WarHorse Gaming

What WarHorse Gaming does

WarHorse Gaming, LLC operates Nebraska's largest casino properties under the economic development arm of the Winnebago Tribe of Nebraska (Ho-Chunk, Inc.), holding the state's first provisional casino operator licenses issued in June 2022. The company runs two primary gaming and entertainment properties — WarHorse Casino Lincoln (26,000 sq ft, 830+ slots, 10 table games) and WarHorse Casino Omaha (nearly 50,000 sq ft, 1,150+ slots, 18 table games) — both anchored to existing horse racing tracks operated in partnership with the Nebraska HBPA. Its product surface spans slot machines, table games (Blackjack, Roulette, Craps, Baccarat, Poker variants), in-person sports wagering powered by the Kambi platform, simulcast and live horse racing at Legacy Downs (Lincoln) and Horsemen's Park (Omaha), and multiple dining concepts including Nebraska Ale Haus, Trifecta Food Hall, and Winner's Circle Grill.

WarHorse generates revenue through transaction-based gaming, sports betting, horse racing wagering, food and beverage, and a tiered loyalty program (WarHorse Rewards with five membership tiers from Member through invitation-only Black). The business model is omnichannel-retail: customers must visit physical properties to place bets and play games, while a mobile app, SMS program, and social channels drive engagement, rewards tracking, and bet-building in advance of in-person wagering. Distribution is exclusively through two physical locations in Nebraska, with sports betting revenue structurally tied to the state's in-person wagering mandate.

The company is in active expansion mode, funded by a $300 million five-year refinancing facility secured in October 2025 from a six-bank consortium. Expansion activities include the completed Omaha Phase 2 (April 2025, adding 400+ gaming positions and two new dining venues), Lincoln Phase 3 construction (February 2026 through summer 2027), and a planned South Sioux City facility in 2026. The company is also a founding member of the Tax Relief Nebraska Coalition pursuing ballot initiatives to legalize mobile sports betting, which would materially expand its addressable market if successful. Leadership is provided by CEO Lance Morgan, who also leads parent company Ho-Chunk, Inc.

Name

WarHorse Gaming

Legal name

WarHorse Gaming, LLC

Website

https://warhorsecasino.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

251–500 employees

Short description

WarHorse Gaming, a Winnebago Tribe tribal enterprise, operates Nebraska's largest casino properties in Lincoln and Omaha, offering slots, table games, in-person sports betting, horse racing, and dining. The company is expanding into South Sioux City and pursuing mobile sports betting legalization.

Ownership category

akta.pro rank

Product category

Casino Gaming

NAICS

Casinos (except Casino Hotels) (71321), Casinos (except Casino Hotels) (713210), Gambling Industries (7132)

SIC

Services-Amusement & Recreation Services (7900), Services-Racing, Including Track Operation (7948)

akta.pro primary industry

Sportsbook Retail Technology (Terminals, POS, Self-Service Betting) (MPAEACAN)

akta.pro secondary industry

iGaming Platform Providers (Turnkey/Casino & Sportsbook Platforms) (MPAEAKAA)

Keywords

• Casino gaming operations
• In-person sports betting
• Horse racing wagering
• Slot machines and table games
• Loyalty rewards program

Headquarters

HQ city

St Louis

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Casino Gaming: Revenue from slot machines, table games (Blackjack, Roulette, Craps, Baccarat, Poker variants), and electronic gaming. Gaming tax revenue contributed to Nebraska state ($500,000 year-to-date as of Dec 2025 for Omaha property).
2. Sports Betting: In-person sports wagering on professional and college sports through kiosks and sportsbook windows. State regulations require on-site betting; app allows bet building but not placement.
3. Horse Racing Wagering: Simulcast horse racing from major tracks nationwide at both Lincoln (Legacy Downs) and Omaha (Horsemen's Park) locations. Live racing events scheduled seasonally.
4. Food and Beverage: Multiple dining concepts including Nebraska Ale Haus (full-service restaurant), Trifecta Food Hall (five quick-service concepts), Winner’s Circle Grill, and bars. Revenue from menu sales, with WarHorse Rewards points earned on purchases.
5. Loyalty Program Revenue: WarHorse Rewards drives customer engagement and retention. Points redemption for free play, dining, and merchandise creates repeat visits and increased gaming spend.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

WarHorse Gaming operates two Nebraska casino properties (Lincoln and Omaha) offering slot machines, table games, in-person sports betting via Kambi-powered kiosks, and simulcast horse racing, with revenue generated from gaming transactions, food and beverage, and a tiered WarHorse Rewards loyalty program. The mobile app complements on-site engagement by enabling rewards tracking and remote bet building for in-person placement.

