WarHorse South Sioux City Secures Funding for Northeast Nebraska Casino
Posted on: October 6, 2025, 08:31h.
Last updated on: October 6, 2025, 08:31h.
- WarHorse Gaming, LLC, has refinanced $300 million in startup loans
- The refinancing secures money to open a third casino in Nebraska by way of South Sioux City
Construction on the WarHorse South Sioux City Casino is expected to begin next spring.
WarHorse Gaming, LLC, the economic development arm of the Winnebago Tribe of Nebraska, recently secured financing for not only the project but further investments at its two other casinos in the Cornhusker State. Nebraska’s largest casino operator, WarHorse Gaming, says it’s secured the refinancing of $300 million in startup loans that were used to construct WarHorse Casino Lincoln and WarHorse Casino Omaha.
WarHorse’s lenders include US Bank, Capital One, KeyBank, Huntington National, BOK, and Comerica.
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.”
WarHorse operates the Lincoln and Omaha racetrack casinos in a partnership with the Nebraska Horsemen’s Benevolent and Protective Association (NHBPA). The horsemen’s group additionally owns the defunct Atokad Downs in South Sioux City.
WarHorse Breaks Sharply
Commercial casinos at licensed horse racetracks where live racing is held were authorized by voters through a statewide ballot referendum in 2020. WarHorse Gaming has since emerged as the dominant gaming operator, despite experienced firms like Caesars Entertainment and Elite Casino Resorts also invested in Nebraska.
In 2025, through August, WarHorse Omaha reported gross gaming revenue (GGR) of $59.6 million from its slot machines, table games, and sportsbook. WarHorse Lincoln reported GGR of $53 million for a combined haul of approximately $112.6 million.
Elite’s Grand Island Casino & Resort at Fonner Park won $34.6 million from gamblers. Caesars’ Harrah’s Columbus NE Racing & Casino at the new racetrack won $17.3 million. Lake Mac Casino & Resort, Elite’s second casino in Nebraska, only opened in August.
WarHorse officials say the firm’s quick start out of the gate contributed to its $300 million refinancing deal. The company projects to double its operating cash flow in 2026.
WarHorse Gaming in Nebraska is grown and owned. We believe in providing a world-class gaming experience, while investing in our communities, our state, and the Winnebago people,” Morgan added.
Along with South Sioux City, the $300 million refinancing will allow WarHorse to make expansions to its Lincoln and Omaha casinos.
South Sioux Casino
WarHorse and NHBPA plan to construct a new horse racetrack and casino in South Sioux City, about a mile east of the former Atokad Downs. The proposed site is located just south of Interstate 129, straddling C Avenue.
The roughly 87-acre site is owned by HCI Management Services Company, a subsidiary of Ho-Chunk, Inc. WarHorse Gaming is planning a $50 million investment to construct a new 5/8 mile racetrack and grandstand, plus a casino with an undefined number of slots and table games. It’s likely to open in the summer of 2028.
Ho-Chunk officials say the goal of the WarHorse South Sioux casino will be to capture the Sioux City and northwestern Iowa market. But the company’s South Sioux casino property is less than 15 air miles from WinnaVegas, the tribe’s flagship tribal casino resort on its Winnebago Reservation.
“We don’t want to hurt WinnaVegas,” Morgan said last year. “Our study shows that most of the [WarHorse South Sioux City] revenue will come from Hard Rock Sioux City.”
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