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Read Full BioThe Ho-Chunk Nation of Wisconsin has closed $610 million in senior secured credit facilities to finance the construction of its new flagship casino resort in Beloit.
The deal, closed on September 26, includes a $305 million revolving credit facility and a $305 million delayed-draw term loan. This is supplemented by about $95 million in tribal equity, according to a deal summary by KeyBanc Capital Markets.
The funds will finance the construction of the $705 million casino resort in Beloit, near the Illinois border. The project will expand the Ho-Chunk Gaming Wisconsin brand, which currently operates six casinos across the state.
Casino Project Approved in 1999
Beloit voters approved the casino in a referendum over a quarter of a century ago, in 1999. The tribe eventually bought land for the site in 2009, and Ho-Chunk President Jon Greendeer pressed forward with plans. The development was finally given the green light in 2020. But it faced further delays due to the pandemic, which hit tribal gaming revenues hard.
Former President Marlon White Eagle called for the tribe to diversify its income sources following the pandemic, stating, “We were hit pretty hard by the pandemic. And that begs the question of what we can do to move beyond gaming.”
Gaming typically contributes 75 percent of the Ho-Chunk Nation’s revenue, and the pandemic forced layoffs of roughly 2,250 Ho-Chunk employees, including more than 80 percent of its gaming workforce.
Attempts to diversify have been problematic, but with the pandemic now past, construction on the Beloit resort began in October last year. The casino is now set to open in September 2026. The hotel and convention center will follow a year later.
The new property will feature more than 1,500 slot machines, 40 table games, a 312-room hotel, multiple dining venues, a 2,000-seat convention center, and parking facilities.
Ho-Chunk Nation Expands Casinos While Fighting Prediction Markets
Rather than diversifying into non-gaming markets, the Ho-Chunk Nation has made moves to protect its revenue from gambling. In August, the tribe joined a growing number of the country’s groups opposing prediction markets. It filed a lawsuit against Kalshi and Robinhood, accusing the companies of violating state, federal, and tribal laws.
In a statement released by the tribe, Vice President Lambert Cleveland stated, “We are a sovereign tribal government conducting highly regulated governmental gaming to provide essential services to our tribal members, who desperately need them.”
Cleveland went on to single out Kalshi as a threat to the tribe’s sovereignty, noting, “In contrast, Kalshi is engaged in sports betting, from which billionaires and other well-connected individuals benefit.”
While Kalshi may attract some sports bettors, the Ho-Chunk Nation hopes the new Beloit resort will secure revenue for the tribe.
