WarHorse Gaming Achieves $300 Million Financing Boost for Expansion Plans

WarHorse Gaming Secures $300 Million Refinancing for Expansion

WarHorse Gaming, the largest casino operator in Nebraska, has successfully secured a refinancing package of $300 million. This financial milestone will enable them to kick off pivotal expansion projects, including the construction of a new casino. The refinanced deal, arranged in less than a month by U.S. Bank along with several other financial partners, is aimed at supporting the next phase of growth and development in the competitive casino market.

A Rapidly Moving Deal

Notably, this refinancing arrangement is one of the fastest to materialize within the pro rata financial market, showcasing the confidence that banking partners such as Capital One, KeyBank, The Huntington National Bank, BOK Financial, and Comerica Bank have in WarHorse Gaming’s plans. According to Lance Morgan, CEO of Ho-Chunk, Inc., the parent company of WarHorse Gaming, this rapid progression underscores their partners’ appreciation for the potential that lies ahead.

Expansion Plans in Motion

The newly acquired funds will facilitate WarHorse Gaming's ongoing efforts to expand its state-regulated casino operations at horse racetracks located in Nebraska's largest cities: Omaha and Lincoln. In particular, a new WarHorse Casino is set to commence construction next summer in South Sioux City, Nebraska. Simultaneously, the company is looking forward to its highly-anticipated expansion project in Lincoln, which is scheduled for spring 2026. This phase of development is expected to feature more gaming machines, an extended area for table games, the introduction of a new steakhouse, and a top-end sports bar.

Previous Success and Future Growth

WarHorse Gaming has demonstrated impressive growth, reporting a total gaming revenue of approximately $94.8 million year-to-date, as noted by the Nebraska Racing and Gaming Commission in a statement made on August 25. The gaming taxes collected from WarHorse's revenue have amounted to around $22.5 million thus far, primarily allocated for property tax relief in accordance with Nebraska law. With such a financial foundation, WarHorse Gaming anticipates an impressive doubling of its operating cash flow by 2026.

Commitment to the Community

Emphasizing their commitment to local development, Morgan stated, "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." Ho-Chunk, Inc., established by the Winnebago Tribe of Nebraska three decades ago, was born out of a mission to create jobs and steer the Tribe towards economic self-sufficiency. Since its inception, the organization has scaled up, becoming a significant employer and economic force, setting a benchmark for effective community and economic development initiatives.

Conclusion

WarHorse Gaming is poised to reshape the gaming landscape in Nebraska through strategic financial maneuvers and community-oriented growth. The recent refinancing deal not only signals a robust future for the company but also reflects its dedication to elevate the overall gaming experience in the state. As their expansion plans unfold, all eyes will be on WarHorse Gaming to see how they will continue to innovate and enhance Nebraska’s gaming sector.