Nebraska-based casino operator WarHorse Gaming has secured refinancing of $300 million in startup loans to support its ongoing expansion plans.
Organized in under a month, the five-year deal was one of the fastest of its kind to construct. Capital One, KeyBank, The Huntington National Bank, BOK Financial and Comerica Bank all supported the arrangement.
WarHorse said it will use the funds to help finance the next phase of casino expansions. This will include the construction of a new casino in South Sioux City, Nebraska, which is due to open next summer.
Expansion projects are planned at casinos at horse racetracks in both Omaha and Lincoln.
‘Next Big Chapter’ for WarHorse Gaming
Lance Morgan, CEO of Ho-Chunk, the economic development entity of the Winnebago Tribe of Nebraska, welcomed the financing.
“This rapid refinancing shows our bank partners value what we’re doing and see the great potential ahead,” Morgan said. “We’re proud to have them join us for this next big chapter.
“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.”
The financing comes during what has been a steady year for the company. For the year to August 25, it posted $94.8 million in total gaming revenue. Of this, $22.5 million has been set aside for taxes.
