending group |
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
Author: Construction TX News
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