WarHorse Gaming Secures $300 Million Refinancing Milestone

WINNEBAGO, Neb., Oct. 3, 2025 /PRNewswire/ -- Nebraska's largest casino operator, WarHorse Gaming, LLC, has secured refinancing of $300 million in startup loans to a favorable 5-year deal that'll launch the next phase of casino expansions and construction of a new casino.

The deal is one of the fastest to come together in the pro rata financial market, organized in less than one month by U.S. Bank, including Capital One, KeyBank, The Huntington National Bank, BOK Financial, and Comerica Bank.

"This rapid refinancing shows our bank partners value what we're doing, and see the great potential ahead," said Lance Morgan, CEO of Ho-Chunk, Inc., the parent company of WarHorse Gaming. "We are proud to have them join us for this next big chapter."

The refinancing puts in motion WarHorse Gaming's continued expansion of its state-regulated casinos at horse racetracks in Nebraska's largest cities, Omaha and Lincoln. New construction of a third WarHorse Casino will start next summer in South Sioux City, Nebraska.

WarHorse Lincoln's highly-anticipated spring 2026 expansion includes larger gaming areas for machines, more table games, a new steakhouse, and a high-end sports bar. WarHorse Omaha's expansion opened in April and continues strong growth and increased visitation.

WarHorse Gaming has rapidly grown with $94.8 million total gaming revenue year to date, reported Aug. 25 by the Nebraska Racing and Gaming Commission. Gaming taxes on this year's WarHorse revenue have totaled $22.5 million so far, mostly earmarked for property tax relief under Nebraska law. WarHorse Gaming expects to double its operating cash flow in 2026.

"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," Morgan said.

Ho-Chunk, Inc. is the Winnebago Tribe of Nebraska's economic development entity. Nebraska voters decisively passed its 2020 ballot initiative co-sponsored by the Nebraska Horsemen to expand, tax and regulate casino gaming at the state's licensed horse tracks.

The Winnebago Tribe started Ho-Chunk, Inc. 30 years ago to create jobs, and with a long-term mission to help the Tribe reach economic self-sufficiency. The company is now a large employer, significant economic driver and taxpayer in Nebraska. Its approach has become a national model for economic and community development.

SOURCE WarHorse Gaming