Peoria is taking decisive action to attract Boyd Gaming's Par-A-Dice Hotel Casino across the Illinois River, hiring Florida-based Innovation Capital, LLC as their investment banking partner.

The city council unanimously approved hiring the boutique gaming and hospitality investment firm to develop a comprehensive proposal for relocating the casino. Innovation Capital will receive a minimum of $10,000 monthly, with additional hourly rates ranging from $200-$750 depending on staff level.

The agreement spans six months initially but may be extended, with City Attorney Patrick Hayes suggesting the project could exceed a year. If successful, Innovation Capital will receive a $250,000 transaction fee.

This initiative stems from a 1991 agreement between Peoria and East Peoria, which stipulated that if Illinois law ever permitted land-based casinos, the facility would relocate to Peoria. The state's 2019 gaming law amendment now allows riverboats to move inland for a $250,000 fee.

The relocation effort comes as Par-A-Dice faces declining business, with admissions dropping from 776,000 in 2017 to under 442,000 last year. A land-based facility would enable expanded amenities like fine dining and entertainment that aren't feasible on a riverboat.

While Peoria pursues this opportunity, East Peoria officials oppose the relocation efforts and are expected to challenge the proposal. Innovation Capital's expertise, demonstrated in projects like Bally's $1.7 billion Chicago casino development, will be crucial in navigating these challenges and presenting a compelling case to Boyd Gaming.

Related Articles

Previous Articles