Product overview

WarHorse Gaming operates Nebraska's largest casino properties in Lincoln and Omaha, offering a unified gaming and entertainment platform. The core product portfolio consists of two brick-and-mortar casino properties (WarHorse Casino Omaha and WarHorse Casino Lincoln), each featuring gaming floors with slot machines, table games, and simulcast horse racing. The platform extends through a WarHorse Rewards loyalty program with tiered membership benefits, the WarHorse Sportsbook powered by Kambi technology for in-person sports betting, and the WarHorse Casino mobile app for rewards management. Dining experiences are delivered through branded restaurants including Nebraska Ale Haus and Trifecta Food Hall in Omaha, and Winner's Circle Grill in Lincoln. Additional offerings include the WarHorse Honors Program for military veterans, SMS marketing services, and a dealer training school. The company is currently undergoing expansion with Phase 3 construction at Lincoln and major investments in new facilities across Nebraska.

Differentiator

Problem solved

Functional benefit

Brands

• WarHorse Rewards: The company's loyalty rewards program offering tiered benefits including free play, dining discounts, and travel rewards.
• Horsemen's Park
• Legacy Downs
• Nebraska Ale Haus
• Trifecta Food Hall
• Winner's Circle Grill
• WarHorse Honors Program

Products and services

• WarHorse Casino Omaha Nebraska's premier gaming destination in Omaha offering nearly 1,150 slot machines, 18 table games (Blackjack, Roulette, Craps, Baccarat, and poker variants), a dedicated smoking patio with 115+ slot machines, in-person sports betting, simulcast horse racing through Horsemen's Park, and on-site dining including Nebraska Ale Haus and Trifecta Food Hall.
• WarHorse Casino Lincoln A 26,000-square-foot casino in Lincoln offering 830+ slot machines, 10 table games (Live Craps, Blackjack, Roulette, Baccarat), simulcast horse racing at Legacy Downs, in-person sports betting, and Winner's Circle Grill restaurant. Currently undergoing Phase 3 expansion construction.
• WarHorse Sportsbook In-person sports betting platform at both Omaha and Lincoln locations powered by Kambi technology. Features a Bet Builder for viewing live odds and saving bets in advance, with wagers placed through retail kiosks and sportsbook windows. Minimum wager $5, maximum payout $50,000 per ticket (cash only).
• WarHorse Casino Mobile App Free mobile application available in the App Store and Google Play providing instant access to promotions, offers, WarHorse Rewards points balance, tier progress tracking, and account information management. Includes a Bet Builder for pre-building sports bets to place in person.
• WarHorse Rewards Program Multi-tiered loyalty rewards program with four status tiers: Member (free), Sapphire (3,000+ Tier Points), Ruby (15,000+ Tier Points), Emerald (50,000+ Tier Points), and Black (invitation only). Earns points on slot play, table games, dining, horse racing wagers, and sportsbook bets. Benefits include free play, dining discounts, cruise rewards, and VIP perks.
• WarHorse Honors Program Exclusive rewards program for active-duty military and veterans providing a 15% discount at bars and restaurants, a one-time welcome gift, a special veteran player card, automatic Sapphire status upgrade in WarHorse Rewards, and veteran-specific promotions and giveaways.
• Horsemen's Park Historic horse racing facility at WarHorse Omaha featuring more than 110 flat-screen HDTVs, a dedicated racing viewing area, simulcast betting on races from top tracks nationwide, and live racing events scheduled throughout the year.
• Legacy Downs Simulcast horse racing facility at WarHorse Lincoln with more than 100 flat-screen HDTVs, allowing guests to watch and wager on horse racing from tracks across the country seven days a week.
• Nebraska Ale Haus Full-service upscale restaurant at WarHorse Omaha featuring locally inspired Nebraska cuisine, Nebraska craft beers, whiskey-marinated steaks, prime rib, and signature cocktails. Open Sunday-Thursday 11AM-10PM, Friday-Saturday 11AM-12AM with bar service until 2AM.
• Trifecta Food Hall Quick-service food hall at WarHorse Omaha offering five distinct dining concepts: Mexican Taqueria, Smokin' Good BBQ, Country Comfort, Bowls and More, and Score's Pizzeria. Open Sunday-Thursday 11AM-9PM, Friday-Saturday 11AM-10PM.
• Winner's Circle Grill Quick-service restaurant at WarHorse Lincoln serving breakfast, lunch, and dinner with a variety of handhelds, bowls, pizzas, and comfort food. Open 8AM-2AM daily, seven days a week.

