A Wisconsin-based tribe has just closed a new financing transaction, with $610 million secured which will be used to finance the construction of a flagship casino resort in Beloit.
The Ho-Chunk Nation (HCN) is a federally recognized sovereign Tribal nation which has 7,766 enrolled members. Its headquarters are in Black River Falls, Wisconsin, and the Nation already owns and operates six gaming facilities under its brand. The current locations are in Black River Falls, Wisconsin Dells, Wittenberg, Tomah, and Nekoosa.
Now, it has been announced that KeyBanc Capital Markets Inc successfully closed a new financing transaction for Ho-Chunk Nation of Wisconsin to the tune of $610 million. The major figure consists of a $305 million Revolving Credit Facility and a $305 million Delayed Draw Term Loan.
It’s in combination with $95 million of equity that the credit facilities will be used in the construction of the soon-to-be flagship resort in the city which is located along the Rock River.
What will the all-new Beloit casino resort be like?
The casino, by the HCN, will aim to be a destination-style resort, with over 1,500 slot machines and 40 table games. It will be situated in the east of the city, between Willowbrook Road I-90.
There will also be a 312-room hotel with a rooftop lounge, numerous food and beverage outlets, along with a 2,000-seat convention center and a parking garage.
The construction has already begun, with this having first taken place in October 2024. It’s expected that the casino will open in September 2026, followed by the hotel and convention center in September 2027.
Once complete, the venue will be another under the Ho-Chunk Nation brand with the initial proposal having been approved by the U.S. Bureau of Indian Affairs back in 2022. The original idea also included a water park, but this doesn’t appear to be in the current plans.
Currently, one of the largest casinos by HCN is the one in Wisconsin Dells which is reported to be 94,480 in square footage, with 1,541 gaming machines and 36 table games. The property also has six restaurants, an entertainment venue, and 302 hotel rooms.
Featured Image: Credit to City of Beloit, Wisconsin – Government on Facebook
The post Ho-Chunk Nation announces $610M financing secured for Beloit casino resort appeared first on ReadWrite.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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