Ho-Chunk Nation Secures Financing for Beloit Casino Resort
The Ho-Chunk Nation of Wisconsin has successfully acquired $610 million in funding to proceed with the construction of its long-awaited Beloit casino resort. This project is poised to transform the entertainment and tourism dynamics of the area.
The financing, finalized on September 26, 2025, is comprised of two components, each worth $305 million: a revolving credit facility and a delayed-draw term loan, as reported by Tribal Business News. KeyBanc Capital Markets led the financing arrangement, assisting as the left lead arranger, joint bookrunner, and administrative agent. The tribe has also invested around $95 million in equity, which brings the total project expenditure to approximately $705 million.
The designated finances will be utilized for construction and related project expenses, as authorized by the Ho-Chunk Nation Legislature. The development and operational management of the casino will be overseen by the Nation’s Department of Business, responsible for managing the tribe’s gaming operations across Wisconsin.
This upcoming Beloit resort signifies a significant step in the expansion of the Ho-Chunk Gaming Wisconsin brand, which has over 7,766 members and is headquartered in Black River Falls, Wisconsin. The Nation operates six gaming facilities under its name.
Project Details and Construction Milestones
Construction officially commenced in October 2024 after years of planning and negotiations. The tribe celebrated the groundbreaking ceremony upon completing its compact agreement with the State of Wisconsin earlier that year. Ryan Greendeer, the executive government relations officer for the Ho-Chunk Nation, stated that this compact was the final requirement before construction could begin.
Once completed, the Beloit casino will feature over 1,500 slot machines, 40 table games, and a designated sports betting area. The project will also provide a 312-room hotel, a 2,000-seat convention and entertainment center, several dining options, and adequate parking facilities. Collin Price, the Nation’s Tribal Relations Manager, noted the ambitious scale of the project, saying, “We’re looking to provide a multi-use convention center that can host concerts, expos, and small meetings.”
Economic Impact and Community Benefits
Anticipated economic advantages from the new casino resort include the creation of approximately 3,000 construction jobs and about 1,500 permanent roles after its opening. This initiative is expected to generate employment for both tribal members and local residents. Beloit City Manager Jerry Gabrielatos highlighted the broader implications, emphasizing, “This asset arriving in the city enhances our attractiveness for further development.”
Furthermore, the project has prompted infrastructure enhancements in the vicinity, with Beloit securing $13 million in federal funding for road upgrades and traffic improvements, including new bike lanes and traffic lights to accommodate the increased visitor flow.
Regional Gaming Landscape and Future Outlook
The Beloit casino is set to open in September 2026, with the hotel and convention center following a year later. It will join a competitive regional gaming market that includes Rockford’s Hard Rock Casino, which opened in 2024. Ho-Chunk officials perceive this competitive environment as an opportunity, with Price asserting, “We see our competitors enhancing their offerings, which is beneficial for everyone.” Local tourism officials, including Celestino Ruffini of Visit Beloit, believe this development will solidify the city’s status as a premier regional destination, attracting more visitors and boosting local hospitality and retail sectors.
