Boyd Gaming to Create New Par-A-Dice Casino in Peoria, Illinois

Boyd Gaming CEO Keith Smith announced this week that the company is in the final stages of designing and securing regulatory approval for a “modern, new entertainment facility” that will replace the Par-A-Dice Riverboat Casino in East Peoria.

Boyd Gaming Announces New Casino Plans

Smith did not share specific details about the project during the investor call but mentioned that if the new casino receives regulatory approval this year, construction is expected to start in 2026. While Boyd Gaming has not confirmed whether the new facility will be land-based or riverboat, Smith previously stated during a February earnings call that the company plans to invest around $100 million in a venue similar to the recently built land-based Treasure Chest Casino in Louisiana.

Smith’s announcement comes just after reports showed positive trends in the company’s finances. Recently, Boyd Gaming’s Q2 reports revealed significant growth in both revenue and EBITDA, with the financial success being attributed to the company’s core customers and improved retail play.

Peoria officials have strongly advocated for a land-based casino, along with the significant tax revenue it could generate, to be located within the city. They have discussed several potential sites near major interstates with Boyd Gaming as part of those efforts. 

The biggest lingering question about Boyd Gaming’s planned new facility is whether it will be located on the Peoria or East Peoria side of the Illinois River. This uncertainty, which has created tension between the two cities, is closely tied to whether the new casino will be land-based or water-based. That distinction is crucial due to a 1990s agreement between Peoria and East Peoria, which stipulates that any land-based casino in the area must be built in Peoria, while any water-based facility, like the current riverboat, must be located in East Peoria.

How Has Par-A-Dice Been Fairing Financially?

Par-A-Dice has struggled in recent years, as many gamblers have shifted to newer, land-based casinos offering a wider variety of games and more modern amenities. According to data from the Illinois Gaming Board shows that in 2016, Par-A-Dice brought in $82.5 million in gross gaming revenue (GGR) from over 866,000 admissions. By 2019, that had dropped to $72.8 million from 696,500 admissions.The COVID-19 pandemic dealt another blow, and unlike many other casinos in Illinois and nationwide, Par-A-Dice did not see a strong rebound. In 2022, GGR fell to $60.7 million on 432,334 admissions, and in 2023, it declined slightly further to $60.5 million from 425,362 admissions.