WarHorse Casino Lincoln

History and Founding

WarHorse Casino Lincoln is the cornerstone of WarHorse Gaming’s strategy to capture the Nebraska gaming market. The company’s origins trace to the Winnebago Tribe’s desire to diversify its revenue streams beyond existing enterprises. After Nebraska voters approved Amendment 2 in November 2020, allowing casino gambling at horse‑racing tracks, Ho‑Chunk Inc. partnered with the Nebraska Horsemen’s Benevolent and Protective Association to secure a license at the Lincoln Race Course. The temporary casino, designed by local contractor Sampson Construction, was built in just four months and opened to the public on September 24, 2022. It was an immediate success, averaging $18 million in monthly gaming revenue in its first year, well above projections.

Permanent Resort and Facilities

The permanent WarHorse Casino Lincoln, which opened in October 2024, is a 300,000‑square‑foot resort that includes a 12‑story hotel with 200 rooms, four restaurants (including a steakhouse and a food hall), a 14‑table poker room, a high‑limit gaming area, and a race‑and‑sportsbook operated in partnership with Betfred. The property also features a 1,800‑seat event center for concerts and live entertainment, as well as a simulcast racing lounge. The casino floor holds 1,200 slot machines (up from 433) and 30 table games, making it the largest gambling floor in Nebraska. The company employs approximately 700 people across the entire WarHorse Lincoln property.

Business Model and Operations

WarHorse Gaming’s operational model is vertically integrated: Ho‑Chunk Inc.’s internal construction and facilities management teams handled the build‑out, while the company’s own IT and security divisions manage the gaming operations. The sportsbook uses Betfred’s technology, but WarHorse retains 100% of the revenue. The casino does not operate a separate online casino platform, as Nebraska law currently only permits in‑person wagering at licensed horse‑track casinos.

Market Position and Competitive Advantages

The brand’s competitive advantages include its Nebraska‑owned marketing, strong community ties, and a first‑mover position in a virgin market. Challenges include competition from the soon‑to‑open Prairie Band Casino in Kansas City, the possibility of future iGaming legalisation in Nebraska, and the capital intensity of land‑based casino operations. WarHorse also faces regulatory scrutiny; in early 2024, the Nebraska Gaming Commission fined the casino $25,000 for a minor underage gambling incident.

Financial Performance and Future Plans

Financially, Ho‑Chunk Inc. reported total revenues of $537 million in 2023, with the gaming segment contributing roughly 60%. The pandemic‑era supply chain delays caused the permanent casino to open six months later than planned, but the operator has since stabilised. WarHorse Lincoln is now considered a benchmark for the Nebraska gaming market, and the company plans to build similar permanent resorts at its other three licensed locations by 2026–2027.