Peoria, Illinois is taking decisive action to attract Boyd Gaming's Par-A-Dice Hotel Casino across the Illinois River by hiring Innovation Capital, LLC, a Florida-based investment bank specializing in gaming and hospitality.

The city council unanimously approved hiring Innovation Capital to develop a comprehensive proposal for relocating the casino. The firm will receive a minimum of $10,000 monthly, with additional hourly rates ranging from $200 to $750 depending on staff level. A successful relocation would trigger 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 move to Peoria. The state amended its gaming laws in 2019, allowing riverboats to move inland for a $250,000 fee.

The potential relocation is driven by Par-A-Dice's declining business, with admissions dropping from 776,000 in 2017 to under 442,000 in 2023. A land-based facility would enable Boyd Gaming to expand amenities, including fine dining and entertainment options currently limited by the riverboat structure.

The project timeline could exceed one year, according to City Attorney Patrick Hayes. Innovation Capital will assist with:

• Developing and presenting proposals to Boyd Gaming and East Peoria
• Providing strategic input during meetings
• Negotiating relocation terms and financial structure

East Peoria officials oppose the relocation effort and are expected to challenge the proposal. The contract with Innovation Capital runs for six months initially, with the option for extension.

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