WarHorse Gaming refinanced $300m in startup loans through a new five-year agreement. The operator closed the deal in less than a month.
Ho-Chunk, Inc. owns and runs WarHorse Gaming. The company serves as the economic development arm of the Winnebago Tribe of Nebraska. It was created in 1995 to help the tribe reach economic self-sufficiency.
Capital One, KeyBank and The Huntington National Bank organised the new contract. Lance Morgan, Ho-Chunk CEO, called the quick timeline significant. “This rapid refinancing shows our bank partners value what we’re doing, and see the great potential ahead,” Morgan said.
The company operates two Nebraska casinos currently. WarHorse Omaha added new amenities in April 2024.
Why WarHorse Chose to Restructure Now
The refinancing supports the operator’s expansion plans across Nebraska. WarHorse called the new terms “favourable” compared to the original startup loans.
Getting the deal done in under 30 days matters. It lets the company move forward with construction plans without delay. The quick turnaround also signals strong bank confidence in WarHorse’s performance.
Nebraska’s gaming market continues growing. Through August 25, 2025, WarHorse accumulated $94.8m in total gaming revenue. The operator paid $22.5m in gaming taxes during that period.
Morgan emphasised the local ownership angle. “WarHorse Gaming is Nebraska grown and owned,” he said. “We believe in providing a world-class gaming experience, while investing in our communities, our state and the Winnebago people.”
What WarHorse Plans for Its Third Venue
Construction on WarHorse’s third casino starts in summer 2026. The new venue will be in South Sioux City, Nebraska.
But that’s not the only expansion happening. WarHorse Lincoln will undergo new expansion work. That project launches in spring 2026, about three months before the South Sioux City construction begins.
The refinancing specifically funds these expansion efforts. It replaces the original startup debt structure with longer-term financing.
The company didn’t disclose specific details about the third casino’s size or amenities. Construction timelines suggest opening sometime in 2027, though no official date was announced.
How This Positions WarHorse in Nebraska’s Market
Three casinos will give WarHorse broader geographic coverage across Nebraska. South Sioux City sits in the state’s northeast corner. That location fills a gap between the Omaha and Lincoln properties.
The revenue figures show solid performance. Nearly $95m through August puts WarHorse on track for strong full-year numbers. The tax contribution of $22.5m demonstrates the operation’s value to state coffers.
Morgan’s comments about bank confidence aren’t just talk. Three major banks backing the refinancing suggests they see continued growth potential. Financial institutions typically don’t rush into gaming deals unless the numbers work.
The tribal ownership structure sets WarHorse apart from other Nebraska operators. Profits flow back to the Winnebago Tribe rather than distant shareholders.
