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 back its new Beloit casino resort, one of the larger tribal gaming financings in recent years. The package comprises a $305 million revolving credit facility and a $305 million delayed-draw term loan, alongside about $95 million in tribal equity. The deal closed on 26 September 2025 with KeyBanc Capital Markets acting as left lead arranger, joint bookrunner and administrative agent.
Proceeds will help fund the $705 million development — planned as the flagship Ho-Chunk Gaming Wisconsin property — which will feature more than 1,500 slot machines, 40 table games, a 312-room hotel, multiple restaurants, a 2,000-seat convention and entertainment centre and dedicated parking. Construction began in October 2024; the casino is due to open in September 2026 with the hotel and convention centre expected the following year. The Ho-Chunk Nation Legislature authorised the transaction and the Nation’s Department of Business will oversee the project.
Key Points
- The financing totals $610 million in senior secured credit facilities plus roughly $95 million in tribal equity to fund a $705 million project.
- Structure: $305m revolving credit facility + $305m delayed-draw term loan; closed 26 September 2025.
- KeyBanc Capital Markets served as left lead arranger, joint bookrunner and administrative agent.
- Planned resort: ~1,500+ slots, 40 table games, 312-room hotel, 2,000-seat convention/entertainment centre and multiple restaurants.
- Construction began October 2024; casino opening targeted for September 2026; hotel and convention centre expected in 2027.
- The project is a major economic investment for the Ho-Chunk Nation, which has ~7,800 citizens and trust lands across 14 Wisconsin counties.
Why should I read this?
Quick and blunt: this is big money and a big vote of confidence in tribal gaming. If you follow casino development, regional economic projects or tribal business growth, this story tells you where investment and jobs are heading in Wisconsin. We read the full piece so you don’t have to — here’s the cliff notes.
