Ho-Chunk Nation closes $610 million financing for Beloit casino resort development

The Ho-Chunk Nation of Wisconsin has finalized $610 million in senior secured credit facilities to support the construction of its new casino resort in Beloit, marking one of the largest tribal gaming financings in recent years.

The financing package consists of a $305 million revolving credit facility and a $305 million delayed-draw term loan, supplemented by approximately $95 million in tribal equity. The transaction closed on September 26, 2025, with KeyBanc Capital Markets acting as left lead arranger, joint bookrunner, and administrative agent.

Proceeds from the financing will fund the $705 million project, along with associated fees and expenses. The Ho-Chunk Nation Legislature authorized the transaction, with the Nation’s Department of Business responsible for managing its gaming enterprises and overseeing the development.

The upcoming resort in Beloit will serve as the flagship property under the Ho-Chunk Gaming Wisconsin brand, which currently operates six casinos across the state. Plans for the new destination include more than 1,500 slot machines, 40 table games, a 312-room hotel, multiple restaurants, a 2,000-seat convention and entertainment center, and dedicated parking facilities.

Construction began in October 2024. The casino is slated to open in September 2026, with the hotel and convention center expected to follow a year later.

The project represents a major economic investment for the Ho-Chunk Nation, a federally recognized tribe with approximately 7,800 citizens and trust lands in 14 Wisconsin counties.

Earlier this year, the Ho-Chunk Nation completed the last regulatory hurdle on its path to building a new casino in Beloit. The nation has signed a compact amendment with the State of Wisconsin, announced Ryan Greendeer, executive government relations officer for the Ho-Chunk Nation.