New Par-A-Dice Casino in Peoria, Illinois to be Constructed by Boyd Gaming; Peoria Likely Beneficiary of the Venture
Boyd Gaming Plans to Modernize Par-A-Dice Casino in Illinois
Boyd Gaming, the company that has operated the Par-A-Dice Hotel Casino in East Peoria, Illinois since 1996, is finalizing plans to build a new casino that will replace the existing riverboat casino[1]. The new facility is expected to be a modern, land-based casino, moving away from the traditional riverboat structure.
The current Par-A-Dice casino, located on the southwestern bank of Peoria Lake and the Illinois River, has been experiencing declining revenue over the years. In 2016, it generated $82.5 million in Gross Gaming Revenue (GGR) on more than 866K admissions. By 2019, GGR had dropped to $72.8 million on 696,500 admissions[1]. The COVID-19 pandemic further hurt the business, with GGR in 2022 decreasing to $60.7 million on 432,334 admissions, and further declining to $60.5 million on 425,362 admissions in 2023[1].
In an effort to address these declining revenues, Boyd Gaming aims to modernize the facility. The new Par-A-Dice vision is nearly in focus, according to Keith Smith, president and CEO of Boyd Gaming, who stated that the new facility will replace the 30-year-old riverboat with a "compelling new entertainment destination"[1].
The precise location of the new casino has not been detailed by Boyd Gaming officials. However, it is expected to be near the current site across the river from East Peoria, possibly on the Illinois River’s banks to stay close to the area the Par-A-Dice currently serves[1]. The local city of Peoria has demonstrated interest in the project, likely supporting the redevelopment, as Boyd aims to grow the casino facility[1].
Lawmakers in Springfield amended the gaming statute in 2019 to allow riverboats to move inland. A riverboat seeking to move ashore must gain permission from the municipality and pay a $250K relocation fee to the state[1]. The Illinois project, as revealed by Smith during Boyd's full-year earnings call in February, is estimated to cost around $100 million[1].
Peoria has been campaigning for Boyd to move its casino across the water, and hired Innovation Capital to advise on facilitating the move[1]. Boyd acquired the Par-A-Dice operation in 1996 for $163 million in cash[1].
In summary: - Boyd Gaming will replace its current riverboat Par-A-Dice casino in East Peoria, Illinois. - The new casino will likely be a shore-based facility rather than a riverboat. - The location is expected near the existing riverboat site along the Illinois River. - Peoria is interested in the redevelopment, aligning with Boyd's goal to modernize and grow the casino facility[1].
- Boyd Gaming, the company that operates the Par-A-Dice Hotel Casino in East Peoria, Illinois, is planning to replace the aging riverboat casino with a modern, land-based casino.
- Located on the southwestern bank of Peoria Lake and the Illinois River, the current Par-A-Dice casino has been experiencing declining revenue over the years.
- In an attempt to address these declining revenues, Boyd Gaming plans to modernize the facility and build a new, more competitive casino.
- The new Par-A-Dice vision is expected to be near the current site across the river from East Peoria, possibly on the Illinois River’s banks.
- The local city of Peoria has shown interest in the project and is likely to support the redevelopment, as Boyd aims to grow the casino facility.
- The Illinois project is estimated to cost around $100 million, a significant investment in the casino-and-gambling industry and the casino-culture of the region.
- As gaming trends evolve, with an increasing focus on sports and sports-betting, the new Par-A-Dice casino may attract a broader audience, emulating the bustling casino-personalities and energy of Las Vegas.
