Published on: December 11, 2024, 01:12h.
Last updated on: December 11, 2024, 01:12h.
The City of Peoria is making a significant effort to attract Boyd Gaming and its Par-A-Dice Hotel Casino to move across the Illinois River.
During Peoria’s joint City Council and Town Board meeting on Tuesday, the city officials unanimously supported an ordinance to hire a boutique investment bank, Innovation Capital, LLC, to assist in attracting Boyd Gaming to invest in a new casino in Peoria. This effort includes moving Boyd Gaming’s riverboat casino from East Peoria to a new land-based facility in Peoria.
Innovation Capital, LLC, based in Florida, will provide investment banking services to Peoria for this potential casino project.
To support the development of a land-based casino in Peoria, city staff recommends hiring a financial advisor and legal counsel with expertise in Illinois Gambling Law. This is in accordance with the proposal before the vote.
Innovation is known for providing investment banking services to mid-market gaming clients. The firm will assist Peoria in convincing Boyd Gaming to relocate its riverboat casino to a new land-based facility in Peoria.
Innovation will receive a minimum of $10,000 per month for its services, with the possibility of additional monthly payments. The contract initially lasts for six months, with the potential for extensions.
During the contract term, Innovation will provide advice and support to bring Boyd Gaming to Peoria, including presenting proposals, attending meetings, and negotiating terms and financial structures for the potential relocation.
If Boyd Gaming decides to move to Peoria, the city will pay Innovation a $250,000 transaction fee.
1991 Agreement
After Illinois legalized riverboat gaming in 1990, Peoria and East Peoria signed an agreement in 1991 to land one of the gaming concessions. The agreement stated that if the law allowed for land-based casinos, the facility would be located in Peoria.
Illinois amended its gaming laws in 2019 to permit riverboats to move inland for a fee of $250,000.
Business at Par-A-Dice has declined in recent years, with a drop in admissions from over 776,000 in 2017 to less than 442,000 last year. Land-based casinos offer more amenities and opportunities for operators, which Peoria and Innovation will use to attract Boyd Gaming for further investment.
City officials in East Peoria are against Peoria’s efforts to bring the casino to their side. They are expected to resist Innovation and Peoria’s proposal.