Warhorse Studios is rumored to be working on Lord of the Rings open world RPG.
As shared by Polish game localization veteran Ryszard Chojnowski, the game has a $ 100 million budget from the UAE. This connects it to Insider Gaming’s report from last October 2025 that UAE made a deal with Embracer to make a $ 100 million Lord of the Rings game.
At the time, Insider Gaming referred to the studio as Revenge. But we know that Embracer division THQ Nordic acquired Warhorse Studios in 2019 and Embracer itself acquired the Lord of the Rings video game rights in 2022. So Revenge was likely a codename.
Chojnowski believes Warhorse is suited for the job, and he’s heard about this project for months. Warhorse is the studio behind the Kingdom Come Deliverance series, so they definitely know the history and how to make games in a medieval setting.
If the rumor is true, Warhorse may have to adapt to make a more accessible game than what they’re used to. But first we need them to confirm and announce it.