The Ho-Chunk Nation of Wisconsin has obtained $610 million in senior secured credit facilities to finance a new casino resort in Beloit, near the Illinois border.
KeyBanc Capital Markets served as the left lead arranger, joint bookrunner and administrative agent. The financing closed on September 26 and will support the $705 million project, including development costs and related expenses.
Key takeaways:
- The Ho-Chunk Nation secures $610 million in financing for a new casino resort in Beloit.
- Construction begins with the casino opening in 2026 and hotels opening in 2027.
- Project aims to create jobs and expand the Nation’s gaming operations.
Financing and Project Scope for the Casino Resort in Beloit
The financing package comprises a $305 million revolving credit facility and a $305 million delayed-draw term loan, supplemented by approximately $95 million in tribal equity.
Construction on the project began on October 25, 2024. The casino is expected to open in 2026, with a hotel and convention center slated for completion in 2027. The casino will cover 240,000 square feet and include more than 1,500 slot machines, 44 table games, a sportsbook, four restaurants and a casino bar.
Plans also call for an 18-story hotel with 312 rooms. The project is projected to create approximately 3,000 construction jobs and 1,500 permanent positions at the casino, contributing to the local economy.
Regulatory Framework and Strategic Expansion Plans
The Ho-Chunk Nation Legislature authorized the financing, with oversight by the Nation’s Department of Business. The department also handles its gaming operations. The project received regulatory clearance following a compact amendment signed with the state of Wisconsin and approved by the U.S. Department of the Interior earlier this year, per Yogonet.
The location near the Illinois border and the scale of the resort are part of the Nation’s efforts to expand its gaming operations and local economic development.
