Ho-Chunk Nation closes $610 million financing for Beloit casino resort development
Summary
The Ho-Chunk Nation of Wisconsin has finalised $610 million in senior secured credit facilities to build a flagship casino resort in Beloit. The package comprises a $305 million revolving credit facility, a $305 million delayed-draw term loan and about $95 million in tribal equity, with KeyBanc Capital Markets acting as left lead arranger, joint bookrunner and administrative agent. The funding closes on 26 September 2025 and will support a $705 million development featuring more than 1,500 slot machines, 40 table games, a 312-room hotel, a 2,000-seat convention and entertainment centre and dedicated parking.
Construction began in October 2024; the casino is scheduled to open in September 2026, with the hotel and convention centre expected about a year later. The project will operate under the Ho-Chunk Gaming Wisconsin brand and represents a major economic investment for the Nation, which has around 7,800 citizens and trust lands in 14 Wisconsin counties.
Key Points
- Total financing: $610 million in senior secured credit facilities.
- Breakdown: $305m revolving credit facility + $305m delayed-draw term loan, plus ~ $95m tribal equity.
- Lead arranger/agent: KeyBanc Capital Markets; transaction closed 26 September 2025.
- Project cost and scope: $705m development with 1,500+ slots, 40 table games, 312-room hotel and a 2,000-seat convention/entertainment centre.
- Timeline: construction began Oct 2024; casino opening targeted Sep 2026; hotel and convention centre due ~Sep 2027.
- Regulatory note: Ho-Chunk Nation signed a compact amendment with Wisconsin earlier in 2025, clearing regulatory hurdles.
- Economic impact: flagship property for Ho-Chunk Gaming Wisconsin; expected to drive jobs, tourism and tribal revenue.
Context and relevance
This is one of the larger recent financings in tribal gaming and signals continued investor appetite for major Indigenous-led resort projects. For stakeholders in gaming, regional development and municipal planning, the Beloit project is notable for its scale, timeline and the mix of debt and tribal equity used to finance construction. It also matters for local labour markets, hospitality supply chains and neighbouring casinos that may face new competition.
Why should I read this?
Short version: big loan closed, big resort coming, and it changes the playing field in southern Wisconsin. If you follow gaming deals, regional economic development or tribal enterprise growth, this saves you time — we read the details so you don’t have to.