The financing package includes a $305 million revolving credit facility and a $305 million delayed-draw term loan, combined with approximately $95 million in tribal equity. The transaction closed on September 26, 2025, with KeyBanc Capital Markets serving as left lead arranger, joint bookrunner, and administrative agent.
Total project costs for the Beloit casino resort are estimated at $705 million, including development fees and associated expenses. The Ho-Chunk Nation Legislature authorized the financing, with oversight by the Nation’s Department of Business, which manages the tribe’s gaming enterprises.
Flagship Property for Ho-Chunk Gaming Wisconsin
The Beloit resort will become the flagship property for Ho-Chunk Gaming Wisconsin, which currently operates six casinos throughout the state. The development plans feature more than 1,500 slot machines, 40 table games, and a 312-room hotel tower.
Additional amenities include multiple dining venues, a 2,000-seat convention and entertainment center, and dedicated parking infrastructure designed to support large-scale events and conferences.
Construction Timeline and Economic Impact
Construction activities commenced in October 2024. The casino floor is scheduled to open in September 2026, with the hotel and convention center components expected to launch one year later in 2027.
The project marks a significant economic investment for the Ho-Chunk Nation, a federally recognized tribe with approximately 7,800 citizens and trust lands across 14 Wisconsin counties.
Earlier in 2025, the Ho-Chunk Nation completed its final regulatory requirement for the Beloit project by signing a compact amendment with the State of Wisconsin. Ryan Greendeer, executive government relations officer for the Ho-Chunk Nation, announced the regulatory milestone, which cleared the path for construction to proceed.
The $610 million financing positions the Beloit casino resort as one of the most substantial tribal gaming developments in the United States in recent years, reflecting continued growth in Wisconsin’s gaming market.
Source: Ho-Chunk Nation
