The Ho-Chunk Nation of Wisconsin has successfully secured $610 million in senior secured credit facilities for the ambitious construction of its new casino resort in Beloit, making it one of the most significant tribal gaming financing deals in recent memory.

The financing arrangement comprises a $305 million revolving credit facility alongside a $305 million delayed-draw term loan, bolstered by approximately $95 million in tribal equity. This deal was finalized on September 26, 2025, with KeyBanc Capital Markets serving as the lead arranger, joint bookrunner, and administrative agent.

Funds from this financing will go towards the $705 million project, covering associated fees and expenses. The Ho-Chunk Nation Legislature has sanctioned the transaction, appointing the Nation’s Department of Business to oversee its gaming operations and the development process.

The forthcoming resort in Beloit will be the flagship property of the Ho-Chunk Gaming Wisconsin brand, which currently operates six casinos throughout the state. Plans for the new resort include over 1,500 slot machines, 40 table games, a 312-room hotel, various dining options, a convention and entertainment center with a capacity of 2,000 seats, and dedicated parking facilities.

Groundbreaking commenced in October 2024. The casino is projected to open in September 2026, with the hotel and convention center expected to follow a year later.

This development marks a significant economic investment for the Ho-Chunk Nation, a federally recognized tribe consisting of around 7,800 members and possessing trust lands across 14 counties in Wisconsin.

Earlier this year, the Ho-Chunk Nation cleared its final regulatory hurdle in its quest to build a new casino in Beloit. The Nation has amended its compact with the State of Wisconsin, as announced by Ryan Greendeer, the executive government relations officer for the Ho-Chunk Nation.