In Peoria, Illinois, over $100,000 has been invested in the quest for a brick-and-mortar casino
Peoria, Illinois is investing heavily in legal and consulting services for the potential relocation of Boyd Gaming's commercial casino. The city has incurred expenses exceeding $100,000 in an effort to ensure the complex project is handled properly, according to a report by JJ Bullock in the Peoria Journal Star.
The expenses cover navigating state and local gaming laws, securing permits, addressing contractual and zoning issues, and structuring public-private agreements critical to a casino relocation. The high costs reflect the specialized expertise and time necessary to coordinate among city officials, the casino operator Boyd Gaming, and stakeholders to accomplish the casino move successfully.
The law firm Elias, Meginnes and Seghetti was hired by Peoria in December, followed by the consulting firm Innovation Capital. The combined amount paid to these firms is approximately $106,903.08. The payments were made after a unanimous vote by the Peoria City Council in support of Mayor Rita Ali's effort to bring the Par-A-Dice Casino's replacement facility to Peoria.
The payments were made between December and July. The city's efforts to attract a casino are focused on the Illinois River side. This investment is intended to safeguard the city’s interests, expedite the relocation process, and optimize the economic benefits expected from the new casino location.
While the exact breakdown of the $100,000+ expenditure is not detailed in the search results, these types of costs commonly include legal review and advice on gaming and municipal contracts, consulting on economic impact and site feasibility analyses, assistance with public communications and stakeholder negotiations, and ensuring compliance with Illinois Gaming Board requirements.
This explanation aligns with standard practices in casino relocations and municipal project management. Unfortunately, the search results did not provide a direct source to confirm these specifics.
The financial industry's expertise and guidance, as provided by the law firm Elias, Meginnes and Seghetti and the consulting firm Innovation Capital, are crucial in managing the casino-and-gambling sector's complex legalities and economic impact analysis. The city's investment in such services ensures a smooth relocation of Boyd Gaming's casino, aiming to maximize financial benefits for Peoria, Illinois.
