Ho-Chunk Nation Finalizes $610 Million Financing for Beloit Casino

The Ho-Chunk Nation of Wisconsin has finalized a $610 million financing deal to fund the construction of its long-awaited casino resort in Beloit, one of the largest tribal gaming transactions completed in recent years.

Good to Know

• The financing includes a $305 million revolving credit facility and a $305 million delayed-draw term loan.
• An additional $95 million in tribal equity supports the $705 million project.
• The new Ho-Chunk Gaming Beloit resort is scheduled to open in September 2026.

The credit package officially closed on September 26, 2025, with KeyBanc Capital Markets serving as left lead arranger, joint bookrunner, and administrative agent. Proceeds will fund construction, along with related fees and development costs.

A New Flagship for Ho-Chunk Gaming

The project has been authorized by the Ho-Chunk Nation Legislature and will be managed by the Department of Business, which oversees the tribe’s gaming enterprises. Once complete, the Beloit property will serve as the flagship destination under the Ho-Chunk Gaming Wisconsin brand, which currently operates six casinos across the state.

The resort will feature 1,500 slot machines, 40 table games, a 312-room hotel, multiple restaurants, and a 2,000-seat convention and entertainment center. The complex will also include ample parking and new infrastructure designed to accommodate both gaming visitors and large-scale events.

Construction began in October 2024, and the casino opening remains on track for September 2026, followed by the hotel and convention center in 2027.

Economic Growth and Tribal Development

The Beloit project represents a major investment for the Ho-Chunk Nation, a federally recognized tribe of roughly 7,800 members with trust lands spread across 14 Wisconsin counties. The casino is expected to create hundreds of construction jobs and permanent positions once operational, supporting long-term economic growth for both the tribe and the surrounding region.

Earlier in 2025, the Ho-Chunk Nation cleared its final regulatory requirement by signing a compact amendment with the State of Wisconsin, as confirmed by Ryan Greendeer, executive government relations officer. The agreement cemented state approval for the development, paving the way for the financial closing and groundbreaking.

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