WarHorse Gaming, LLC, the largest casino operator in Nebraska, has announced it secured $300m in startup loans, complementing its expansion and plans for the construction of a new casino.
The vital refinancing was organized in less than a month
The company confirmed that the hefty startup loans sum favors a five-year plan that involves the construction of a new casino and the completion of its next phase of casino expansion.
Described in a press release by WarHorse Gaming as one "fastest to come together in the pro rata financial market," the latest deal took less than one month to organize.
Recognizable financial institutions such as KeyBank, The Huntington National Bank and Capital One, among others, supported WarHorse Gaming's five-year plan.
Thanks to the latest refinancing, WarHorse Gaming will continue its expansion in Nebraska.
In 2020, Winnebago Tribe of Nebraska's economic development entity and parent company of WarHorse Gaming, Ho-Chunk, Inc., proposed the expansion of regulated casino gambling at the state's horse racetracks.
The initiative, supported by the Nebraska Horsemen, received overwhelming support from voters across the state, marking a milestone achievement for Ho-Chunk, Inc., which has a rich heritage considering it was founded more than three decades ago.
With fresh financing, WarHorse Gaming will expand the gaming area of its Lincoln venue.
The much-anticipated redevelopment is expected to be finalized in 2026, bringing a new high-end sports bar, more machines, including table games and a new steakhouse.
On the other hand, the expansion of WarHorse Gaming's Omaha venue was completed in April.
Equally as important, construction of the company's third casino is expected to start next summer in South Sioux City, Nebraska
Ho Chunk's growth plan has significant potential
Lance Morgan, Ho-Chunk's CEO, spoke with excitement about the latest refinancing milestone.
"This rapid refinancing shows our bank partners value what we're doing, and see the great potential ahead," he said.
Moreover, Morgan pointed out: "We are proud to have them join us for this next big chapter."
Finally, the executive said: "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."
As of August, the total gaming revenue year-to-date reported by WarHorse Gaming hit $94.8m, data from the state's gambling regulator, the Nebraska Racing and Gaming Commission reveals.
This figure translates to $22.5m in gaming taxes.
However, thanks to the latest refinancing, planned improvements and new casino development, WarHorse Gaming expects to double its operating cash flow next year.
