Gaming
$300M Loan Refinancing Helps Fund Nebraska Casino Construction, Expansions
A new round of financing is fueling casino growth in Nebraska
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Refinancing a $300-million loan will fund a new casino to be built in South Sioux City, Neb. by Ho-Chunk Construction Group.
Nebraska’s largest casino operator, WarHorse Gaming, LLC, a subsidiary of Ho-Chunk, Inc., has nailed down refinancing of $300 million in startup loans to fund casino construction over the next five years including expansions and a new casino.
The contractor for the new $50-million casino planned for South Sioux City, Neb., is Ho-Chunk Construction Group, which is headquartered on the Winnebago Nation near South Sioux City.
“We are anticipating starting construction in the summer [of 2026] and completion to be in 18 to 24 months,” says Drew Niehaus, a spokesperson for Ho-Chunk.
Refinancing "has improved the interest rate and opens up more cash flow versus putting everything back into the loan,” Niehaus adds.
The other WarHorse casinos are WarHouse Omaha and WarHorse Lincoln, both of which opened in 2024 and which have completed or are undergoing expansions.
The $70-million expansion of the Lincoln casino is underway and will add 70,000 to 80,000 sq ft of table games, slot machines and a sports bar and restaurant. A 200-room hotel also is planned but has not started and a timeline is not yet finalized, Niehaus says.
The WarHorse Omaha expansion, with Sampson Construction as subcontractor, was completed this April and includes a 50,000-sq-ft gaming floor with 1,200 slots, a covered skywalk from the parking garage to the casino and new restaurants.
Nebraska voters approved a ballot measure in 2020 to allow casino gambling at horse racing tracks.
"We drove that constitutional amendment for gaming in Nebraska," Niehaus says.
WarHorse Gaming has generated about $95 million in gaming revenue so far this year. Gaming taxes on this year's WarHorse revenue have totaled $22.5 million to date, mostly directed to property tax relief under Nebraska law.
WarHorse Gaming expects to double its operating cash flow in 2026, the company states.
