Boyd Gaming Will Build New Par-A-Dice Casino in Illinois, Odds Favor Peoria
Posted on: July 25, 2025, 08:21h.
Last updated on: July 25, 2025, 09:07h.
- Boyd Gaming is finalizing its plans for a new casino in Illinois
- Boyd has owned and operated Par-A-Dice since 1996
- Par-A-Dice has seen gaming revenue decline considerably
Boyd Gaming officials say the Las Vegas-based gaming firm is finalizing plans for a new investment in Illinois, where the company has owned and operated the Par-A-Dice Hotel Casino in East Peoria since 1996.
Speaking during Boyd’s second-quarter earnings call on Thursday, Keith Smith, president and CEO, told investors and analysts that the new Par-A-Dice vision is nearly in focus.
We are working through the final design and regulatory approval process for a modern new entertainment facility that will replace our existing riverboat casino at Par-A-Dice,” Smith said.
Smith didn’t detail a precise location for where the new casino might be built, nor if it will be a brick-and-mortar facility.
Odds Favor Move Across the River
The Par-A-Dice has sat in East Peoria on the southwestern bank of Peoria Lake and the Illinois River since a group of local investors opened the gaming boat in the early 1990s. Boyd acquired the operation in 1996 for $163 million in cash.
An agreement struck in 1991 between the cities of Peoria and East Peoria stipulates that riverboat casinos must operate on the east side of the water, while any land-based casino must operate in Peoria. When the terms were struck, Illinois law required that slot machines and table games operate above water.
In 2019, lawmakers in Springfield amended the gaming statute to allow riverboats to move inland. A move ashore requires the riverboat to gain permission from the municipality in which they seek to move, and pay the state a $250K relocation fee.
Peoria has been campaigning for Boyd to bring its slots, tables, and sportsbook across the water. Last year, the city hired Innovation Capital to advise it on how to facilitate the move.
While Smith didn’t specify where the design is being targeted, it’s safe to say it’s in Peoria. No industry veteran such as Smith would describe a riverboat as a “modern” facility, as riverboats continue to be aged out not only in Illinois, but also in other states that formerly limited gaming to above-water facilities, including Iowa and Mississippi.
Assuming regulatory approvals are received later this year, we expect this project to begin in 2026,” Smith added.
During Boyd’s full-year earnings call in February, Smith revealed the Illinois project would cost around $100 million. The Boyd boss said the company would be “replacing our 30-year-old riverboat … with a compelling new entertainment destination.”
Par-A-Dice Sinking Revenue
Par-A-Dice has seen better days, as many gamblers have opted to take their business to newer, brick-and-mortar facilities that have more games and better amenities.
According to the Illinois Gaming Board, in 2016, Par-A-Dice generated gross gaming revenue (GGR) $82.5 million on more than 866K admissions. By 2019, GGR at the riverboat was down to $72.8 million on 696,500 admissions.
COVID-19 further hurt business, and unlike many other casinos in the state and across the country, Par-A-Dice didn’t experience a post-pandemic boom. GGR in 2022 was $60.7 million on 432,334 admissions. GGR last year further declined to $60.5 million on 425,362 admissions.
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