Quantifiable outcome

• WarHorse Casino Omaha led Nebraska market with $9.9 million revenue in May 2026, up 11.9% year-over-year
• +4 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Four partnerships are on record, tiered core and major.

• Nebraska Horsemen's Benevolent and Protective Association (HBPA)coreStrategic or Co-development Partner · 3 October 2025HBPA is a key partner in casino operations. WarHorse operates casino gaming in partnership with the Nebraska HBPA at existing horse racing tracks in Omaha and Lincoln. HBPA's mission includes expanding horse racing in Nebraska.
• Tax Relief Nebraska CoalitionmajorStrategic or Co-development Partner · 1 January 2025Coalition of Nebraska casinos including WarHorse pushing to legalize mobile sports betting via November ballot petitions. WarHorse is a founding member of this coalition to expand sports betting regulations.
• KambicoreTechnology or Integration · 20 June 2023Kambi is a leading independent provider of sports betting technology. WarHorse partnered with Kambi for sports wagering platform including odds, bet building tools, and retail betting kiosks at both Lincoln and Omaha sportsbooks.
• Ho-Chunk, Inc.coreOthersHo-Chunk, Inc. is the award-winning economic development corporation of the Winnebago Tribe of Nebraska. WarHorse Gaming LLC is a division of Ho-Chunk, Inc., providing corporate governance, leadership, and strategic direction.

Scale indicators8 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Grand Island Casino Resort: Nebraska-based casino competitor operating under similar state licensing framework. Directly comparable in-product offering (slots, table games, sportsbook, dining) and target customer (Nebraska consumers), competing for the same regional gaming wallet share.

Broad incumbents

• Horseshoe Council Bluffs (Caesars Entertainment): Major Iowa casino across the river from Omaha. Captures significant Nebraska customer leakage; comparable in offering (casino, sportsbook, dining) but operates under a different state regulatory regime and is part of a much larger national gaming operator.
• Churchill Downs Incorporated: Major publicly traded gaming and racing operator with comparable retail casino, sportsbook, and horse racing wagering operations. Relevant broad incumbent peer for benchmarking capital structure, regulatory exposure, and omnichannel gaming strategy.
• Penn Entertainment: Large multi-state gaming operator combining regional casinos with sports betting and digital. Comparable product stack (casino + retail sportsbook + rewards) but at much larger scale and with a proprietary online sportsbook product.
• Bally's Corporation: Multi-state casino and online gaming operator. Comparable diversified gaming/entertainment portfolio with sportsbook integration; broader incumbent with geographic and product diversity WarHorse lacks.

Others

• Ameristar Casino Hotel Council Bluffs: Large regional casino/hotel across the Nebraska–Iowa border operated by Penn Entertainment. Comparable integrated casino + sportsbook + dining experience; broader incumbent with lodging that WarHorse does not offer.
• Ho-Chunk, Inc. (parent): Parent tribal economic development corporation of the Winnebago Tribe of Nebraska. Operates other gaming and non-gaming businesses; relevant for understanding capital allocation, governance, and tribal enterprise parallels.
• Kambi Group: Sports betting technology provider powering WarHorse's sportsbook. While a vendor rather than competitor, Kambi's product capabilities directly shape WarHorse's sportsbook roadmap and competitive parity with other Kambi-powered operators.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/warhorselincoln
• Facebookfacebook.com/warhorsecasino
• LinkedInlinkedin.com/company/warhorse-gaming-llc
• Instagraminstagram.com/warhorseomaha

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about WarHorse Gaming