Peoria is intensifying efforts to relocate Boyd Gaming's Par-A-Dice Hotel Casino across the Illinois River through the hiring of Investment bank Innovation Capital, LLC. The city council unanimously approved this decision during a joint meeting with the Town Board.

Innovation Capital will receive a minimum of $10,000 monthly, with potential increases based on hourly rates: $750 for managing directors, $500 for directors and VPs, and $200 for associates and analysts. A successful relocation would trigger a $250,000 transaction fee.

The six-month contract, which may be extended, tasks Innovation with:

• Developing a comprehensive proposal for Boyd Gaming
• Attending relevant meetings
• Providing strategic advice
• Negotiating financial terms

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 push 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 venues.

East Peoria officials oppose the relocation effort and are expected to challenge the proposal. The entire process could extend beyond a year, according to Peoria City Attorney Patrick Hayes.

Innovation Capital brings significant gaming industry experience, having previously advised Bally's Corp. on their $1.7 billion Chicago casino project.

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