WarHorse Gaming Inc. is Nebraska’s largest casino operator and will be expanding its portfolio next summer with the construction of its newest casino in South Sioux City, aided by a large refinancing deal consisting of a coterie of lending institutions organized by U.S. Bank.
South Sioux City
WarHorse Gaming Inc. is a joint venture between the Winnebago-based Ho-Chunk Inc. and the Nebraska Horsemen’s Benevolent and Protective Association LLC, which has flourished since its inception in 1995.
The company is now the largest gaming operator in the Cornhusker State, and a recent deal struck between it and its lending partners, including U.S. Bank, Capital One, KeyBank, The Huntington National Bank, BOK Financial, and Comerica Bank, has resulted in a $300 million refinance agreement.
The relocated Atokad Downs, located south of Interstate 129 at C Avenue and owned by the Ho-Chunk Tribe, hosted its first live horse racing card in August and has been selected as the site to add a $60 million-plus casino to it at some point in the summer of 2026.
The recent infusion of $300 million will also support the expansion of Ho-Chunk’s other WarHorse casinos in the state’s two largest cities, Omaha and Lincoln. The former expansion has already occurred, opening to the public in April.
However, the renovation to the Lincoln facility will include amenities such as larger gaming areas for slots and table games, a high-end sports bar, and a fine dining steakhouse.
Lightning Lending
Lance Morgan, CEO of Ho-Chunk, Inc., the Winnebago Tribe of Nebraska’s economic development entity, noted that the speed of the deal reveals the support the lending community has in War Horse Gaming and the Ho-Chunk Tribe.
“This rapid refinancing shows our bank partners value what we’re doing and see the great potential ahead. We are proud to have them join us for this next big chapter,” said Morgan.
The five-year agreement was put together in under a month, light speed for a deal of this magnitude.
Yet, much of that confidence comes amidst an August 25th report by the Nebraska Racing and Gaming Commission that showed WarHorse Gaming had generated $94.8 million in yearly revenue to date and has paid the state $22.5 million in taxes over the first months of 2025.
The Atokad horse track was originally built in 1956, but fell on hard times. The Ho-Chunk Tribe purchased the struggling track in 2012 with a long-term vision of opening a casino adjacent to it. After closing the track, it reopened in 2016 as a shortened one-furlong track for one live event per season until the Ho-Chunk built a new 5/8ths track near it and began a full schedule of live racing in August.
Now it will be experiencing increased traffic due to the planned casino extension. The project is expected to create hundreds of temporary construction jobs and permanent positions to run the casino.
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