The Ho-Chunk Nation of Wisconsin has secured $610 million in financing to support construction of its major casino, hotel, and convention center development in Beloit, located near the Wisconsin–Illinois state line.
According to project disclosures, the financing package was provided by Cleveland-based KeyBanc Capital Markets and officially closed in October. KeyBanc Capital Markets is the investment banking division of KeyBank, one of the nation’s 25 largest banks with more than $185 billion in assets.
The funding structure includes two separate components: a $305 million revolving credit facility and a $305 million delayed draw term loan. The revolving credit facility allows the Ho-Chunk Nation to borrow, repay, and re-borrow funds up to a fixed limit as construction progresses, providing financial flexibility similar to a credit card. The delayed draw term loan allows funds to be accessed in stages rather than as a single lump sum, enabling the Nation to limit interest costs by paying interest only on funds as they are drawn.
Together, the financing package is designed to support ongoing construction and phased development of the Beloit casino resort, which is expected to include a full-scale gaming floor, hotel accommodations, and a convention and entertainment complex.
The Beloit project represents one of the largest tribal gaming developments currently underway in the Upper Midwest and reflects the Ho-Chunk Nation’s continued investment in expanding its gaming and hospitality footprint. The location near the Illinois border is expected to draw visitors from both states, positioning the resort as a regional destination.
Earlier reports have noted that the building footprint for the Beloit casino has expanded as construction advanced, signaling the scale and complexity of the project. Once completed, the development is expected to generate significant employment opportunities during construction and ongoing operations, while contributing to tourism and economic activity in the Beloit area.
The financing follows a broader trend among tribal nations securing large-scale capital investments to modernize or expand gaming facilities, often using flexible lending structures that align borrowing with construction timelines and revenue projections.
As construction continues, the Ho-Chunk Nation has not announced a final opening timeline, but the secured financing places the project on firm financial footing as development moves forward.
Originally reported by Alex Gary, Beloit Daily News in CDC Gaming.
