Peoria Hires Investment Bank to Attract Boyd Gaming Across Illinois River
The City of Peoria is making strategic moves to entice Boyd Gaming and its Par-A-Dice Hotel Casino to relocate across the Illinois River. In a recent joint City Council and Town Board meeting, city officials unanimously approved hiring a boutique investment bank specializing in gaming and hospitality to assist in drafting a proposal to lure Boyd Gaming westward to Peoria Lake.
The Investment Bank and Its Role
Peoria has enlisted the services of Innovation Capital, LLC., a Florida-based investment bank with a proven track record in the gaming industry. The firm will be tasked with providing financial advice and guidance to help persuade Boyd Gaming to transition its riverboat casino from East Peoria to a new land-based facility in Peoria. This move is seen as a strategic opportunity to revitalize the local gaming landscape and attract more visitors to the region.
Scope of the Project
Under the agreement, Innovation will work diligently to present a compelling case to Boyd Gaming, attend key meetings, and negotiate the terms of a potential relocation. The firm will receive a minimum monthly payment of $10,000, with the possibility of higher compensation based on the scope of work. The contract is set for six months but can be extended to accommodate the complexities of the project.
Historical Context and Economic Impact
The push to bring Boyd Gaming to Peoria is rooted in a 1991 agreement between Peoria and East Peoria regarding the location of gaming facilities. With changing state laws allowing for land-based casinos, Peoria sees an opportunity to enhance its gaming offerings and boost economic development in the area. The decline in business at Par-A-Dice underscores the need for a fresh approach to attract visitors and revitalize the local economy.
In conclusion, Peoria’s decision to hire an investment bank to court Boyd Gaming signals a bold step towards reshaping the local gaming landscape. By leveraging the expertise of Innovation Capital, the city aims to position itself as a prime destination for gaming enthusiasts and investors alike. The outcome of this endeavor could have far-reaching effects on the economic vitality of Peoria and the surrounding communities.
A personal touch:
As a longtime resident of Peoria, I have witnessed the ebb and flow of the local economy and the impact of businesses like Par-A-Dice on our community. The prospect of attracting a major player like Boyd Gaming to our city is not just about revenue; it’s about revitalizing our neighborhoods, creating jobs, and fostering a sense of pride in our shared future. Let’s support this initiative and see where it takes us!
