A Wisconsin-based tribe has just closed a new financing deal, securing $610 million that will be used to finance the construction of a major casino resort in Beloit.
the Ho-chunk nation (HCN) is a federally recognized sovereign tribal nation with 7,766 enrolled members. Headquartered in Black River Falls, Wisconsin, The Nation already owns and operates six gaming facilities under its brand. Current locations are in Black River Falls, Wisconsin Dells, Wittenberg, Tomah, and Nekoosa.
Now, it has been announced that KeyBanc Capital Markets Inc. has successfully closed a new financing deal for the Ho-Chunk Nation of Wisconsin valued at up to $610 million. The headline figure consists of a $305 million revolving credit facility and a $305 million deferred draw facility.
In addition to $95 million in equity, the credit facility will be used to build the city’s soon-to-be flagship resort located along the Rock River.
What will the brand new Beloit Casino Resort look like?
The casino, created by HCN, aims to be a destination-style resort, with more than 1,500 slot machines and 40 table games. It is located in the east of the city, between Willowbrook and I-90.
There will also be a 312-room hotel with a rooftop lounge and several food and beverage outlets, as well as a 2,000-seat conference center and parking garage.
Construction has already begun, first taking place in October 2024. The casino is expected to open in September 2026, followed by the hotel and conference center in September 2027.
Once completed, the venue will be another under the Ho-Chunk Nation brand with the initial proposal previously approved United States Bureau of Indian Affairs Back in 2022. The original idea also included a water park, but that doesn’t appear to be in the current plans.
Currently, one of HCN’s largest casinos is the one in Wisconsin Dells that is said to exist 94,480 square feetwith 1,541 gaming machines and 36 table games. The hotel also includes six restaurants, an entertainment venue and 302 hotel rooms.
Featured Image: Credit to City of Beloit, Wisconsin – Government on Facebook
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